The internet of things (IoT) is a system of interconnected digital machines & mechanical systems, computing devices, and machine components, with an embedded unique identifier to enable the data transfer between the various operational parts of a system while eliminating human intervention. Eminent players operating in the construction industry are inclining toward the assimilation of IoT with construction equipment, machines and devices to efficiently conduct operations in order to reduce the construction time and effectively utilize resources.
The IoT in Construction Industry by Project Type (Residential and Commercial), Offering (Software, Services, and Hardware), Application (Safety Management, Remote Operation, Predictive Maintenance, Fleet Management, and Others), and by Region, Forecasts 2018 to 2025 market is expected to grow at a CAGR of 16.2% to reach US$ 34 Bn in 2031.
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"The Global Iot In Construction Market 2021-2031 (USD Billion)")
Easy construction toll & equipment tracking, remote monitoring, improved maintenance planning, along with waste management are some of the prime advantages attainable through IoT, which is augmenting the product adoption. Improved worker safety, automated work flow along with its ability to provide site monitoring and fleet management is anticipated to considerably upsurge the technology demand on the coming years.
Growing government inclination toward the establishment of smart city along with rising demand for smart homes and building is stimulating the industry landscape. Increasing focus toward construction of virtual power plants, savvy matrices, efficient homes, and improved urban communities are further fueling the integration of IoT across construction industry. Rising establishment of commercial complexes integrated with advanced technologies along with growing demand for smart homes and apartment will complement the business outlook in the coming years.
Iot In Construction Market Scope
| Metrics | Details |
| Base Year | 2023 |
| Historic Data | 2018-2022 |
| Forecast Period | 2024-2031 |
| Study Period | 2018-2031 |
| Forecast Unit | Value (USD) |
| Revenue forecast in 2031 | US$ 34 Bn |
| Growth Rate | CAGR of 16.2 % during 2022-2031 |
| Segment Covered | Component, Project Type, Application, Regions |
| Regions Covered | North America, Europe, Asia Pacific, South America, Middle East and Africa |
| Key Players Profiled | AgileVision Sp. Z O.O., Autodesk Inc., CalAmp, DIGITEUM, Giatec Scientific, Inc., Pillar Technologies, Inc., Kore Wireless, Losant IoT, Oracle Corporation, PlanRadar, SIGFOX, Triax Technologies, Trimble Inc., Unearth Technologies, Inc., and Worldsensing, |
Key Segment Of The IoT in Construction Market
Component
• Hardware
• Software
• Services
Project Type
• Commercial
• Residential
Application
• Safety Management
• Remote Operations
• Fleet Management
• Predictive Maintenance
• Others
Regional Overview
North America
• US
• Canada
Europe
• Germany
• France
• UK
• Rest of Europe
Asia Pacific
• China
• India
• Japan
• Rest of Asia Pacific
South America
• Mexico
• Brazil
• Rest of South America
Middle East and South Africa
Frequently Asked Questions (FAQ) :
The global Iot In Construction market size is anticipated to reach around USD 13 billion by 2025 and will expand at a healthy CAGR of around 18% between 2018-2025.
The Iot In Construction market is projected to reach US$ 34 Bn by 2031.
The company profile has been selected on factors such AgileVision Sp. Z O.O., Autodesk Inc., CalAmp, DIGITEUM, Giatec Scientific, Inc., Pillar Technologies, Inc., Kore Wireless, Losant IoT, Oracle Corporation, PlanRadar, SIGFOX, Triax Technologies, Trimble Inc., Unearth Technologies, Inc., and Worldsensing,
Some of the key players operating in the Iot In Construction market include Sigofex, Oracle Corporation, Caterpillar Inc., Giatec Scientific, Inc., Losant IoT, WorldSensing and CalAmp Corp
To get latest version of Iot In Construction market report can be obtained on demand from the website.
IoT enables the interconnection of devices to share and analyze the data in order to optimize the process and enhance productivity, which in turn positively impacts the performance of the industry. Rising human safety concerns along with increasing focus toward reducing construction time, equipment tracking and improving maintenance scheduling is driving the technology adoption. Furthermore, its capability to offer precise construction management, real-time tracking and fleet management, along with waste & structural health management is poised to complement the industry size over the forecast timeframe.
Growing adoption of Unmanned aerial vehicles (UAVs), autonomous vehicle and drones across the construction site which are equipped with sensors in order to communicate with monitoring unit will further bourgeon the industry size. Although, high cost associated with the integration of IoT has hampered technology adoption. However, rising R&D activities to extend the capabilities of the technology will catapult the business landscape in the coming years.
Project Type Segment
On the basis of the project type segment, the market is categorized into residential and commercial. Commercial segment, is analyzed to dominate the global IoT in Construction Industry market in 2018 and is anticipated to dominate the industry for the forecast period 2019-2025.
Offering Segment
IoT in Construction Industry market is segmented into software, services, and hardware. In 2018, the software segment is accounted for major contributors in revenue and it is expected to lead the IoT in Construction Industry thorough the forecast timeline.
,-2018-2025-(USD-Billion).png "IoT in Constructions Industry Market, by Offering (Software), 2018-2025 (USD Billion)")
Application Segment
On the basis of application segment, the market is segmented into safety management, remote operation, predictive maintenance, fleet management, and others. The remote operation segment is analyzed to hold a significant share across the regions
In 2018, North America is analyzed to hold a major share and the same trend is expected in the coming years. Growing inclination toward resource optimization along with growing integration of IoT in building design, and interiors to develop smart homes is driving the industry upsurge. Furthermore, rising government support to expand the capabilities across Artificial Intelligence (AI) and automated technologies to establish buildings is complementing the industry growth.
The leading players operating across the global IoT in Construction Industry market include Sigofex, Caterpillar Inc., Oracle Corporation, Losant IoT, CalAmp Corp., Giatec Scientific, Inc., and WorldSensing including others. The market for IoT in Construction Industry is consolidated with established global players and is further witnessing the emergence of new companies. Moreover, the industry players are targeting toward enhancing their market share through implementation of merger & acquisition, collaborations growth strategies.