According to a new report published by UnivDatos Markets Insights, the IoT in Construction Market is expected to grow at a CAGR of around 15% from 2022-2028. The analysis has been segmented into Offering (Hardware, Software, and Services); Application (Remote Operations, Safety Management, Fleet Management, Predictive Maintenance, and Others); Project Type (Commercial and Residential); Region/Country.

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The IoT in construction market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the IoT in construction market. The IoT in construction market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing market growth. Furthermore, this statistical market research repository examines and estimates the IoT in construction market at the global and regional levels.

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Market Overview

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.

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.

COVID-19 Impact

COVID-19 has disrupted normal life, forcing major changes in the policies, priorities, and activities of individuals, organizations, and governments. These changes have proven to be catalysts for technology and innovation. Further, The COVID-19 pandemic has severely impacted daily lives. As a result, there is a growing demand for technological solutions to address these challenges. IoT has recently emerged to improve many aspects of people's daily activities and routines. IoT facilitates compliance with WHO security guidelines and precautions. Previous reports have shown that today's world may require more IoT equipment than ever before.

The global IoT in construction market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.

·       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

·       On the basis of project type, the market is classified into commercial and residential. Among these two, the commercial segment held a commendable share of the market in 2020. This is due to the increased commercial construction activities all around the globe coupled with the growing use of IoT in the construction industry. For instance, according to the Global Construction Survey, 76% of contractors are considering adopting new technologies as part of a strategic plan or vision that includes various IoT implementations

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IoT in Construction Market Geographical Segmentation Includes:

·       North America (The United States, Canada, and the Rest of North America)

·       Europe (Germany, The United Kingdom, France, Italy, Spain, and the Rest of Europe)

·       Asia-Pacific (China, India, Japan, and the Rest of Asia-Pacific)

·       Rest of the World

North America captured a prominent share of the market in 2020. The high adoption of IoT in the construction industry by several 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.

The major players targeting the market include

·       Caterpillar Inc.

·       Oracle Corporation

·       Hitachi Ltd.

·       CalAmp Corp.

·       Autodesk Inc.

·       Trimble Inc.

·       Hexagon AB

·       Topcon Corporation

·       WakeCap Technologies

·       KORE Group Holdings Inc.

Competitive Landscape

The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the IoT in Construction market. The major players have been analyzed by using research methodologies for getting insight views on global competition.

Key questions resolved through this analytical market research report include:

• What are the latest trends, new patterns, and technological advancements in the IoT in construction market?

• Which factors are influencing the IoT in construction market over the forecast period?

• What are the global challenges, threats, and risks in the IoT in construction market?

• Which factors are propelling and restraining the IoT in construction market?

• What are the demanding global regions of the IoT in construction market?

• What will be the global market size in the upcoming years?

• What are the crucial market acquisition strategies and policies applied by global companies?

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