One of the key factors driving the growth of the IoT market in structuremonitoring is the rising concern for infrastructural protection. Owing to the increasing number of natural disasters, such as earthquakes, floods, cyclones, and fires, infrastructure developers are adopting advanced technologies to monitor the health of the structures. The rising need for assessing structures right after earthquakes is leading the growth of the market, as structural monitoring provides a constant feedback of the damage, using signals collected through actuators and sensors, to keep track of the structural health and minimize casualties.
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The reason for this is the heavy government investments in structure monitoring projects. For instance, the U.S. government recently increased its budget for structure monitoring to estimate the severity of structural deterioration, identify the residual life of the structure, and detect damages. The internet of things (IoT) market in structure monitoring is predicted to progress at a 24.2% CAGR during 2017–2022 (forecast period) to attain a value of $235,281.4 million by 2022.
The major driving factors of this market are the growing demand for smart infrastructure across the globe, concerns for infrastructural protection, and low operating cost of monitoring systems. Structure monitoring refers to keeping a check on factors such as cost maintenance, space management, and carbon emission by buildings; IoT in the market then means a system, which uses inter-connected devices to enable this with minimal human intervention.
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Furthermore, due to the increasing infrastructural developments across India, the central government is undertaking structure monitoring through IoT, as opposed to visual inspection, for health assessment of structures. This is because the former results in a reduction in costs by minimizing the number of manual inspections and monitoring downtime. This is why the application management division of the segment is expected to witness the fastest growth in the IoT market in structure monitoring during the forecast period due to the predicted addition of more devices to the existing system.
Hence, the expanding infrastructure, coupled with the growing inclination toward prior damage detection solutions and the low cost of monitoring systems, is driving the growth of the market.