The global IoT market in structure monitoring was valued at $64.2 billion in 2016 and is expected to reach $235.3 billion by 2023, growing at a CAGR of 24.2% during the forecast period (2017-2023). The IoT market in structure monitoring refers to system which deals with inter connected devices to monitor the structures such as building and bridges. It enables to transfer data over network with minimum human intervention to keep a constant check on cost maintenance, carbon emission and space management.
The global IoT market in structure monitoring is driven by factors such as rising concern for infrastructural protection, growing demand for infrastructure across the globe and low operating cost monitoring system. The rising need among the government authorities and real estate professionals to assess structures such as hospitals, airports, control centers and fire stations in case of major catastrophic events such as earthquake and volcanoes, is one among the prime growth factors of the IoT market in structure monitoring. The growing dependence on wireless devices to communicate data for structure monitoring in buildings, bridges and dams in developing countries is driving the growth of the global IoT market in structure monitoring. The adoption of connected devices has also benefited the market as it offers data synchronization from different location of the sensors in the structure, in a time bound manner.
Taking into an account of geographical landscape, the IoT market in structure monitoring 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.
