IoT in Construction Market: Current Analysis and Forecast (2022-2028)

The global IoT in Construction Market is expected to grow at a growth rate of around 15% during the forecast period. The global IoT in construction market is growing on the account of the growing construction industry due to quick urbanization and increased productivity and safety due to the use of IoT in construction. IoT in construction refers to internet-connected devices and equipment used to maximize the effectiveness and efficiency of construction projects. IoT monitors supplies, workers, and equipment to save time and keep construction projects on track. Moreover, factors such as the ability of IoT to assist real-time business owners in tracking and generating a clear plan of complex budgeting in a single step, the growing use of smart technologies such as sensors, RFID tags, building information modeling, augmented reality, and the rising need for digital construction due to industry 4.0 are also influencing the growth of the IoT in construction market. Further, according to Eurostat, in 2021, 29 % of EU enterprises used Internet of Things devices, mostly for keeping their premises secure. Hence the IoT in construction market is expected to grow at a notable CAGR.

Some of the major players operating in the market include: Caterpillar Inc., Oracle Corporation, Hitachi Ltd., CalAmp Corp., Autodesk Inc., Trimble Inc., Hexagon AB, Topcon Corporation, WakeCap Technologies, and KORE Group Holdings Inc. are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report:

"Amongst offering, software segment to witness robust CAGR during the forecast period"

Based on offering, the market is classified into hardware, software, and services. The software segment catered to a significant share of the IoT in construction market in 2020 mainly owing to the increased investment of the market player into the development of the software. Further, IoT software addresses key areas of connectivity and action through embedded systems, platforms, partner systems, and middleware. The increasing usage of analytics for better decision-making is further driving the growth of this segment.

"Amongst application, the remote operations segment to hold a significant share in the market in 2020"

Based on application, the market is divided into remote operations, safety management, fleet management, predictive maintenance, and others. The demand for remote operations is comparatively higher. The increasing use of IoT for machine control and real-time monitoring is responsible for the high market share of remote operations applications. Moreover, factors such as the remote use of IoT enables the delivery of data from connected products and other assets, reduces outages, enables wearable computing, enables operations, and reduces risk in hazardous environments are also helping the remote operations segment to grow.

"North America captured a significant share of the market in 2020"

North America captured a prominent share of the market in 2020. The high adoption of IoT in the construction industry by several original equipment manufacturers (OEMs) and the presence of major key players having their operation in IoT in construction market are some of the factors driving the market growth in North America. Moreover, increasing implementation of IoT technological advancements and rising construction projects are some of the other key factors driving the market growth in the region. Additionally, the region is seeing increased investment in infrastructure and construction projects, which is another factor contributing to the growing adoption of IoT in the construction industry in North America. For instance, according to the Construction Association of America, Construction is a major contributor to the U.S. economy. The industry has more than 745,000 employers with over 7.6 Mn employees and creates nearly USD 1.4 Tn worth of structures each year.

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The study includes market sizing and forecasting analysis validated by authenticated key industry experts.

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Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.

The study comprehensively covers the market across different segments.

Deep dive regional level analysis of the industry.

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