How big is the smart infrastructure market?

The global smart infrastructure market size was estimated at USD 372.95 billion in 2023 and is expected to reach USD 443.81 billion by 2024.

What is the smart infrastructure market growth?

The global smart infrastructure market is expected to grow at a compound annual growth rate of 20.5% from 2024 to 2030 to reach USD 1,355.44 billion by 2030.

Which offering segment accounted for the largest smart infrastructure market share?

The products offering segment accounted for the largest revenue share of more than 68.0% in 2023. The high market share of the products segment can be attributed to the increasing adoption of smart infrastructure hardware & software such as smart grid solutions, Building Automation Systems (BAS), and Internet of Things (IoT)-based environmental monitoring systems, among others to improve the operational efficiency and reduce the human error

Who are the key players in smart infrastructure market?

The key players operating in the smart infrastructure market include ABB; Aclara Technologies LLC (Hubbell Incorporated); Broadcom, Inc. (VMware); Cisco Systems, Inc.; Dynamic Ratings; Honeywell International Inc.; Hewlett Packard Enterprise Development LP; Huawei Technologies Co., Ltd.; International Business Machines Corporation; L&T Technology Services Limited; Panamax Infotech; Schneider Electric; Siemens; Wipro; and Xylem (Sensus).

What are the factors driving the smart infrastructure market?

The considerable growth of the smart infrastructure market can be attributed to the increasing public & private investment in smart city projects, supportive government initiatives for digitalization, and shifting various end-user companies’ focus toward improving their consumer experience.