Overview and Scope
IoT in construction refers to internet-connected tools and equipment that are utilized to increase effectiveness and efficiency during construction projects. IoT (Internet of Things) keeps an eye on materials, personnel, and machinery, saves man-hours, and ensures that the building project continues on schedule. IoT is used in construction to keep track of the whereabouts, functionality, safety, and general condition of personnel, tools, and equipment.
Sizing and Forecast
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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Segmentation & Regional Insights
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
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
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Major Driver Impacting Market Growth
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.
Key Industry Players
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.
The iot in construction market report table of contents includes:
1. Executive Summary
2. IoT In construction Market Characteristics
3. IoT In construction Market Trends And Strategies
4. IoT In construction Market – Macro Economic Scenario
5. Global IoT In construction Market Size and Growth
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31. Global IoT In construction Market Competitive Benchmarking
32. Global IoT In construction Market Competitive Dashboard
33. Key Mergers And Acquisitions In The IoT In construction Market
34. IoT In construction Market Future Outlook and Potential Analysis
35. Appendix
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