Rail Asset Management Market by Condition Monitoring, Predictive Maintenance, Rolling Stock & Infrastructure forecast to 2024

According to a research report “Rail Asset Management Market by Solution (Condition Monitoring, Predictive Maintenance, Asset Planning & Scheduling, Analytics, Workforce Management & Security), Services, Application (Rolling Stock & Infrastructure), and Region – Global Forecast to 2024″, published by MarketsandMarkets, the global rail asset management market size to grow from USD 9.0 billion in 2019 to USD 12.3 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 6.4% during the forecast period.

Major factors expected to drive the growth of the rail asset management industry include increasing adoption of Internet of Things (IoT) and other automation technologies to enhance optimization and address the issue of increasing congestion due to aging railway infrastructure.

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By offering, services segment to record a higher growth rate during the forecast period

Trains carry millions of tons of freight and tens of millions of passengers each year, and rail companies entirely rely on efficient and reliable asset operations and rail infrastructure to successfully meet the growing demand. Information and Communication Technology (ICT) has played a significant role in providing asset and operations management services for rail companies.

To build a smarter railway system infrastructure, railway experts demand smart railway management system services. Service providers help in implementing rail solutions. The benefits of employing railway management system services are improved rail operations performance, reduced complexities and reduced operating expenses, standardized and improved rail infrastructure, improved engagement cash flow and profitability, maximized strategic value of rail solutions, simplified project planning and execution, streamlined project lifecycle, real-time decisions, security, and improved resource productivity. The services have been bifurcated into 2 segments, namely, professional services and managed services.

By service, the managed services segment to grow at a higher rate during the forecast period

Under managed services, certain Information Technology (IT) operations are outsourced to a service provider who distantly maintains the customer’s IT infrastructure. Organizations need to optimize resource utilization, which is one of the major factors, to fuel the growth of the rail asset management market. Managed services provide constant upgrades and customized features to fulfill the customers’ ever-growing demands. As a result, companies are rapidly outsourcing their tasks to Managed Service Providers (MSPs). Global managed service providers comprise vendors from diverse backgrounds, ranging from specialized MSPs to system integrators and Value-Added Resellers (VARs).

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Europe to account for the largest market size during the forecast period

Countries from Western Europe, such as the UK, France, and Germany, have well-established railway infrastructure, and many railway operators in this region use some of the advanced rail asset management solutions. European countries have been investing majorly to modernize and upgrade their existing rail infrastructure. Social and trade agreements among the European Union (EU) countries have promoted large-scale, cross-border trade, and passenger traffic in Europe.

High growth is expected in this region, especially in the communication technology, as the European Telecommunications Standards Institute (ETSI) has formed a separate committee to focus on the Machine-to-Machine (M2M) communication privacy standardization and high trading standards. The dynamics of the rail industry in Europe are changing rapidly with new freight and passenger management systems. To boost the efficiency of the existing infrastructure, many European countries are expected to adapt to new rail asset management solutions.

Key and emerging market players include Siemens (Germany), IBM(US), Alstom (France), Hitachi (Japan), Wabtec (US), SAP (Germany), Trimble (US), Bentley Systems (US), Bombardier (Canada), Atkins (UK), Cisco (US), DXC Technology (US), Trapeze (Canada), Tego (US), Konux (Germany), L&T Technology Services Limited (India), Capgemini (France), Accenture (Ireland), Huawei Technologies (China), and Cyient (India). These players have adopted various strategies to grow in the Rail asset management market.

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Speech-to-text API Market by Component, Application, Deployment Mode, Organization Size, Industry Vertical, and Region – Global Forecast to 2024

According to a market research report “Speech-to-text API Market by Component (Software and Services), Application (Risk and Compliance Management, and Fraud Detection and Prevention), Deployment Mode, Organization Size, Industry Vertical, and Region – Global Forecast to 2024″, published by MarketsandMarkets, The global speech-to-text Application Program Interface (API) market size is expected to grow from USD 1.6 billion in 2019 to USD 4.1 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 20.6% during the forecast period.

Major factors fueling the market growth are growing adoption of smart speakers and mobile phones, and stringent regulatory and compliance.

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The large enterprises segment to hold a larger market size during the forecast period

The speech-to-text API market is segmented into large enterprises and Small and Medium-sized Enterprises (SMEs) by organization size. The large enterprises segment is expected to have a larger market size during the forecast period, owing to large volumes of data being generated by large enterprises and increasing demand for real-time speech-to-text API software and services. However, the SMEs segment is expected to grow at a higher CAGR during the forecast period. Due to the high availability of cost-effective cloud solutions, speech-to-text API software and services are expected to witness a prominent growth rate among SMEs during the forecast period. Moreover, easy availability of speech-to-text API solutions as well as real-time support services are factors projected to drive the demand for such solutions across SMEs.

By vertical, retail and eCommerce to grow at the highest CAGR during the forecast period

The speech-to-text API market by vertical has been segmented into Banking, Financial Services and Insurance (BFSI), telecommunications and Information Technology (IT), retail and eCommerce, healthcare, media and entertainment, government and defense, travel and hospitality, manufacturing, others (transportation and logistics, and education). A rise in the number of competitors and their emergence of a number of eCommerce players in the online retail space are factors projected to contribute to the growth of this segment.

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North America to hold the largest market size during the forecast period

North America is the most significant revenue contributor to the global speech-to-text API market. The region is witnessing significant developments in the speech-to-text API market. Many speech-to-text API solution providers in North America are experimenting in the market by integrating advanced technologies, such as Artificial Intelligence (AI) and Internet of Things (IoT) with their existing speech-to-text API solutions. They are also adopting various growth strategies to strengthen their positions in the overall market.

Major North American vendors in the speech-to-text API market are Google (US), Microsoft (US), IBM (US), AWS (US), Nuance Communications (US), Verint (US), Speechmatics (England), Vocapia Research (France), Twilio (US), Baidu (China), Facebook (US), iFLYTEK (China), Govivace (US), Deepgram (US), Nexmo (US), VoiceBase (US), Otter.ai (US), Voci (US), GL Communications (US), Contus (India).

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Cloud Discovery Market projected to grow $1,564.1 Million by 2023 from 730.8 Million in 2018

According to market research report “Cloud Discovery Market by Solution (Application Discovery and Infrastructure Discovery), Service (Professional Services and Managed Services), Organization Size (Large Enterprises and SMES), Vertical, and Region – Global Forecast to 2023″, The cloud discovery market size is expected to grow from USD 730.8 Million in 2018 to USD 1,564.1 Million by 2023, at a Compound Annual Growth Rate (CAGR) of 16.4% during the forecast period.

The demand for cloud discovery is expected to be driven by growing adoption of multi-cloud and increasing need to efficiently manage the security of the IT infrastructure. Moreover, with the increasing usage of cloud applications across different verticals and the rising trend of Bring Your Own Device (BYOD), the adoption rate of cloud discovery among enterprises is expected to gain a major traction during the forecast period.

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The application discovery is expected to hold the largest market share during the forecast period

Cloud application discovery solutions enables an IT administrator to discover the unmanaged cloud applications that are being used by the members of the organization. This helps administrators to control unauthorized access to corporate data, potential data leakage, and other security risks inherent in the applications. CipherCloud’s study for North America and Europe in 2014 concluded that 86% of cloud applications used by enterprises were unsanctioned by the IT administrator. Therefore, with the adoption of cloud discovery solutions, administrators can continuously discover and categorize all the cloud applications users are accessing.

The retail and consumer goods vertical is expected to grow at the fastest rate during the forecast period

The retail and consumer goods vertical has undergone significant transformation with the emergence of cloud-based technologies. Retailers constantly strive to improve efficiency and reduce cost. Managing their large application portfolios and distributed infrastructures has become increasingly complex and expensive for the IT departments. Retailers are aggressively pursuing the use of cloud computing, primarily for cost reduction, speed-to-market, and quality benefits. Therefore, to simplify the business process and control the unmanaged IT resources, it is expected that the adoption trend of the cloud discovery solutions would grow significantly in this vertical.

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North America is expected to hold the largest market share, whereas Asia Pacific (APAC) is expected to grow at the fastest rate during the forecast period

North America dominates the cloud discovery market as it is the most advanced region with respect to the usage of cloud application and IT infrastructure. Due to the presence of a large number of vendors offering cloud discovery solutions and services in this region, it is expected to hold the largest market share during the forecast period. Moreover, enterprises in this region have invested heavily in the cloud computing technologies to gain a competitive edge over its competitors and improve its overall business operations. On the other hand, the APAC region is in its initial growth phase; however, it is expected to be the fastest growing region in the global cloud discovery market. The increasing adoption of cloud discovery in this region can be attributed to the wide-spread presence of Small and Medium-sized Enterprises (SMEs) that are implementing low cost cloud-based technologies to achieve in-depth visibility and control over their cloud applications and IT infrastructure.

Major vendors providing cloud discovery solutions and services are AlienVault (US), ASG Technologies (US), BMC Software (US), Certero (UK), CipherCloud (US), Cisco Systems (US), Connectwise (US), iQuate (Ireland), Kmicro (US), ManageEngine (US), McAfee (US), Movere (US), Nephos Technologies (UK), NetSkope (US), Nuvalo (US), Perpetuuiti (Singapore), Puppet (US), Qualys (US), ScienceLogic (US), ServiceNow (US), vArmour (US), Virima Technologies (US), WhiteHat Security (US), Ziften (US), and Zscaler (US).

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Zero-Trust Security Market by Data Security, Endpoint Security, API Security, Security Analytics, Security Policy Management

According to a new research report “Zero-Trust Security Market by Solution Type (Data Security, Endpoint Security, API Security, Security Analytics, Security Policy Management), Deployment Type, Authentication Type, Organization Size, Vertical, and Region – Global Forecast to 2024″, published by MarketsandMarkets, the zero-trust security market size is projected to grow from USD 15.6 billion in 2019 to USD 38.6 billion by 2024, at a CAGR of 19.9% from 2019 to 2024.

The major growth drivers for the market include the rising need for compliance for networks, user devices, and data from unauthorized access and to get a centralized view on threats.

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Based on the solution type, the data security segment is estimated to lead the market in 2019.

Data security solutions are responsible for securing the business database and information such as customer details, financial information, and employee database as well as other key business data of any organizations. A tremendous amount of data is generated every day across organizations in various industry verticals, and effective management and storage of business data become critical for the IT and data security professionals.

An organizations database comprises of sensitive data such as Personally Identifiable Information (PII), Personal Health Information (PHI), Intellectual Property (IP), as well as Payment Card and Financial Information. Databases often become a target for cybercriminals and victim of cyberattacks, causing data breaches and loss of business and personal information. Zero trust data security solutions fortify an organization’s data security by confining the risks from user privileges and access, restricting the lateral movement of threats within a company’s infrastructure.

Based on Vertical, Government & Defense sector is estimated to grow at the fastest rate during the forecasted period.

The government sector consists of the various federal government, central government, state government, local government, and various public sector entities. The government sector across various developed and emerging economies is embracing digital transformation by harnessing the power of mobility and cloud.

Various governments are already deploying cloud-based web and mobile applications to enhance the experience of its citizens. As a result, governments need to protect these applications, workloads, devices, and users from the rising number of advanced persistent threats.

Thus, government bodies are shifting towards zero trust security solutions to enhance government network security, data security, risk & security analytics, endpoint security, and application security. Furthermore, increasing complexities in the network and cyberattacks are fueling the adoption of zero-trust security solutions among the governments across the globe.

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North America is expected to hold the largest market share during the forecast period.

Most of the security vendors are based in North America, which makes the region to be among the early adopter of new and advanced security technologies. As a result, North America is expected to dominate the zero-trust security market during the forecast period.

Moreover, increase in the sophisticated cyber-attacks is anticipated to drive the implementation of zero-trust security in several verticals such as banking, finance, government, and healthcare sectors. With the widespread use of digital payments, cloud-based applications, IoT, security ecosystem has become more complex. Besides, various SMBs are welcoming disruptive work culture through services such as BYOD and work-from-home, exposing the enterprise data prone to a number of cyber-attacks.

Market Players

The major vendors covered in the zero-trust security market include Cisco Systems Inc. (US), Akamai Technologies, Inc. (US), Palo Alto Networks, Inc. (US), Symantec Corporation (US), Okta, Inc. (US), Forcepoint, LLC (US), Centrify Corporation (US), Cyxtera Technologies (US), Illumio (US), Sophos Group Plc (UK), Google LLC (US), Microsoft, Inc. (US), VMware Inc. (US), Trend Micro Incorporated (Japan), Cloudflare (US), IBM Corporation (US), Fortinet (US), Check Point Software Technologies Ltd. (US), Pulse Secure, LLC (US), and ON2IT (Netherlands).

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At a CAGR of 25.1% In-Memory Analytics Market size is projected to exceed $3.85 Billion by 2022

According to new market research report on “In-Memory Analytics Market by Component (Software, Services), Application (Risk Management & Fraud Detection, Sales & Marketing Optimization, and Financial Management), Deployment, Organization Size, Vertical, Region – Global Forecast to 2022″, The in-memory analytics market size is expected to grow from USD 1.26 Billion in 2017 to USD 3.85 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 25.1%.

The key forces driving the in-memory analytics market include the digital transformation using real-time analytics, technological advancement in computing power, growing data volume, and demand for self-service Business Intelligence (BI) tools.

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North America is expected to constitute the largest market share; Asia-Pacific (APAC) to grow at the highest CAGR

North America is expected to continue its dominance in terms of market share throughout the forecast period. Early adoption of new & emerging technologies and large number of in-memory analytics vendors in the region would help consolidate the majority of revenues in the market. The APAC region is expected to grow at the highest CAGR during the forecast period. Owing to the growing technology expenditures in countries, such as China & India and the demand for cost-effective analytical software & services among Small and Medium-Sized Businesses (SMBs) would drive the market growth during forecast period.

Risk management and fraud detection application segment is expected to constitute the highest market share during the forecast period

The organizations implement in-memory analytics solutions to enhance risk intelligence capabilities to fight with operational and financial risks. The companies are using advanced analytical tools to avoid, address, and quickly recover from major risk events. The risk management and fraud detection solution helps identify, monitor, analyze, and control risks.

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In-memory analytics software component is expected to contribute the largest market share in 2017

Among components, the in-memory analytics software is expected to continue its dominance throughout the forecast period. In-memory analytics solution empowers the user to perform quick data analysis and achieve real-time insights from the stored data. The falling Random Access Memory (RAM) prices and technological advancements in computing power have propelled the adoption of in-memory analytics software among end-users.

The major vendors providing in-memory analytics software and services are SAP SE (Walldorf, Germany), MicroStrategy Incorporated (Virginia, U.S.), Kognitio (Berkshire, England), SAS Institute, Inc. (North Carolina, U.S.), Hitachi Group Company (Tokyo, Japan), ActiveViam (London, UK), Oracle Corporation (California, U.S.), IBM Corporation (New York, U.S.), Information Builders (New York, U.S.), Software AG (Darmstadt, Germany), Amazon Web Services (Washington, U.S.), Qlik Technologies, Inc. (Pennsylvania, U.S.), ADVIZOR Solutions (Illinois, U.S.), and EXASOL (Nuremberg, Germany).

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Embedded analytics Market size is projected to exceed $51.78 Billion by 2022 from $26.77 Billion in 2017

According to market research report “Embedded analytics Market by Component (Software and Services), Business Function (IT, Marketing and Sales, Finance, Production, and HR), Deployment Model (On-Premises and On-Demand), Organization Size, Industry, and Region – Global Forecast to 2022″, The embedded Analytics market is expected to grow from USD 26.77 Billion in 2017 to USD 51.78 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 14.1%.

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The major forces driving the embedded analytics market are the rise in data-driven organizations, higher adoption of self-service analytics, and the increasing demand to integrate analytics with business applications. The embedded analytics market is growing rapidly because of the transformation from the traditional analytical techniques for analyzing business data to the advanced techniques and the massive surge of the flowing structured and unstructured data.

IT business function is expected to grow at the highest CAGR

Embedded analytics tools and services are used for various business functions, which include Information Technology (IT), marketing and sales, finance, production, Human Resource (HR), and others (product development and legal). The IT business function is expected to witness the highest CAGR during the forecast period because of the increasing need for IT departments across industries to have access to real-time analytics on Key Performance Indicators (KPIs) and the visualization of the percentage of helpdesk ticket requests resolved in the agreed time-frame to assess the success of on-going support in their applications itself.

Banking, Financial Services, and Insurance (BFSI) is estimated to have the largest market size in 2017

The embedded analytics market is also segmented by various industries, out of which, the adoption of embedded analytics is expected to be the largest in the BFSI vertical, as the volume and variety of data is increasing day-by-day, with the growing demand of IT systems for financial transactions in banks and other financial institutes.

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North America is expected to dominate the embedded analytics market during the forecast period

North America is expected to hold the largest share of the embedded analytics market in 2017, due to the technological advancements and early adoption of analytical solutions in this region. The market size in Asia Pacific (APAC) is expected to grow at the highest CAGR from 2017 to 2022. The primary driving forces for this growth are the increasing technological adoption and huge opportunities across industries in the APAC countries, especially in India, China, and Japan.

The report also encompasses different strategies, such as mergers and acquisitions, partnerships and collaborations, and product developments, adopted by the major players to increase their shares in the market. Some of the major technology vendors include Microsoft Corporation (US), IBM (US), SAP SE (Germany), SAS Institute (US), Oracle Corporation (US), MicroStrategy Incorporated (US), Tableau Software (US), TIBCO Software (US), Birst (US), Logi Analytics (US), QlikTech International (US), Sisense (US), Information Builders (US), OpenText (Canada), and Yellowfin International (Australia).

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Application Modernization Services Market by Service, Organization Size, Vertical, and Region Forecast to 2022

According to market research report “Application Modernization Services Market by Service (Application Portfolio Assessment, Cloud Application Migration, Application Replatforming, Application Integration, UI Modernization), Organization Size, Vertical, and Region – Global Forecast to 2022″, The application modernization services market size is expected to grow from USD 6.87 Billion in 2017 to USD 16.67 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 19.4% during the forecast period. The major driver of the application modernization services market is the growing need for business agility and faster time to market, leveraging big data technologies, and adopting cloud computing in the application modernization strategy, leading to increased deployment of application modernization services.

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Application integration service is expected to have the largest market share during the forecast period

The application integration service is expected to have the largest market share during the forecast period, owing to the growing need for integrating the existing legacy applications and databases with new applications, which exploit the internet, eCommerce, extranet, and other new technologies. The application integration service helps enterprises optimize their IT landscapes, gain business agility, and easily access data from devices and social channels.

SMEs segment is expected to grow at the fastest rate during the forecast period

The Small and Medium-sized Enterprises (SMEs) segment is expected to grow at the fastest rate during the forecast period, owing to the high adoption of the lift-and-shift migration strategy, which enables their businesses to scale and grow faster. SMEs have realized that immediate response, quick business decisions, and customer satisfaction are the most important features needed to expand businesses, generate revenues, and ensure desired outcomes.

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North America is expected to hold the largest market share during the forecast period

As per the geographic analysis, North America is expected to hold the largest market share during the forecast period. This is due to the presence of a large number of application service providers, early start of the application modernization projects, and high adoption rate of emerging technologies, such as big data and cloud computing. North America constitutes developed economies, such as the US and Canada. These countries are significantly advanced in terms of technology and application deployments.

The major vendors covered in the application modernization services market include Accenture (Republic of Ireland), Asysco (Netherlands), Atos (France), Bell Integrator (US), Capgemini (UK), Cognizant (US), Fujitsu (Japan), HCL (India), IBM (US), Macrosoft Inc. (US), Micro Focus (US), Oracle (US), Tech Mahindra (India), and UST Global (US).

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Botnet Detection Market Size, Share, Market Overview, Insights, Analysis, Trends – Forecast to 2023

According to new research report “Botnet Detection Market by Component (Standalone Solution, Service), Application Area (Website Security, Mobile App Security, API Security), Deployment Mode (Cloud, On-Premises), Organization Size, Industry Vertical, and Region – Global Forecast to 2023″, The botnet detection market is expected to grow from USD 203.2 Million in 2018 to USD 1,191.1 Million by 2023, at a Compound Annual Growth Rate (CAGR) of 42.4%.

The major factors driving the botnet detection market include the need for security against the bad bot traffic, rising number of smartphones users, and increasing adoption of APIs.

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The media and entertainment industry vertical is expected to grow at the highest CAGR in the global botnet detection market during the forecast period

The media and entertainment industry vertical is expected to be fastest growing, due to the increasing bot attacks on this industry vertical through ad frauds. With digitalization and the proliferation, the media and entertainment companies have realized the need for botnet detection solutions to protect and secure their databases, applications, and websites.

North America is expected to hold the largest market size in the botnet detection market during the forecast period

North America is expected to hold the largest market size and dominate the botnet detection market from 2018 to 2023, due to the presence of major botnet detection vendors. The organizations in this region are increasingly adopting advanced botnet detection solutions and services to protect websites, mobile apps, and APIs from bot attacks.

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The solution segment is estimated to hold the largest market size in the botnet detection market in 2018

The solution segment is expected to dominate the botnet detection market in terms of its contribution to the overall market shares. As the sophistication level in bot-attacks is increasing, organizations are deploying botnet detection solutions to protect against advanced persistent bots. With the implementation of botnet detection and mitigation solution, public and private organizations can accurately detect and categorize bot types, bot traffic, and their sources; reduce server loads and bandwidth costs; and enhance user experience across their websites.

The major botnet detection vendors include Akamai Technologies (US), Imperva (US), Distil Networks (US), PerimeterX (US), ShieldSquare (India), Unfraud (US), Instart Logic (US), Pixalate (US), AppsFlyer (US), Intechnica (UK), Zenedge (US), Reblaze (Israel), White Ops(US), Shape Security (US), Integral Ad Science (US), InfiSecure (India), DataDome (France), CriticalBlue (UK), Digital Hands (US), Variti (Switzerland), Stealth Security (US), Unbotify (Israel), Kasada (Australia), Mfilterit (India), and White Diagnostic (US).

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MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 5000 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledgestore” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.Contact:
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By 2022 Policy Management in Telecom Market will surpass $1617.1 Million from $953.6 Million in 2017

According to new market research report “Policy Management in Telecom Market by Network (Fixed, Wireless), Component (Solutions, Services), Services (Professional, Managed), Deployment (Cloud, On-Premises), and Region – Global Forecast to 2022″, the policy management in telecom market is estimated to grow from USD 953.6 Million in 2017 to USD 1,617.1 Million by 2022, at a CAGR of 11.1% from 2017 to 2022.

The market is primarily driven by the increasing adoption of tailored policy management solutions by telecom operators across the globe. Moreover, the rise in the demand for innovation in the telecom industry is also contributing to the growth of the policy management in telecom market.

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29 – Figures

101 – Pages

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Based on component, the solutions segment is expected to grow at a high rate during the forecast period

Based on component, the policy management in telecom market has been segmented into solutions and services. The solutions segment is expected to grow at a high rate between 2017 and 2022. This can be attributed to the rise in strict telecom regulations, the continued growth of the subscribers, overcoming data traffic limits, and setting marketing oriented policy and charging rules.

Based on deployment, the cloud segment is estimated to grow at the highest CAGR during the forecast period

Based on deployment, the cloud segment is estimated to grow at the highest CAGR for the policy management in telecom market. Due to scalability and low hardware, setup, and maintenance cost, the cloud-based deployment of policy management solution are adopted significantly by various organizations. This factor is driving the growth of cloud in policy management in telecom market.

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Asia Pacific region is estimated to grow at the highest CAGR during the forecast period

The policy management in telecom market in Asia Pacific is estimated to grow at the highest CAGR during the forecast period. The growth of this segment can be attributed to the increasing use of mobile devices in this region. The rise in digitalization and smartphone users will make the Communication Service Providers (CSPs) deploy policy management solution. Countries such as India, China, Russia, Australia, and Japan are expected to witness high growth rates in policy management in telecom market.

Major players in policy management in telecom market Ericsson (Sweden), Huawei (China), Nokia (Finland), Oracle (US), Amdocs (US), Netcracker Technology (UK), CSG International (US), ZTE (China), Cisco (US), Redknee (Canada), and Openet (Ireland).

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Global Smart Building Market by Component, Solution, Services, Building Type – Forecast to 2024

According to a market research report “Smart Building Market by Component (Solution,Services), Solution (Security, Emergency Management Energy Management), Services, Building Type (Commercial, Industrial), Region (North America, Europe, APAC, MEA, Latin America) – Global Forecast to 2024″, published by MarketsandMarkets, The Smart Building market size is expected to grow from USD 60.7 billion in 2019 to USD 105.8 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 11.7% during the forecast period.

The major drivers for the Smart building include Rising adoption of IoT-enabled building management system, raising awareness of space utilization increased industry standards and regulations.

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36 – Figures

156 – Pages

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The Security and Emergency Management solution in the solution type segment is expected to lead the Smart building market in 2019.

IoT consulting services help in refining the business processes of organizations and are used for formulating different strategies, developing use cases, planning roadmaps, assessing technologies, and framing IoT architectures. The providers of IoT consulting services ensure development and implementation of the appropriate IoT applications and architecture in organizations. They guide companies to create new IoT infrastructures to enhance their existing systems. The providers of IoT consulting services also help non-IT companies with minimal expertise to understand IoT technology. IoT consulting services can be classified into technology consulting services, business consulting services, and operational consulting services.

Industrial building segment is expected to grow with the fastest growth rate during the forecast period.

Industrial buildings are often large and have many moving parts. Smart industrial building solutions automate building temperature control, security, and maintenance for more efficient property management through various mobile computing devices, such as mobile devices and computers.

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North America to lead the Smart building market during the forecast period.

The growth of the market in North America can be attributed to the region has witnessed the emergence of latest smart building solutions that leverage new technologies, such as IoT, big data, cloud computing, data analytics, deep learning, and artificial intelligence, for saving energy, reducing operational expenditures, increasing occupancy comfort, and meeting increasingly stringent global regulations and sustainability standards. Moreover, North America is a technologically advanced region in the world due to the rapid adoption of emerging technologies by the organizations in the region. Furthermore, the US and Canada are prominent countries contributing to technological development in this region; for instance, US organizations are heavily investing into smart building measures, such as building controls and building systems integration, to leverage energy efficiency and energy storage and deliver smarter, safer, and more sustainable buildings while the Canadian government is taking initiatives to support Canada’s commitment to protecting the environment and its resources by making federal buildings more energy-efficient and reducing greenhouse gas emissions, driving the growth of smart buildings

The major vendors covered in the Smart building market include Honeywell (US), Johnson Controls (US), Cisco (US), Hitachi (Japan), Siemens (Germany), IBM (US), Schneider Electric (Germany),Intel (US),Huawei (China),ABB (Switzerland),L&T Technology Service (India),75F (US), Telit (Switzerland), Pointgrab (Israel), LogicLadder (India), Spacewell (Belgium), PTC (US), Avenet (US), Softdell (US), Spaceti (Czech Republic).

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