Ongoing urbanization across developing countries along with growing emphasis on automation across the industry will proliferate the global IoT in Construction Industry
The global IoT in Construction market size is anticipated to reach around USD 13 billion by 2025. IoT is the interconnected system of equipment, machines which collects, and transfer data through between them without human involvement. It provides real time reporting, automates workflow., and enhance labor productivity, which in turn enhances industry capabilities. In addition, increasing reduced construction time along with seamless execution of the project owing to integration of IoT has extensively contributed toward technology adoption.
Growing capabilities across IoT for construction industry, including improved asset maintenance, predictive maintenance, remote monitoring and maintenance, and enhanced construction site are augmenting the technology adoption. Furthermore, the rising focus toward innovative product like Microsoft HoloLens, Google glass, which find its application across the construction industry is positively impacting the industry landscape.
The report also throws light on various aspects of the global IoT in Construction Industry by assessing the market using value chain analysis. The report covers several qualitative aspects of the IoT in Construction Industry in market drivers, market restraints and key industry trends. Furthermore, the report provides an in-depth assessment of the market competition with company profiles of global as well as local vendors.
The global IoT in Construction Industry market holds a strong competition among the well-established and new emerging players. These market players target to gain a competitive advantage over the other players by participating in partnerships, mergers, and acquisitions and expanding their businesses.
IoT in Construction Industry market, the market is categorized into software, services, and hardware. on the basis of offering. The software segment is analyzed to grow at a CAGR of over 16% over the forecast period. The growth of this segment is primarily contributed to focus to improve the software capabilities and rising focus toward performing seamless construction activities the is poised to catapult the segment growth.
Europe is anticipated to hold a substantial share over the forecast timeframe. Rising advancement across the whole value chain of various industries along with increasing integration of digital technology in order to enhance productivity is stimulating the industry size. Government focus toward adoption of Net Zero Emission Building (NZEB) along with minimum energy consumption, which is attainable through IoT is expected to fuel the technology adoption over the forecast timeframe.
The major players of the global IoT in Construction Industry market comprise of Sigofex, Oracle Corporation, Caterpillar Inc., Giatec Scientific, Inc., Losant IoT, WorldSensing and CalAmp Corp., including others., including others. The industry for IoT in Construction Industry is constitutes established global players along with growing rising presence of emerging companies. In addition, the companies are focusing toward expanding their market penetration through adoption of inorganic growth strategies.
Segment overview of IoT in Construction Industry market
- Project Type Overview, 2018-2025, (USD Billion)
- Offering Overview, 2018-2025, (USD Billion)
- Application Overview, 2018-2025, (USD Billion)
- Safety Management
- Remote Operation
- Predictive Maintenance
- Fleet Management
- Regional Overview, 2018-2025, (USD Billion)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia-Pacific
- Rest of the World
- North America