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Global IoT Market in Structure Monitoring to Reach $235B by 2022
November 16, 2017 | Business WireEstimated reading time: Less than a minute
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.
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