SMART BRIDGE MARKET ANALYSIS

Regional Analysis

North America smart bridge market is estimated to hold its dominant position in 2018

On the basis of geography, the global smart bridge market is segmented into North America, Europe, Asia Pacific, Latin America, Middle East, and Africa. North America held the dominant position in the market in 2017 and is projected to retain its dominance throughout the forecast period. The U.S. and Canada are growth engines in this region. Due to trend of early adoption of various technologies and high presence of market players in this region are factors leading to growth of this regions. International Business Machines Corporation, Honeywell International Inc., and Cisco Systems, Inc. are some of the U.S.-based companies.

Furthermore, Asia Pacific is projected to exhibit the highest CAGR over the forecast period. India, China, and Japan are some of the major countries, in this region. Increasing investment in smart cities by governments is a major factor for growth of the smart bridge market in Asia Pacific. For instance, in 2014, the Chinese Ministry of Industry and Information Technology, announced funding of US$ 8.05 billion (50 billion yuan) for the development of smart city traffic systems and internet of things (IoT).