By 2024, Infrastructure Monitoring Market in Software Segment is Excepted to Grow At Higher Rate | Major Key Players are Campbell Scientific, Inc., COWI, Geocomp, RST Instruments Ltd.
The infrastructure monitoring market is segmented into hardware, software, and services. The software segment is projected to a higher rate over the coming years. The industry is characterized by the generation of large amount of data, which must be efficiently processed, stored and analyzed. Sophisticated software platforms enable efficient data processing with increased immunity to security breaches. The hardware segment is expected to grow owing to the involvement of hardware components in the system to measure the physical properties of the structure.
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Growing trend toward building smart cities and refurbishing the existing IT & telecommunication structure is anticipated to drive the infrastructure monitoring market over the forecast timespan. Rising labor costs in countries including China have led to an increase in the demand for automated inspection and scrutinizing systems. Government initiatives, such as Digital India, are further providing a boost to the industry.
Infrastructure monitoring market is expected to grow owing to increasing applications in mining, energy, aerospace & defense, civil, transportation, marine, automotive, and industrial machinery industries. The civil segment is anticipated to dominate the industry over the coming years. Increasing occurrences of structural failure and accidents along with the growing importance of large civil projects are projected to drive the industry growth. Countries including Japan, India, the UK, and the U.S. are investing in constructing critical infrastructural facilities such as dams, highways, tunnels, bridges and residential & commercial buildings for economic development. This is expected to fuel the infrastructure monitoring market growth over the forecast timespan.
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Latest technological advancements in IoT, connected structures, and sensor systems are providing immense growth opportunities for the infrastructure monitoring market. Increasing number of public-private partnerships for the infrastructural growth in various economies will provide growth prospects for the industry. Developing economies in Asia Pacific and the Middle East are investing in advanced digital technologies and this is a key factor that drives the infrastructure monitoring market growth.
The infrastructure monitoring market in the Americas is anticipated to grow at a high rate owing to the tendency of early adoption of the latest advanced technologies in the region. Increasing government investments in the U.S., Brazil, and Canada to renovate the existing structures and undertake new construction projects are expected to boost the infrastructure monitoring market growth in the region.
Asia Pacific is also projected to witness a high growth due to the rapid urbanization in economies including Japan, China, and India. The Cross-Ministerial Strategic Innovation Promotion Program (SIP) is undertaken by the government of Japan, which includes infrastructure maintenance, renovation, and management program. The program aims at incorporating these systems to ensure predictive maintenance of infrastructure.
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Key players in the infrastructure monitoring market include Structural Monitoring Systems Ltd., Sixense, Geomotion Singapore, RST Instruments Ltd., Campbell Scientific, Inc., Acellent Technologies, Inc., Cowi, Geocomp Corporation, and Digitexx Data Systems, Inc.
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