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Fiber Optics Market worth $6.8 billion by 2029 – Exclusive Report by MarketsandMarkets™

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DELRAY BEACH, Fla., Sept. 2, 2024 /PRNewswire/ — The fiber optics market is expected to grow from USD 3.2 billion in 2024 to USD 6.8 billion by 2029 at a Compound Annual Growth Rate (CAGR) of 16.4% from 2024 to 2029 according to a new report by MarketsandMarkets™. This market’s growth is driven by growing internet penetration and data traffic, rising deployment of data center facilities worldwide, and increasing demand for high bandwidth. The increasing promotion of advanced technologies such as big data, machine learning, and Al analytics among internet users worldwide is expected to play a major role in driving the growth of the fiber optics market. The increasing multimedia consumption leads to massive data creation and replication worldwide. The rising amount of data generated is expected to increase the deployment of new fiber optic cables and subsystems. According to the Digital Economy Report 2021 by the United Nations Conference on Trade and Development (UNCTAD), about 64.2 zettabytes of data were created or replicated. Also, the global data creation and replication is expected to experience a 23% growth from 2020-2025. The rise in data creation is expected to increase the deployment and expansion of servers, storage racks, and data center facilities worldwide, fueling the fiber optics market growth from 2024 to 2029.

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Browse in-depth TOC on “Fiber Optics Market” 
191 – Tables
60 – Figures
233 – Pages

Desiccant Dehumidifier Market Report Scope:

Report Coverage

Details

Market Revenue in 2024

$ 3.2 billion

Estimated Value by 2029

$ 6.8 billion

Growth Rate

Poised to grow at a CAGR of 16.4%

Market Size Available for

2020–2029

Forecast Period

2024–2029

Forecast Units

Value (USD Million/Billion)

Report Coverage

Revenue Forecast, Competitive Landscape, Growth Factors, and Trends

Segments Covered

By Fiber Type, Cable Type, Deployment, Application and Region

Geographies Covered

North America, Europe, Asia Pacific, and Rest of World

Key Market Challenge

Installing fiber optics networks in difficult terrains and high cost of installation

Key Market Opportunities

Rising demand for fiber optics as replacement of copper cables

Key Market Drivers

Rising number of data center facilities worldwide

 

Glass segment is expected to grow at a high CAGR during the forecast period.

The glass segment is projected to have high growth rates over the forecast period. Glass optical fibers work efficiently in extreme temperatures, ranging from -40°F up to 900°F.Glass cores efficiently transfer light and allow higher speed transfers and are very useful in, long sensing distances. These optical fibers can achieve a narrow core diameter, i.e., for single mode (8-10) µm and 50-100 µm for multi-mode fiber. However, glass optical fibers are fragile and more likely to break if improperly handled. Installing these optical fibers requires highly trained technicians, and the tools for fiber termination are usually expensive.

Single-mode segment in fiber optics market is projected to be largest market size during the forecast period.

Single-mode optical fibers are extensively used for long-distance communications applications. To address this demand, key players in the fiber optics industry are entering into strategic partnerships and collaborating with other players to increase the production of single-mode fibers. YOFC (China), Corning Incorporated (US), Prysmian Group (Italy), Sumitomo Electric Industries, Ltd. (Japan), Furukawa Electric Co. Ltd. (Japan) and Hengtong Group Co., Ltd. (China) are some of the leading manufacturers of single-mode fiber optic cables.

Industrial application segment is projected to grow at fastest CAGR during the forecast period.

The market for the industrial application segment is projected to grow at the fastest CAGR from 2024 to 2029. An enormous amount of data is collected, transported, and analyzed between several nodes, such as machines, sensors, facilities, computers, data centers, and personnel at the manufacturing facilities, which requires high-bandwidth interconnections. Fiber optics is becoming the communication standard for networking all these devices. Favorable government investments to increase the development of intelligent factory infrastructure are expected to present growth opportunities to fiber optic vendors.

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Asia Pacific likely to emerge as the largest fiber optics market over the forecast period.

Asia Pacific is projected to have the largest industry share of the fiber optics industry from 2024 to 2029. The rise in the number of smart cities will further increase the demand for smart transportation, smart utilities, smart buildings, and communication infrastructure—that invariably require fiber optic solutions. Also, rapid commercialization of 5G services across China, South Korea, and Japan is expected to create significant opportunities for the fiber optics market in the region.

Key players in the fiber optics companies include Corning Incorporated (US), Sumitomo Electric Industries, Ltd. (Japan), YOFC (China), LS Cable & System Ltd. (South Korea), Prysmian Group (Italy), Fujikura Ltd. (Japan, Furukawa Electric Co. Ltd. (Japan), Optical Cable Corporation (US), LS Cable & System Ltd. (South Korea), Proterial Cable America Inc., (US), ), LEONI (Germany),  Coherent Corporation (US), Hengtong Group Co., Ltd. (China), Finolex Cables Ltd. (India), CommScope Holding Company, Inc. (US), Sterlite Technologies Limited (India), ZTT (China), FiberHome Telecommunication Technologies Co., Ltd. (China), Aksh Optifibre (India), Art Photonics GmbH (Germany), RPG Cables (India), Nestor Cables (Finland), Orbis Oy (Finland), Birla Cable Ltd. (India), Belden Inc. (US), and Fiber Mountain(US) are among a few emerging companies in the fiber optics market.

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About MarketsandMarkets™

MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

Earlier this year, we made a formal transformation into one of America’s best management consulting firms as per a survey conducted by Forbes.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

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Right Choice Construction Awarded Ground-up West Houston STEM Academy Project

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HOUSTON, Nov. 22, 2024 /PRNewswire/ — Right Choice Construction is awarded the ground-up build of Genius Kids STEM Academy. 

The state-of-the-art educational center will fulfill its mission of fostering a passion for STEM (Science, Technology, Engineering, and Math) among children in the rapidly growing communities west of Houston.

Dr. Ajmal Murad, CEO of Genius Kids STEM Academy, shares his excitement for the project: “We believe that nurturing a passion for STEM is crucial for shaping our community’s future. This center will serve as a valuable resource, empowering our children to explore their interests and develop critical thinking skills that will benefit them for years to come.”

Right Choice Construction has worked closely with Genius Kids STEM Academy to bring this 9,500 SQ FT vision to life.

“Our team is thrilled to collaborate with Genius Kids STEM on this exciting project,” says Right Choice Construction owner Danielle Wright. “Children are our future. We are proud to construct a learning environment that is both inspiring and conducive to the development of young minds.”

The structure’s design is tailored to reflect the school’s mission of facilitating an early education focused on science and discovery. Enlarged overhangs are incorporated into the building’s architecture to provide filtered natural light throughout the classroom spaces.

Project lead Eugenia Forgang of Houston based Daniel Scott Turner Design states, “We envisioned a low-roofed structure which stretches across the Katy Prairie. The school interiors weave a palette of natural materials designed to promote and support healthy indoor learning environments.”

The Katy-based STEM academy will support its community’s educational needs. Genius Kids aims to provide a cutting-edge space where children can engage in learning experiences that encourage curiosity and critical thinking.

About Right Choice Construction

Right Choice Construction is a woman-owned commercial construction company with over 25 years of experience in the industry. Right Choice Construction is a Certified City of Houston Women Business Enterprise (WBE) and Women-Owned Small Business (WOSB) under the Small Business Administration (SBA). Right Choice Construction specializes in ground-up construction, and its principles of compliance, quality and client satisfaction are at the core of its operations. Learn more at rightchoiceconstruction.com.

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SOURCE Right Choice Construction

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Unanet Acquires GovPro AI to Enable Customers to Win More Business

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Cutting-edge AI technology complements Unanet’s CRM solution by automating proposal writing

DULLES, Va., Nov. 22, 2024 /PRNewswire/ — Unanet, the leading provider of project-based enterprise resource planning (ERP) and customer relationship management (CRM) for the government contracting (GovCon) and architecture, engineering, and construction (AEC) industries, today announced it has acquired Washington, D.C.-based GovPro AI, the leader in AI-powered proposal writing platforms for GovCons. By incorporating GovPro AI’s technology into the Unanet product portfolio, Unanet is offering customers a solution to one of their most challenging and growth-constraining problems: the enormous amount of time, money, and resources invested in responding to complex and highly technical requests for proposals (RFP).

“Unanet is continuing to deliver on its promise to solve real business challenges for our customers,” said Steve Karp, Chief Innovation Officer, Unanet. “In addition to helping customers across the GovCon and AEC industries respond to RFPs more efficiently, GovPro AI’s technology and team will accelerate Unanet’s broader AI strategy via thought leadership, new technologies, and class-leading R&D methodologies that will benefit all our customers. We are excited to welcome this talented team of innovators to Unanet and invest in their solution, so it evolves to meet the constantly changing needs of our customers.”

Unanet chose GovPro AI to improve GovCons’ business development processes due to its unique and compelling blend of expertise in GovCon procurement processes, as well as the secure application of AI to solve real-world business needs. GovPro AI’s platform uses AI to create a high-quality first proposal draft – known to GovCons as the ‘pink team’ draft – for virtually any federal RFP in a matter of hours. Unanet plans to extend GovPro AI’s technology into the AEC market in 2025.

Industry experts estimate the cost of responding to a single RFP can typically be $50,000$100,000 — a significant investment for most firms and outright cost-prohibitive for smaller ones. According to Unanet’s most recent GAUGE Report, 45% of GovCons cite lack of business development resources as a challenge, and 69% say they are having issues winning new contracts.

This solution, backed by Unanet’s industry-leading service and support, enables customers to win more business faster, at a lower cost, and more strategically. GovCons can use the GovPro AI platform to reduce their average RFP time-to-draft by 70% and cut proposal generation costs in half. Additionally, customers can better evaluate their ‘go/no go’ decision-making and pursue those opportunities with a higher probability of winning.

Unanet can now offer its customers an option for a robust, comprehensive business development package composed of Unanet CRM and GovPro AI technologies, so they have:

Opportunity identification and assessmentRelationship managementPipeline managementAI-powered proposal generation

“Unanet’s commitment is to empower our customers’ business success with modern, purpose-built technology and people-centric service,” said Craig Halliday, CEO of Unanet. “When customers tell us about their business challenges, we evaluate all available options and invest in solving those challenges with best-in-class solutions either through in-house development, partnerships, or via acquisition. We’re on the same team as our customers, and it’s our job to support and further their success.”

GovPro AI was the brainchild of Alexander Cohen, who began contract writing government RFPs to earn extra money in graduate school. After his work helped win over $150M in business, it soon became clear there was a significant market opportunity to start a dedicated business focused on RFP preparation. Cohen and his select team of highly experienced experts from some of the world’s largest and most successful technology companies, government agencies, and GovCons started GovPro AI. Their first solution was a secure, highly specified RFP response platform leveraging generative AI technology. The depth of talent, technology, and management expertise made GovPro AI stand-out among other automation solutions.

“Being part of the Unanet team means we can advance our innovation and refine the solution features,” said Alexander Cohen, Founder of GovPro AI. “I’m looking forward to exploring new use cases for customers and continuing to deliver a more efficient, modern way of improving business development.”

Unanet completed the acquisition this month. Terms of the agreement were not disclosed. Current GovPro AI customers will continue to have full access to the solution at their original terms, with the addition of the Unanet customer service commitment.

About Unanet
Unanet is a leading provider of project-based ERP and CRM solutions purpose-built for government contractors, architecture, engineering, construction, and professional services. More than 4,000 project-driven organizations depend on Unanet to turn their information into actionable insights, drive better decision-making, maintain regulatory compliance, and accelerate business growth. All backed by a people-centered team invested in the success of your projects, people, and financials. For more information, visit www.unanet.com.

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Vectorworks, Inc. Wins at the 2024 Construction Computing Awards

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Vectorworks Architect Named Architectural Design Software of the Year at 18th Annual Awards.

COLUMBIA, Md., Nov. 22, 2024 /PRNewswire-PRWeb/ — Global design and BIM software provider Vectorworks, Inc. announces its latest accomplishment—Vectorworks Architect has been named Architectural Design Software of the Year at this year’s Construction Computing Awards. Winners were selected through public voting and a panel of expert judges and announced on Nov. 7 at the Leonardo Royal Hotel London City.

Design is at the core of what we do, and with the latest enhancements in Vectorworks 2025, we’re reinforcing our commitment to providing design professionals with tools that bring their boldest visions to life at every phase

The Construction Computing Awards, commonly known as “The Hammers,” honor the technology, tools, and solutions that drive efficient design, construction, maintenance, and modification in projects ranging from commercial buildings to social housing and civil engineering.

“It’s a tremendous honor that Vectorworks Architect was recognized for quality and versatility,” said Vectorworks Chief Marketing Officer Jeremy Powell. “This award highlights our dedication to empowering designers to push boundaries and achieve absolute creative expression and efficiency. Design is at the core of what we do, and with the latest enhancements in Vectorworks 2025, we’re reinforcing our commitment to providing design professionals with tools that bring their boldest visions to life at every phase.”

Built to showcase your skill and creativity, Vectorworks Architect allows you to sketch, model, and document in a fully integrated workflow with the world’s most design-centric BIM solution. With superior 2D graphics, 3D modeling, and visualization tools, Architect is built to deliver absolute creative expression and maximum efficiency.

Winners will be featured in the November/December 2024 issue of CAD User and Construction Computing magazines. The complete list of winners and runners-up is available on the Construction Computing Awards website.

To learn more about Vectorworks Architect, visit vectorworks.net/architect or experience the software with a 7-day free trial. Learn more about the latest release of Vectorworks, its interactive features, and more by visiting vectorworks.net/2025.

About Vectorworks, Inc.
Vectorworks, Inc. is an award-winning design and BIM software provider serving the architecture, landscape architecture and design, and entertainment industries in 85 countries. Professionals worldwide are using Vectorworks on Mac and Windows to create, connect, and influence the next generation of design. Built with designers in mind since 1985, Vectorworks software offers you the freedom to follow your imagination wherever it leads you. Headquartered in Columbia, Maryland, with offices in the UK, Canada, Australia, and Japan, Vectorworks is a part of the Nemetschek Group. Learn how you can design without limits at vectorworks.net or follow @Vectorworks.

Media Contact

Kamica Price, Vectorworks, Inc., 443-542-0606, kprice@vectorworks.net, vectorworks.net

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