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Infrastructure Monitoring Market Trends, Share Analysis and Size Report 2024
Infrastructure Monitoring Market Trends
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According to The Business Research Company's, The infrastructure monitoring market size has grown rapidly in recent years. It will grow from $5.41 billion in 2023 to $6.04 billion in 2024 at a compound annual growth rate (CAGR) of 11.6%. The growth in the historic period can be attributed to aging infrastructure, government investment, natural disaster preparedness, urbanization trends, and transportation network expansion.
The infrastructure monitoring market size is expected to see rapid growth in the next few years. It will grow to $9.66 billion in 2028 at a compound annual growth rate (CAGR) of 12.4%. The growth in the forecast period can be attributed to climate change impact, remote monitoring solutions, resilience planning, smart city development, and public-private partnerships. Major trends in the forecast period include wireless sensor networks for smart infrastructure, blockchain for data security and transparency, integration of augmented reality (AR) and virtual reality (VR), focus on environmental monitoring, and collaboration between public and private sectors.
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Market Drivers and Trends:
The growing demand for public infrastructure is expected to propel the growth of the infrastructure monitoring market going forward. Public infrastructure refers to infrastructure systems, buildings and facilities that are created, owned and maintained by the government and are accessible to the general public. Infrastructure monitoring is used in public infrastructure for inspection and maintenance of infrastructure, monitoring of the environment, emergency rescue and others to prevent accidents and major losses if accidents take place, where it uses real-time data collection, storage and analysis to enhance the safety of the structures. For instance, in June 2022, according to the Department of Transport's report, a UK-based government department for transportation, the UK government invests over £160 million ($192.7 million) to level up infrastructure to support local communities and four projects across England to reduce congestion and generate £659.3 million ($794.1 million) in economic benefits. Furthermore, in August 2022, the US Department of Transportation, a US-based executive department for transportation, announced an investment of more than $2.2 billion for modernized roads, bridges, transit, rail, ports and intermodal transportation under Rebuilding American Infrastructure with Sustainability and Equity (RAISE) program to help urban and rural communities. Therefore, the growing demand for public infrastructure is driving the growth of the infrastructure monitoring market.
Product innovations are a key trend gaining popularity in the infrastructure monitoring market. Major companies operating in the infrastructure monitoring market are introducing innovative products to sustain their position in the market. For instance, in February 2022, New Relic, a US-based software company, introduced New Relic One platform to proactively identify and resolve issues in organizations' public, private and hybrid cloud infrastructure. New Relic One platform allows engineers to analyze all relevant telemetry such as logs, events, alerts, network sand others in context, visualize blast radius with topology maps and perform historical analysis to understand cascading impacts. It also enables engineers to quickly isolate bottlenecks by filtering and sorting based on golden signal conditions.
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Major Key Players of the Market:
Broadcom Inc., Splunk Inc., Datadog Inc., National Instruments Corporation, MISTRAS Group Inc., AppDynamics Inc., ScienceLogic Inc., Pure Technologies Limited, Campbell Scientific Inc., RST Instruments Ltd., Kinemetrics Inc., Set Point Technologies Ltd., Bridge Diagnostics Inc., Netmagic Solutions Private Limited, CapaSystems A/S, Geocomp Corporation, Hottinger Brüel & Kjaer GmbH, Geokon Incorporated, Zenoss Inc., Sixense Group Inc., Nagios Enterprises LLC, Acellent Technologies Inc., Sisgeo Srl, Geomotion (Singapore) Pte. Ltd., FEAC Engineering Srl, Infibra Technologies Srl., Nova Metrix LLC, Structural Monitoring Systems PLC., AVT Reliability Ltd., ITRS Group Ltd.
Infrastructure Monitoring Market 2024 Key Insights:
• The infrastructure monitoring market size is expected to see rapid growth in the next few years. It will grow to $9.66 billion in 2028 at a compound annual growth rate (CAGR) of 12.4%.
• Meeting The Growing Demand For Public Infrastructure Safety And Sustainability
• New Relic Launches Groundbreaking New Relic One Platform
• North America was the largest region in the infrastructure monitoring market in 2023
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