What is the historic and forecasted Market Size of Global IoT in construction?
The IoT in construction market size witnessed sharp growth, rising from $13.59 billion in 2024 to $15.66 billion in 2025 at a compound annual growth rate (CAGR) of 15.3%. The growth is largely attributed to factors like the adoption of building information modeling (BIM), enhanced safety measures, efficiency and productivity gains, the rise of smart buildings and infrastructure, and cost reduction through automation.
The future of the IoT in construction industry looks promising. It is forecasted to reach $28.86 billion in 2029 at a compound annual growth rate (CAGR) of 16.5%. The growth forecast is principally due to advancements in 5g connectivity, increased focus on sustainability, rise in remote construction monitoring, collaboration platforms, interoperability, and growing demand for contactless construction operations. Key trends include the emergence of digital twins, IoT-enabled safety solutions, asset tracking, and management, predictive maintenance for equipment, and data analytics for decision-making.
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What is Driving the Expansion of the IoT in Construction Market?
The escalating demand for construction and infrastructure activities is expected to drive the growth of the IoT in the construction market. For instance, according to the Office for National Statistics, UK, the total new construction work saw an increase by $19781.69 million in 2022, with growth in both private and public new work, up by 16.8% and 13.1% respectively as compared to 2021. IoT in construction helps the industry to develop a sustainable plan for employing recycled materials and using zero waste vocabulary, improving the overall process efficiency and quality.
Which Are the Major Segments in the Global IoT in Construction Market?
– By Type: Hardware, Software, Connectivity, Services
– By Application: Machine Control, Site Monitoring, Fleet Management, Wearables, Other Applications
– By End User: Residential, Non-Residential
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Who are the Major Players in the IoT in Construction Market?
Notable companies operating in the IoT in construction market include 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.
Are there any Emerging Trends in the IoT in Construction Market?
Technological advancements such as the emergence of digital twins, IoT-enabled safety solutions, asset tracking and management, predictive maintenance for equipment, and data analytics for decision-making present emerging trends. For instance, in 2023, EarthCam, launched IoT StreamCam 4K for retail interior construction that can record interior development and job site conditions, log visitors, track deliveries and read basic QR codes.
Which Region is Dominating the IoT in Construction Market?
In 2024, North America was the largest player in the IoT in construction market. However, Asia-Pacific is projected to be the fastest-growing region in the global IoT in construction market in the coming years.
How is the IoT in Construction Market Defined?
IoT in construction refers to internet-connected tools and equipment that enhance efficiency during construction projects. IoT keeps track of materials, personnel, and machinery, saves man-hours, and ensures that the building project continues on schedule. Unlock global market insights and detailed segments with verified data: https://www.thebusinessresearchcompany.com/purchaseoptions.aspx?id=10226
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