According to the latest report by IMARC Group, “Global IoT in Construction Market Size, Share, Growth, Industry Trends, Opportunity and Forecast 2022-2027“, the global IoT in construction market reached a value of US$ 8.45 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 18.59 Billion by 2027, exhibiting a CAGR of 13.20% during 2022-2027.
The internet of things (IoT) represents a data network consisting of devices embedded with sensors, software, technologies, etc., to connect as well as exchange data with other devices and systems over the internet. IoT in construction assists in tracking employee movements and ensuring that team members are working efficiently by equipping them with wearable technologies. In addition to this, it automates hazard detection and safety monitoring of construction sites. As such, IoT finds extensive applications across the construction sector for optimal utilization of available resources with technological planning at low risks and minimal costs.
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We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
IoT in Construction Market Trends and Drivers:
The rising adoption of water pumps that are installed within machines for the spraying of curing water when required is primarily driving the IoT in construction market. Additionally, the widespread adoption of IoT devices during construction activities, such as plastering, surveying, bricklaying, asset tracking, worker tracking, risk management, construction site management, etc., is further catalyzing the market growth.
Besides this, the growing number of construction activities across countries is acting as another significant growth-inducing factor. Moreover, IoT devices monitor air temperatures, humidity, wind speed, concrete temperatures, moisture content, etc., and enable data recording, which is also positively influencing the global market.
Apart from this, the escalating demand for unmanned aerial vehicles (UAVs) and autonomous vehicles for the surveillance of construction projects is anticipated to fuel the IoT in construction market over the forecasted period.
Global IoT in Construction Market 2022-2027 Analysis and Segmentation:
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these top key players include:
Autodesk Inc., CalAmp, Ferrovial S.A., Giatec Scientific Inc., Hilti Corporation, International Business Machines Corporation, Oracle Corporation, Procore Technologies Inc., Sigfox, Topcon Corporation, Trimble Inc. and WakeCap Technologies.
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The report has segmented the market on the basis of region, components, application and end user.
Breakup by Components:
• Hardware
• Software
• Services
Breakup by Application:
• Asset Monitoring
• Predictive Maintenance
• Fleet management
• Wearables
• Others
Breakup by End User:
• Residential
• Non-Residential
Breakup by Region:
• North America: (United States, Canada)
• Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America: (Brazil, Mexico, Others)
• Middle East and Africa
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Key highlights of the report:
• Market Performance (2016-2021)
• Market Outlook (2022- 2027)
• Porter’s Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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