Global IoT Market in Structure Monitoring is expected to grow at a CAGR of 24.2% during 2017 – 2022, according to new market research report published by P&S Intelligence.
IoT Market in Structure Monitoring to witness double digit growth
The global IoT market in structure monitoring is expected to reach a size of $235.3 billion by 2022, growing at a CAGR of 24.2% during 2017 – 2022. With the rising incidence of natural calamity and disasters, the earthquake monitoring system is anticipated to witness the fastest growth during the forecast period. Also, the rising number of vehicles are putting tremendous pressure on the existing and upcoming infrastructures to accommodate the ever-growing vehicles, which depicts the need of effective parking management system through IoT. Among various application areas, the IoT in structure monitoring is getting widely adopted in commercial buildings and bridges to keep a constant check during pre-construction and post-construction phases for increasing the lifespan of infrastructures.
The adoption of automated structure monitoring is witnessing a rapid growth, owing to government inclination across countries towards the development of smart cities, and rising untoward incidences such as earthquakes and cyclones. The real estate companies utilize IoT in structure monitoring to increase the life of existing structure with minimum maintenance cost and time, which can be sighted as one of the major contributing factors for the growth of IoT market in structure monitoring.
As per the findings of the research, device management for structure monitoring through IoT will witness a robust growth during the forecast period. However, physical security system has been the larger revenue generator in this market, as compared to other solutions offered. Among the various platforms used in IoT for structure monitoring, application management is expected to continue contributing the largest revenue during the forecast period. Also, IoT in structure monitoring will be witnessing fastest growth in demand for applications in bridges, during 2013 - 2016. On the other hand, market for buildings is also expected to show a robust growth during the forecast period.
The market to witness fastest growth in MEA
The market is expected to grow with the fastest rate in Middle East & Africa, during the forecast period. The fast growth is owed to the increasing penetration of IoT in structure monitoring for sky rise buildings, dams, tunnels, and oils & gas plants in MEA. The upsurge in urbanization, along with purposed investment in smart cities in the region, is expected to boost its demand. Some of the skyscraper buildings such as Burj Khalifa, Princess Tower and 23 Marina, have already implemented IoT solutions for structure monitoring to keep the structure safe with minimum cost. The market in Middle East & Africa is expected to witness a double-digit growth during the forecast period.
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Growing demand of smart infrastructure across the globe pushing its demand
The increasing investment in smart infrastructure by governments across various countries, is one of the prime factors for the growth of the market. The increased investment in access control system, along with large capital funding for safety & alarming system in developing countries, is further assisting the market growth. Recently, the government of India started digital India initiative, under which 100 smart cities will be formed across the country, which will adopt latest technologies for structure monitoring. The government, along with the private sector companies, is expected to invest heavily in improvising infrastructure health in the country, during the next five to six years.
Highly consolidated global market
The global IoT market in structure monitoring was consolidated in 2016, wherein the top five players accounted for majority of the market revenue. Johnson Control Inc. was the global market leader in 2016, while the other major companies operating in this market are Cisco Systems Inc., IBM Corporation, General Electric, Honeywell International Inc, Schneider Electric SE, ABB Ltd, and Delta Control Inc.
