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Infrastructure Monitoring Market Size
Infrastructure Monitoring Market is projected to depict phenomenal growth from 2024 to 2032, driven by the increasing usage of smart technologies and devices. The rising capital investments for structural health monitoring is helping ensure better maintenance of critical infrastructure across diverse industries. For instance, in November 2021, the U.S. President Joe Biden enacted the Bipartisan Infrastructure Law ("BIL") by allocating $1.2 trillion in federal funds to transportation, energy, and climate infrastructure projects.
Infrastructure monitoring systems offer information or data required to understand the condition or health of the facility while providing possibilities of quantifying advancements towards organizational objectives. The thriving IT and telecommunications sector may also significantly influence the market growth trajectory.
Major challenges faced by the infrastructure monitoring market include the higher installation costs of the systems and vulnerability to cyberattacks. The increasing amount of generated data calls for effective data management and storage solutions are further causing a rise in the overall expenditure. Also, the lack of skilled technicians and professionals for deploying and calibrating infrastructure monitoring systems may impede the industry expansion from 2024 to 2032.
Infrastructure Monitoring Market Trends
The increasing adoption of IoT sensors and devices for real-time monitoring of infrastructure assets for enabling proactive maintenance and reducing downtime will drive the industry expansion. Additionally, the growing emphasis on the use of AI and machine learning algorithms for predictive analytics is facilitating the early detection of potential failures and optimizing asset performance.
The integration of cloud computing and edge computing technologies is enhancing data processing capabilities, further allowing remote monitoring and management of infrastructure assets from anywhere. As of January 2022, the SIPRI Yearbook 2022 reported that China, Pakistan, and India possess 350, 165, and 160 nuclear warheads, respectively. Moreover, the rising demand for advanced monitoring solutions capable of monitoring multiple parameters simultaneously for ensuring comprehensive asset oversight and improving decision-making processes will add to the market growth.
Infrastructure Monitoring Market Analysis
The hardware offering segment in the infrastructure monitoring industry is estimated to reflect significant CAGR from 2024 to 2032, owing to the strong demand for robust and reliable sensors and devices capable of collecting accurate data in real time. The increasing advancements in sensor technology, such as the development of IoT-enabled sensors with enhanced functionalities is escalating the adoption of remote monitoring systems. Moreover, the integration of edge computing capabilities into hardware components to enhance data processing efficiency will further push the segment growth.
Infrastructure monitoring industry share from the energy end-user industry segment is anticipated to rise at substantial pace through 2032, due to the increasing focus on optimizing the performance and reliability of energy infrastructure assets. With the growing demand for energy and the transition towards renewable energy sources, the need for monitoring solutions to ensure efficient operation, prevent downtime, and enhance safety has significantly heightened. The increasing regulatory requirements for asset integrity and compliance will also boost the segment growth.
Asia Pacific infrastructure monitoring market size is projected to expand at notable CAGR from 2024 to 2032. The rapid urbanization and industrialization are leading to high investments in infrastructure development projects across the region. The surge in government initiatives aimed at improving infrastructure resilience and sustainability is making way for the growing adoption of advanced monitoring technologies. Along with this, the rising need for efficient asset management solutions to mitigate risks associated with aging infrastructure will boost the product demand across the region.
Infrastructure Monitoring Market Share
Leading players in the infrastructure monitoring industry are placing targeted efforts on various growth-based ventures to capture a dominant market share. For instance, Sixense Group has been introducing innovative products and is actively seeking to solidify its industry position through strategic actions, such as acquisitions, mergers, collaborations, and other initiatives.
Some of the major infrastructure monitoring companies are:
- Geomotion Singapore Pte Ltd
- Sixense Group
- NI (National Instruments)
- RST Instruments Ltd
- Acellent Technologies, Inc.
Infrastructure Monitoring Market News:
- In May 2023, New Relic, a comprehensive observability platform, introduced an enhanced, deeply integrated experience for its infrastructure monitoring and APM capabilities. This integration correlates the real-time health and performance of both applications and hosts seamlessly.