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Press Release / Business / Smart Space Market Size worth $15.3 billion by 2025

Smart Space Market Size worth $15.3 billion by 2025

By MarketsandMarketsICT on November 17 2021 | 80 Views

Smart Space Market Size worth $15.3 billion by 2025

According to the new market research report "Smart Space Market by Solution (Rail Asset Management & Maintenance, Operation & Control, PIS, Communication & Networking, Security & Safety, and Rail Analytics) and Service (Professional and Managed), and Region - Global Forecast to 2024", published by MarketsandMarkets, the Smart Space market to grow from USD 20.5 billion in 2019 to USD 39.0 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 13.7% during the forecast period. Major factors expected to drive the growth of the Smart Space market include technological advancements targeted toward the enhancement of customer experience, government initiatives for smart cities and Public-private partnership (PPP) working model, and adoption of Internet of Things (IoT) and automation technologies to enhance optimization.

Browse in-depth TOC on “Smart Space Market”

102 – Tables

42 – Figures

165 – Pages

By offering, the services segment to account for a higher CAGR during the forecast period

The demand for Smart Space services is driven by the growing number of passengers each year. Rail companies fully rely on efficient and reliable asset operations and rail infrastructure to successfully meet these growing demands. The increase in deployment of Smart Space solution is driving the demand for both professional and managed services.

By solution, the rail analytics segment to account for the highest CAGR during the forecast period

The rail analytics system segment is projected to grow at a highest CAGR during the forecast period. This growth can be attributed to increase in the use of analytics for improvement in asset utilization and reduce inventory. The system further enables railways to estimate resource requirements and probable congestion patterns during route planning.

Europe to hold the largest market size during the forecast period

European countries have made major investments to modernize and upgrade the existing rail infrastructure. The UK, Germany and France are major contributors to the growth of the Smart Space market in Europe. Social and trade agreements among the European Union (EU) countries have promoted large-scale, cross-border trade, and passenger traffic across Europe. 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, several European countries are expected to adopt new Smart Space solutions.

Browse Full Report Details @ https://www.marketsandmarkets.com/Market-Reports/smart-railways-market-960.html

Market Players:

Alstom (France), Cisco Systems (US), Wabtec (US), ABB (Switzerland), IBM (US), Hitachi (Japan), Huawei (China), Indra (Spain), Siemens (Germany), Honeywell (US), Bombardier (Canada), Thales (France), Advantech (Taiwan), Fujitsu (Japan), Toshiba (Japan), Alcatel-Lucent Enterprises (France), Moxa (Taiwan), EKE-Electronics (Finland), Televic (Belgium), and Aitek (Italy)

Browse Adjacent Markets: Software and Services Market Research Reports & Consulting

About MarketsandMarkets™

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 7500 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.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledge Store" 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.

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