The Infrastructure Monitoring Global Market Report 2023 by The Business Research Company, provides infrastructure monitoring market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.
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According to The Business Research Company’s Infrastructure Monitoring Global Market Report 2023, the global infrastructure monitoring market size is expected to grow from $4.85 billion in 2022 to $5.39 billion in 2023 at a compound annual growth rate (CAGR) of 11.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global infrastructure monitoring market size is expected to grow to $8.46 billion in 2027 at a CAGR of 11.9%.
The growing demand for public infrastructure is expected to propel the growth of the infrastructure monitoring market going forward. Public infrastructure refers to infrastructure systems, buildings and facilities that are created, owned and maintained by the government and are accessible to the general public. Infrastructure monitoring is used in public infrastructure for inspection and maintenance of infrastructure, monitoring of the environment, emergency rescue and others to prevent accidents and major losses if accidents take place, where it uses real-time data collection, storage and analysis to enhance the safety of the structures.
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The infrastructure monitoring market is segmented:
1) By Component: Software, Hardware, Services
2) By Technology: Wired, Wireless
3) By Application: Corrosion Monitoring, Crack Detection, Damage Detection, Hotspot Monitoring, Impact Monitoring, Multimodal Sensing, State Sensing, Strain Monitoring, Structural Health Monitoring And Non-Destructive Testing
4) By End-User Industry: Mining, Aerospace And Defense, Civil Infrastructure, Energy, Other End-User Industries
Product innovations are a key trend gaining popularity in the infrastructure monitoring market. Major companies operating in the infrastructure monitoring market are introducing innovative products to sustain their position in the market. For instance, in February 2022, New Relic, a US-based software company, introduced New Relic One platform to proactively identify and resolve issues in organizations’ public, private and hybrid cloud infrastructure. New Relic One platform allows engineers to analyze all relevant telemetry such as logs, events, alerts, network sand others in context, visualize blast radius with topology maps and perform historical analysis to understand cascading impacts. It also enables engineers to quickly isolate bottlenecks by filtering and sorting based on golden signal conditions.
The infrastructure monitoring market report table of contents includes:
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