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North American IoT Market in Structure Monitoring to Cross $71.9 Billion by 2022

IoT market in structure monitoring is expected to reach $235.3 billion by 2022, growing at a CAGR 24.2% between 2017-2022.
Aryan Singh | 30.05.2018
IoT market in structure monitoring is expected to reach $235.3 billion by 2022, growing at a CAGR 24.2% between 2017-2022. The rising need among the government authorities and real estate professionals to assess structure such as hospitals, airports, control centers and fire stations in case of major catastrophic events such as earthquake, volcanoes, is one among the prime growth factors of the global IoT market in structure monitoring. The growing dependence on wireless devices to communicate data for structure monitoring in buildings, bridges and dams in developing countries is driving the growth of the global market. The adoption of connected devices has also benefited the market as it offers data synchronization from different location of the structure in a time bound manner.

In terms of applications, IoT market in structure monitoring is categorized into building, bridges and others. Other applications of the market for IoT in structure monitoring include tunnels, wind energy plant, gas & oil pipeline and oil rigs. The building sector accounted for the majority share of the global IoT market in structure monitoring. The governments in the developing countries are investing huge in the digital infrastructure. During the forecast period, the market in corporate/commercial sector is expected to witness the fastest growth in infrastructure. The demand from residential sector is expected to see steady growth during the forecast period, owing to the growth in wireless communication infrastructure in developing countries.

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Rapid expansion in infrastructure coupled with rising awareness towards damage detection beforehand is fueling the demand for structure monitoring. Decline in price of devices used to check the infrastructure health, is further aggravating the IoT market in structure monitoring. Earlier, in developing countries, infrastructure companies had budget constraint as a result of which manual inspection of structure was performed. However, in the present context, with the lowering down of cost and increased availability of sensors, is bolstering the market for IoT in structure monitoring. Furthermore, minimal maintenance cost of the monitoring system is encouraging the infrastructure companies to adopt such solutions.

The IoT market in North America is expected to cross $71.9 billion by 2022, growing at a CAGR of 20.8%. The U.S. has been the largest contributor to the North American IoT market in structure monitoring. The developing infrastructure, specifically commercial and residential buildings coupled with the need to keep a constant check for space management and zero carbon emission will play a major role in the growth of IoT market in the country. The market is expected to grow at a CAGR of 20.4% during 2017–2022. The major players operating in the North American IoT market includes ABB Ltd., Honeywell International Inc., Johnson Control Inc., and Cisco. Among the application areas, buildings remain the largest end-user of IoT market in North America. The large capital investment in infrastructure is expected to drive the growth of the North American IoT market in structure monitoring, during the forecast period.

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The global IoT market in structure monitoring was consolidated in 2016, wherein the top five players accounted for majority of the market revenue. Johnson Control Inc. was the global market leader in 2016, while the other major companies operating in this market are Cisco Systems Inc., IBM Corporation, General Electric, Honeywell International Inc, Schneider Electric SE, ABB Ltd, and Delta Control Inc.

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