The iot in construction global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
IoT In Construction Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The IoT in construction market size has grown rapidly in recent years. It will grow from $11.9 billion in 2023 to $13.88 billion in 2024 at a compound annual growth rate (CAGR) of 16.7%. The growth in the historic period can be attributed to adoption of building information modeling (bim), enhanced safety measures, efficiency and productivity gains, rise of smart buildings and infrastructure, cost reduction through automation:.
The IoT in construction market size is expected to see rapid growth in the next few years. It will grow to $24.5 billion in 2028 at a compound annual growth rate (CAGR) of 15.3%. The growth in the forecast period can be attributed to 5g connectivity advancements, increased focus on sustainability, rise in remote construction monitoring, collaboration platforms and interoperability, demand for contactless construction operations. Major trends in the forecast period include emergence of digital twins, iot-enabled safety solutions, asset tracking and management, predictive maintenance for equipment, data analytics for decision-making.
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Scope Of IoT In Construction Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
IoT In Construction Market Overview
Market Drivers –
The increasing demand for construction and infrastructure activities is expected to propel the growth of the IoT in the construction market going forward. Construction refers to an activity of putting together various elements to create a structure for a specific location, using a detailed design and plan. The IoT in the construction industry assists in developing a sustainable plan for employing recycled materials and using zero waste vocabulary. This can also assist in educating the labor force about the sustainable construction concept, as a result, increasing demand for construction activities increases the demand for IoT in construction. For instance, in June 2021, according to the Stats NZ Tauranga Aotearoa, a New Zealand-based government data agency, building activities increased by 3.7 percent in March 2021. Further, in 2021, residential activities rose 4.3 percent compared to 2020. Additionally, according to the U.S. Census Bureau, a principal agency of the U.S. Federal Statistical System, responsible for producing data about the American people and economy, the value of construction activities increased from $1,626.4 billion in 2021 to $1,792.9 billion in 2022 with a growth rate of 10.2 percent. Therefore, increasing demand for construction and infrastructure activities is driving the growth of the IoT in the construction market.
Market Trends –
Technological advancements are the key trends gaining popularity in IoT in the construction market. Major companies operating in IoT in construction are developing new technologies for strengthening the demand for the market. For example, in 2023, EarthCam, a US-based company that provides live streaming and time-lapse construction cameras launched IoT StreamCam 4K for retail interior construction. With the new IoT StreamCam 4K, one 4G LTE (long-term evolution) data connection may be shared by up to eight different low-power wireless devices. This affordable platform enables a variety of small, add-on cameras and IoT devices to record interior development and job site conditions. An efficient photo time clock that precisely records time-in and time-out can be made by connecting Door Cams to the platform, which will log visitors, track deliveries, and read basic QR codes. Flood, smoke, and glass-breakage alerts are just a few of the configurable IoT device alerts that are available.
The IoT in construction market covered in this report is segmented –
1) By Type: Hardware, Software, Connectivity, Services
2) By Application: Machine Control, Site Monitoring, Fleet Management, Wearables, Other Applications
3) By End User: Residential, Non-Residential
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Regional Insights –
North America was the largest region in the IoT in construction market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global IoT in construction market report during the forecast period. The regions covered in the IoT in construction market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Key Companies –
Major companies operating in the IoT in construction market report are Trimble Inc., Pillar Technologies Inc., Triax Technologies, Brickeye LLC, Hilti Aktiengesellschaft, Topcon Corporation, Autodesk Inc., Oracle Corporation, Hexagon Metrology AB, Sigfox S.A., Caterpillar Inc., Losant IoT Inc., Giatec Scientific Inc., WorldSensing S.L., Kore Wireless Group.Inc., Robert Bosch GmbH, Versatile Natures LLC, SiteAware Inc., SmartVid Inc., Reconstruct Inc., Rhumbix Inc., Bridgit Solutions Inc., PlanGrid Inc., Procore Technologies Inc., Fieldwire Inc., BuildingConnected Inc., Bluebeam Inc., Raken Inc., Honeywell International Inc.
Table of Contents
1. Executive Summary
2. IoT In Construction Market Report Structure
3. IoT In Construction Market Trends And Strategies
4. IoT In Construction Market – Macro Economic Scenario
5. IoT In Construction Market Size And Growth
…..
27. IoT In Construction Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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