loT in Construction Global Market Report 2024

The lot in construction market has grown rapidly in recent years. It will grow from $11.9 billion in 2023 to $13.88 billion in 2024 at a compound annual growth rate (CAGR) of 16.7%. The expansion observed in the historical period can be credited to the adoption of building information modeling (BIM), the implementation of enhanced safety measures, gains in efficiency and productivity, the emergence of smart buildings and infrastructure, and cost reduction through automation.

The lot in construction market is expected to see rapid growth in the next few years. It will grow to $24.5 billion in 2028 at a compound annual growth rate (CAGR) of 15.3%. The anticipated growth in the forecast period can be attributed to advancements in 5G connectivity, a heightened focus on sustainability, an increase in remote construction monitoring, the utilization of collaboration platforms and interoperability, and a growing demand for contactless construction operations. Key trends in the forecast period encompass the emergence of digital twins, IoT-enabled safety solutions, asset tracking and management, predictive maintenance for equipment, and the use of data analytics for decision-making.

The anticipated surge in demand for construction and infrastructure activities is set to drive the growth of the IoT in the construction market. Construction, the process of assembling various elements to create structures at specific locations, benefits from IoT in implementing sustainable plans using recycled materials and promoting zero waste practices. This technology also aids in educating the workforce about sustainable construction concepts. The rising demand for construction activities, as evidenced by a 3.7 percent increase in building activities reported by Stats NZ Tauranga Aotearoa in March 2021, and a 4.3 percent rise in residential activities in 2021, is propelling the demand for IoT in construction. The U.S. Census Bureau further highlights a 10.2 percent growth in the value of construction activities from $1,626.4 billion in 2021 to $1,792.9 billion in 2022. Thus, the escalating demand for construction and infrastructure activities drives the growth of the IoT in the construction market.

The growing trend of industrial automation is expected to contribute significantly to the expansion of the IoT in the construction market. Industrial automation, involving the use of advanced technologies and control systems to automate industrial processes, is integrated with IoT in construction to enhance productivity, safety, resource management, and decision-making. The combination of these technologies fosters more efficient and sustainable construction practices. The International Federation of Robotics reports a 6% increase in the number of industrial robots operating in UK factories in 2021, reaching 23,000, with a simultaneous 8% rise in sales of new robots to 2,205 units in 2020. This underscores the pivotal role of industrial automation in driving the growth of the IoT in the construction market.

Technological advancements emerge as a key trend in the IoT in the construction market, with major companies developing new technologies to meet market demands. For instance, EarthCam introduced the IoT StreamCam 4K in 2023, a platform enabling one 4G LTE data connection to be shared among up to eight low-power wireless devices. This innovation facilitates efficient recording of interior development and job site conditions, supporting features such as a precise photo time clock, visitor tracking, delivery monitoring, and QR code reading.

Major companies are launching new products such as the Connect Box to bolster revenues in the IoT in the construction market. Siemens, a prominent automation company, launched the Connect Box in March 2023 - a universal and open IoT solution that combines the functionalities of a gateway, controller, and modem in a single device. This smart IoT solution is designed to manage smaller buildings, connecting to a wide range of equipment, including sensors, meters, heating, cooling, and air handling equipment, along with building automation and control systems (BACS).

In 2021, Siemens acquired Wattsense, a France-based hardware and software company, for an undisclosed amount. This strategic acquisition aims to accelerate the adoption of IoT systems in a broader range of structures, enabling more individuals and organizations to benefit from the systems' advantages in sustainability, comfort, and affordability. Wattsense provides small and medium-sized buildings with a plug-and-play IoT management system.

Major companies operating in the lot in construction market report are Trimble Inc., Pillar Technologies Inc., Triax Technologies, Brickeye LLC, Hilti Aktiengesellschaft, Topcon Corporation, Autodesk Inc., Oracle Corporation, Hexagon Metrology AB, Sigfox S.A., Caterpillar Inc., Losant IoT Inc., Giatec Scientific Inc., WorldSensing S.L., Kore Wireless Group.Inc., Robert Bosch GmbH, Versatile Natures LLC, SiteAware Inc., SmartVid Inc., Reconstruct Inc., Rhumbix Inc., Bridgit Solutions Inc., PlanGrid Inc., Procore Technologies Inc., Fieldwire Inc., BuildingConnected Inc., Bluebeam Inc., Raken Inc., Honeywell International Inc.

North America was the largest region in the IoT in construction market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global IoT in construction market report during the forecast period. The regions covered in the lot in construction market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the lot in construction market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary categories of IoT in construction encompass hardware, software, connectivity, and services. IoT hardware includes various components such as bridges, sensors, routers, and others, performing crucial functions such as system activation, identification of project-specific objectives, and ensuring device security and communication. Diverse applications, including machine control, site monitoring, fleet management, wearables, and others, find usage among residential and non-residential end users.

The IoT in construction market research report provides IoT in construction market statistics, including IoT in construction industry global market size, regional shares, competitors with IoT in construction market share, detailed IoT in construction market segments, market trends, and opportunities, and any further data you may need to thrive in the IoT in construction industry. This IoT in construction market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The IoT in the construction market consists of revenues earned by entities by providing safety, maintenance, resources management and budgeting, concrete curing, structural health monitoring, and waste management services. The market value includes the value of related goods sold by the service provider or included within the service offering. The IoT in the construction market also includes sales of sensors, processors, and gateways which are used for providing services. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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