IoT Revolutionizes Construction Industry, Market Set to Skyrocket to $24.74 Billion by 2029

The Internet of Things (IoT) is reshaping the landscape of the construction industry, propelling it into a new era of efficiency, safety, and cost-effectiveness. A recent market report reveals that the IoT in Construction Market was valued at US$10.07 billion in 2022 and is poised to reach an impressive US$24.74 billion by 2029, marking a robust Compound Annual Growth Rate (CAGR) of 13.7%.

Transforming Construction Operations

As urbanization and population density continue to surge, the construction industry has solidified its role as a key contributor to global development, accounting for 13.2% of the global GDP in 2022. The integration of IoT technology is revolutionizing construction operations, enabling companies to enhance safety, performance, and sustainability in unprecedented ways.

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IoT in Construction Market Scope:

IoT in Construction market report is an ultimate guideline for business development and provides the user with ins and outs of the industry whether a user is an investor, business owner, or wants to start a business in the same industry.

Analysis in the report is conducted using widely used and trusted tools such as SWOT, and PESTLE analysis, which gives an analysis of the impacts such as political, social-cultural, economic, technological, and environmental impacts, also can build strategic planning and management using this analysis.

The report is designed in such a manner that it provides the readers the appropriate and up-to-date market data in graphical and tabular forms.

Dynamic Market Forces

Construction sites are inherently prone to various hazards, including trench collapses, falls, and scaffold collapses. The use of smart wearables like smart glasses, wearable cameras, protective vests, and smart helmets is facilitating real-time safety monitoring on job sites, addressing these concerns. Simultaneously, technological advancements, upcoming construction ventures, and the advent of Industry 4.0 are driving the demand for digital construction, contributing to the market's upward trajectory.

IoT in Construction Market Segmentation:

by Offering

Hardware
Software
Services

Because more businesses are investing in the creation of software that can represent a range of parameters, the software segment is anticipated to grow at a faster CAGR during the forecast period. Additionally, the growing use of analytics to enhance decision-making will increase demand in the segment.

by Project Type

Commercial
Residential

In July 2022, American company Triax Technologies introduced its Intrinsically Safe (IS) version of its Internet of Things solution, designed for use on building sites. The IS version is accessible on the Proximity Trace hardware devices, which include touch tracing and social distancing technologies on construction sites, and the Spot-r network during the COVID-19 pandemic.

by Application

Remote Operations
Safety Management
Fleet Management
Predictive Maintenance
Others

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Major Players:

1. Caterpillar Inc.
2. Sigfox
3. Oracle
4. CalAmp Corp
5. Losant IoT
6. Giatec Scientific, Inc.
7. WorldSensing
8. Kore Wireless
9. Trimble Inc.
10. Autodesk Inc
11. Triax technologies
12. Trimble, Inc.
13. Pillar Technologies Inc.
14. AOMS Technologies
15. Topcon Corporation
16. Hilti Corporation

Regional Analysis:

As IoT in Construction market tends to rapid growth within the forecast period, the MMR report is structured to support that volatility with a regional analysis of the market.

Regional market analysis helps to understand the regional potential of the industry with detailed data that shows the traditional way of business, regional opportunities, trading chains, challenges and others.

This report is the ultimate guide for a new player in the industry to know the regional market competition, challenges, and advantages, to build their strategies and plans accordingly.

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Key Questions answered in the IoT in Construction Market Report are:

  • What is IoT in Construction Market?
  • What is the forecast period of the IoT in Construction Market?
  • What is the competitive scenario of the IoT in Construction market?
  • Which region held the largest market share in the IoT in Construction Market?
  • What are the opportunities for the IoT in Construction Market?
  • What factors are affecting the IoT in Construction market growth?
  • Who are the key players of the IoT in Construction market?
  • Which company held the largest share in the IoT in Construction market?
  • What will be the CAGR of the IoT in Construction market during the forecast period?
  • What key trends are likely to emerge in the IoT in Construction market in the coming years?

 

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