Top 10 Connected/Smart Industries Envisioned to Generate a CAGR of 34.0% from 2022-2031

Key Companies Covered in the Top 10 Connected/Smart Industries Research are Cisco System, Inc. (U.S.), General Electric (U.S.), IBM Corporation (U.S.), Intel Corporation (U.S.), Microsoft Corporation (U.S.), and other key market players.

“Growing need for operational efficiency drives the top 10 connected/smart industries”

The top 10 connected/smart industries are estimated to grow at a significant rate during its forecast period. This report covers large aspects of the connected technologies implemented in different industries. Emergence of IoT technology, need for cost efficient technology solutions, and increasing adoption of connected devices are driving the growth of industries.

“Smart city initiatives by government authorities are advancing the growth of smart building market”

The smart building market size is projected to reach USD 24.73 billion by 2031 at a CAGR of 34.0% during the forecast period. The concept of smart building was initially introduced to optimize energy consumption and reduce operating costs, so as to enable end-users to analyze energy operational data for actionable insights. Smart buildings enable facility optimization through the convergence of information technology and building automation. Some of the major factors that are driving the growth of the smart building market include the growing government initiatives for the development of smart building projects, rising focus on green buildings, and evolution of building management IoT platforms.

“Need for improved customer service level and utility efficiency, aids the growth of the IoT in utilities market”

The global IoT in utility market is estimated to grow from USD 4.63 billion in 2022 to USD 11.73 billion by 2031, at a CAGR of 20.4% during the forecast period. Utilities are shifting their focus towards using cutting-edge technology, increasing productivity, and optimizing the cash flow to improve its business process. They are moving towards updating current grid technologies while integrating it with networking and computational capabilities, in order to connect and automate seamless energy distribution and transmission. Furthermore the government initiatives for smart grid rollout, drives the IoT in utilities market.

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“Increasing road congestions driving the growth of the smart transportation market”

The smart transportation market size was estimated to be USD 46.72 billion in 2022 and is projected to reach USD 138.76 billion by 2031, growing at a CAGR of 24.3%. The global vehicular usage has been surging at a rapid rate and this calls for various solutions to address the emerging problems such as congestion, accidents, and infrastructure scaling which enhances the application of smart transportation solutions and services. The market is also driven due to growing need for reduction of greenhouse gas emission and supportive government initiatives.

The top 10 connected industries market report segments the market on the basis of different industries implementing smart technology. The report also contains the company profiling of the major technology vendors. Some of the major technology vendors include ABB Group (Switzerland), Cisco System, Inc. (U.S.), General Electric (U.S.), IBM Corporation (U.S.), Intel Corporation (U.S.), Microsoft Corporation (U.S.), Parametric Technology Corporation (U.S.), SAP SE (Germany), Schneider Electric SE (France), and Siemens AG (Germany)

Research Coverage:

This research report categorizes the Top 10 connected industries market on the basis of vertical, industry, application, type, region, and others. The report also discusses the major drivers, restraints, challenges, and opportunities pertaining to all the 10 market; along with their value chain analysis and the market analysis of the major players in the market.

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Reasons to buy this report:

The report would help the leaders/new entrants in this market in the following ways:

  • This report segments the top 10 connected industries market comprehensively and provides the closest market size estimation for all subsegments across different regions.
  • The report would help stakeholders to understand the pulse of the market and provide them with the information on key drivers, restraints, challenges, and opportunities for market growth.
  • This report would help stakeholders understand their competitors better and gain more insights to improve their position in the business.

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