Smart bridges are technically advance bridges, which alerts the maintenance department for any uncertainties such as issues with the structure, which could reduce the risk of collapsing, prior to their occurrence. Real-time monitoring and inspection system for bridge health condition is one of the major factors for growth of the smart bridge market. Increasing investment for smart cities is one of the major factor for growth of the market. For instance, according to the Indian government Union Budget 2018-19, the government has selected 99 cities under the smart city mission and will provide a fund of US$ 3.1billion for the development of the cities. Hence, this increasing funding for smart cities have also accelerated growth of the smart bridges market. Furthermore, increasing incidence of bridge collapsing is also one of the major factors, leading to increasing demand for smart bridges. With integration of smart sensors in these bridges, it has reduced the need for inspection and increased reliability of the diagnostic process, which has led to increasing life span of bridges, thus reducing risk of collapsing incidences. For instance, Troja footbridge (Czech Republic), Sigiri Bridge (Kenya), Sanvordem River Bridge (India), I-85N Atlanta (U.S.), Pfeiffer Canyon Bridge (U.S.), Camerano overpass (Italy) are some of the major bridges that collapsed in 2017.
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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).
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Some of the major companies in the global smart bridge market are Siemens AG, International Business Machines Corporation, Honeywell International Inc., Cisco Systems, Inc., Kapsch TrafficCom AG, Huawei Technologies Co., Ltd, Alcatel Lucent S.A., Indra Sistemas, S.A, and LORD Corporation.
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