As infrastructure ages, the costs associated with regular physical inspections and ongoing maintenance can become substantial. This challenge is not confined to a single region; it is a global issue. Only in the United States, as of 2022, approximately 43 500 bridges were in a poor condition. As a response to the challenge, the infrastructure monitoring projects are growing globally reaching 11,500 globally.
According to Transforma Insights, the global count of Infrastructure Monitoring devices is poised for substantial growth, projected to escalate from 11.8 million in 2020 to approximately 37.1 million by 2030, demonstrating a Compound Annual Growth Rate (CAGR) of 12%. The significant growth of Infrastructure Monitoring devices is driven by the increasing demand for real-time data and the integration of IoT technology to enhance the efficiency and reliability of infrastructure systems, including the applications like such as dam and reservoir monitoring, construction management, bridge monitoring, rail tracking, and more.
In 2020, most connections were concentrated in North America at 53%, but it's projected to decrease to 42% by 2030. Meanwhile, Europe is expected to experience the most substantial market share growth, increasing by 7% over the forecast period, elevating its share from 19% to 26%. Another significant market, Greater China, is anticipated to possess a 13% share in 2030, up from 10% in 2020. We are strongly sure that there’s a high relevance of IoT to infrastructure monitoring use cases as over 17% of our clients are from the infrastructure industry.