loT In Construction Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The loT In Construction Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s loT In Construction Global Market Report 2024, The lot 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 lot 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.

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.

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The lot 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

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 lot in construction market report table of contents includes: