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.
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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.
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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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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