Rapid Infrastructure Development Propelling Internet of Things (IoT) Market in Structure Monitoring

The major factors driving the growth of the internet of things (IoT) market in structure monitoring are the increasing requirement for protecting the infrastructure, low operating costs of monitoring systems, and construction of smart infrastructure. With time, interconnected devices are being installed in buildings and other infrastructure to keep a track of their condition. The data, thus transferred online, without much human intervention, helps monitor their carbon emissions and need for maintenance.

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Physical security system, energy management system, building communication system, earthquake monitoring system, plumbing & water management system, elevators & escalators management system, and parking management system are the various categories under the solution segment. Among these, physical security system was the largest category in the IoT market in structure monitoring during the historical period. Video monitoring, logical security, and biometric devices are included under such solutions. In the coming years, the highest CAGR would be experienced by parking management systems, which allocate parking spaces based on dimension.

A major driving factor for the market is the growing requirement for smart infrastructure across the globe. With the rapidly rising disposable income and urbanization rate, a large number of bridges, buildings, roads, and dams are being constructed. Further, the existing infrastructure in developed as well as developing nations is aging, which is leading to a surging demand for its status tracking through advanced technologies, thereby helping the IoT market in structure monitoring progress.

Another reason which drives the adoption of such solutions is the increasing occurrence rate of natural disasters, such as earthquakes, cyclones, floods, and tornadoes, as well as accidental or intentional fires. Due to this, real estate firms are swiftly integrating solutions to track the health of the infrastructure, to predict which parts of the physical structure are the most prone to damage from these calamities. Further, such software and equipment also help take stock of the damage after a disaster as well as improving their design for better earthquake resistance.

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Lucrative opportunities to the IoT market in structure monitoring are being presented by the use of such solutions in heritage buildings and medical centers. The major aims behind this are increasing the life of the infrastructure and assessing damages, to make it safer and reduce maintenance costs. Healthcare centers located in highly earthquake-prone areas are rapidly making use of such devices and software, in order to keep the medical staff, patients, and visitors safe. Further, they are also finding application in heritage buildings, as most of them are undergoing gradual deterioration.

Historically, North America has contributed the highest revenue to the IoT market in structure monitoring, owing to its developed infrastructure, especially that constructed for residential and commercial purposes. Additionally, the need to constantly check for carbon emissions and space management are also responsible for the industry dominance of the region. The MEA region would witness the fastest industry growth, as such solutions would be integrated at a high pace in tall buildings, tunnels, dams, and oil & gas plants.

Therefore, with the rapid infrastructure development and the need to keep it safe, IoT-based structure monitoring would witness an even larger usage in the coming years.

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This release was published on openPR.