Infrastructure Monitoring Market size is slated to record phenomenal gains in the coming years driven by the increasing usage of smart technologies and devices. Furthermore, increasing capital investments for structural health monitoring in an attempt to ensure better maintenance of critical infrastructure across diverse industries are as well fueling the market growth to a much greater extent.
Infrastructure monitoring plays an eminent role in determining the root cause of errors at the site. Infrastructure monitoring systems offer information or data that is required to understand the condition or health of the facility while providing the possibilities of quantifying advancements towards organizational objectives.
The thriving IT and telecommunications industry are also laying significant influence on the growth scope of the market.
Major challenges faced by market include high installation costs of the systems and vulnerability to cyberattacks. The increasing amount of generated data calls for effective data management and storage solutions which is causing a rise in the overall expenditure. Also, lack of skilled technicians and professionals for deployment and calibration of infrastructure monitoring systems is also likely to impede the industry expansion over 2021 to 2027.
In order to resolve the challenge of procurement, maintenance, and analysis of huge volumes of data, various enterprises have now been shifting to infrastructure monitoring software platforms, software applications, and software algorithms. For example, SCADA and MATLAB applications are been extensively deployed by industries to detect damages at nascent stage. Moreover, these also facilitate necessary repair to maintain a high level of safety on the job site.
Civil industry is set to gain major impetus across market over the forthcoming years as these facilities include vivid critical structures like dams, bridges, buildings, highways, and tunnels, that require proper monitoring and timely analysis. Various governments in this subject are now heftily investing in building new infrastructural facilities, adding to the economic expansion of the country. These factors are projected to have an impeccable impact on overall the market by 2027.
North America is predicted to account for major gains across the global market. This can be credited to the presence of a larger cluster of service vendors offering monitoring tools and solutions for small and large business enterprises.
On the other hand, Asia Pacific, led by China and India, will also stand strong in the overall market driven by the ongoing civil and construction projects in the region. For instance, the Chinese government announced investing about $74 billion in realizing various projects across big and small cities. Meanwhile, expansion of smart cities project is also touted to complement the business growth through 2027.
Some of the prominent names in the market are Geomotion Singapore Pte Ltd, Sixense Group, NI (National Instruments), RST Instruments Ltd, Acellent Technologies, Inc., and others. These market players have been offering novel products to the overall market and are further looking forward to securing a stance in the industry via being engaged in industrial tactics like acquisitions, mergers, collaborations, and more.
With companies pivoting to digital space for operation during coronavirus pandemic outbreak, the need for advanced and efficient IT infrastructure is propelling the growth scope of the market. However, a temporary halt in constructional activities and slowdown in civil infrastructure line, would challenge the growth over the due course of time.