The global IoT in construction market size reached US$ 11.0 Billion in 2023. Looking forward, the market is projected to reach a value of US$ 29.0 Billion by 2032, exhibiting a growth rate (CAGR) of 11.37% during 2023-2032. The burgeoning construction industry, rising demand for smart wearables on sites, and increasing application in controlling movement, status, and progress of machinery represent some of the key factors driving the market.
The internet of things (IoT) refers to the collective network of connected devices and technologies that facilitate communication between devices and the cloud. It relies on machine learning (ML) and artificial intelligence (AI) technologies to analyze various data and make informed decisions. It also uses predictive maintenance to reduce unplanned downtime and wearable technology to improve worker safety. It gives access to advanced analytics that uncover new opportunities by collecting data on customer behavior. It assists in monitoring digital and physical infrastructure to optimize performance, improve efficiency, and reduce risks.
It aids in managing various operations efficiently, such as inventory management, fuel and spare parts management, and tracking shipping. It offers numerous benefits, such as high efficiency and productivity, improved customer experience, and increased mobility and agility. At present, there is a rise in the demand for IoT in the construction industry to automate hazard detection and safety monitoring of construction sites across the globe.
Moreover, there is an increase in the utilization of smart technologies, such as radio frequency identification (RFID) tags, building information modelling, and augmented reality (AR), to reduce operational costs, enhance productivity, and efficient project management. This, coupled with the rising awareness among the masses about the benefits of IoT in the construction industry, is offering lucrative growth opportunities to industry investors.
Apart from this, the growing employment of IoT in numerous construction activities, such as plastering, bricklaying, surveying, construction site management, asset tracking, worker tracking, and risk management, is positively influencing the market. Additionally, the escalating demand for smart wearables, such as smart glasses, wearable sensors, safety vests, and smart helmets, on sites is bolstering the growth of the market.
Some of the companies covered 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., WakeCap Technologies, etc. Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.
2. What is the expected growth rate of the global IoT in construction market during 2024-2032?
3. What are the key factors driving the global IoT in construction market?
4. What has been the impact of COVID-19 on the global IoT in construction market?
5. What is the breakup of the global IoT in construction market based on the components?
6. What is the breakup of the global IoT in construction market based on the application?
7. What is the breakup of the global IoT in construction market based on the end user?
8. What are the key regions in the global IoT in construction market?
9. Who are the key players/companies in the global IoT in construction market?
The internet of things (IoT) refers to the collective network of connected devices and technologies that facilitate communication between devices and the cloud. It relies on machine learning (ML) and artificial intelligence (AI) technologies to analyze various data and make informed decisions. It also uses predictive maintenance to reduce unplanned downtime and wearable technology to improve worker safety. It gives access to advanced analytics that uncover new opportunities by collecting data on customer behavior. It assists in monitoring digital and physical infrastructure to optimize performance, improve efficiency, and reduce risks.
It aids in managing various operations efficiently, such as inventory management, fuel and spare parts management, and tracking shipping. It offers numerous benefits, such as high efficiency and productivity, improved customer experience, and increased mobility and agility. At present, there is a rise in the demand for IoT in the construction industry to automate hazard detection and safety monitoring of construction sites across the globe.
IoT in Construction Market Trends
At present, there is a rise in the demand for IoT in the construction to help supervisors perform their tasks efficiently and gain insight about all the aspects of the project. This, along with the thriving construction industry, represents one of the key factors supporting the growth of the market. In addition, the increasing demand for IoT in the construction to control movement, status, and progress of machinery and report in real-time with unprecedented precision is propelling the growth of the market. Besides this, governing agencies of various countries are implementing stringent regulations to promote the usage of IoT for minimizing the risks of accidents at construction sites.Moreover, there is an increase in the utilization of smart technologies, such as radio frequency identification (RFID) tags, building information modelling, and augmented reality (AR), to reduce operational costs, enhance productivity, and efficient project management. This, coupled with the rising awareness among the masses about the benefits of IoT in the construction industry, is offering lucrative growth opportunities to industry investors.
Apart from this, the growing employment of IoT in numerous construction activities, such as plastering, bricklaying, surveying, construction site management, asset tracking, worker tracking, and risk management, is positively influencing the market. Additionally, the escalating demand for smart wearables, such as smart glasses, wearable sensors, safety vests, and smart helmets, on sites is bolstering the growth of the market.
Key Market Segmentation
This report provides an analysis of the key trends in each sub-segment of the global IoT in construction market report, along with forecasts at the global, regional and country level from 2024-2032. The report has categorized the market based on components, application, and end user.Components Insights:
- Hardware
- Software
- Services
Application Insights:
- Asset Monitoring
- Predictive Maintenance
- Fleet Management
- Wearables
- Others
End User Insights:
- Residential
- Non-Residential
Regional Insights:
- 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
Competitive Landscape
The report has also provided a comprehensive analysis of the competitive landscape in the global IoT in construction market. Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided.Some of the companies covered 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., WakeCap Technologies, etc. Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.
Key Questions Answered in This Report
1. What was the size of the global IoT in construction market in 2023?2. What is the expected growth rate of the global IoT in construction market during 2024-2032?
3. What are the key factors driving the global IoT in construction market?
4. What has been the impact of COVID-19 on the global IoT in construction market?
5. What is the breakup of the global IoT in construction market based on the components?
6. What is the breakup of the global IoT in construction market based on the application?
7. What is the breakup of the global IoT in construction market based on the end user?
8. What are the key regions in the global IoT in construction market?
9. Who are the key players/companies in the global IoT in construction market?
Table of Contents
1 Preface3 Executive Summary11 Value Chain Analysis13 Price Analysis
2 Scope and Methodology
4 Introduction
5 Global IoT in Construction Market
6 Market Breakup by Components
7 Market Breakup by Application
8 Market Breakup by End User
9 Market Breakup by Region
10 SWOT Analysis
12 Porters Five Forces Analysis
14 Competitive Landscape
List of Figures
List of Tables
Companies Mentioned
- 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.
- WakeCap Technologies
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 135 |
| Published | April 2024 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value ( USD | $ 11 Billion |
| Forecasted Market Value ( USD | $ 29 Billion |
| Compound Annual Growth Rate | 11.3% |
| Regions Covered | Global |
| No. of Companies Mentioned | 12 |
