IOT In Construction Market – Global Industry Analysis and Forecast (2024-2030) Trends, Dynamics, Segment Analysis

IOT in Construction Market Overview:

The Global construction industry is a significant contributor to the global economy. As urbanization and population density have increased, the construction industry has become one of the most important contributors to global development. The IoT is rapidly transforming the construction industry's operations. The IoT is an evolving concept of digital technology; it is gradually bringing advancements in the possibilities of smart construction across various application areas. IoT is rapidly enhancing the construction sector and providing a transition from traditional construction methods.

 

The Internet of Things (IoT) provides a location where equipment, materials, and workers are synchronized to a central server that governs and monitors their activities in real-time, ensuring adherence to current policies and their safety.

 

 

To get more Insights: Request Free Sample Report

 

IOT in Construction Competitive Market:

 

The construction industry is one of those experiencing slow growth in IoT and digitalization but is forecasted to boost in the forecasted period. Data storage, remote access, and office-to-field data exchange, on the other hand, are not novel features in the construction industry. The industry is gaining traction among major IoT solution providers, and IoT investments are expected to rise during the forecast period.

The key players are offering a wide variety of IoT solutions for the Industry to keep their market share in the growing demands in the Industry.

 

 

IoT in Construction Market Dynamics:

The market is being driven primarily by the adoption of IoT in the construction sector as a result of lower labor productivity and a labor shortage. IoT and automation help to reduce human labor, construction costs, and project duration, which increases productivity in the construction Market. Furthermore, rising construction projects in developing regions as a result of rapid urbanization are boosting the market growth. The increase in urban population causes cities to expand by constructing buildings on the outskirts of cities.

 

The use of IoT-enabled building management systems and devices improves the smooth operation, monitoring, and management of smart buildings. IoT-enabled Building Management Systems (BMS) installed in smart buildings use sensor-generated data to improve building efficiency and the user experience of building occupants.

 

Smart building security is jeopardized by the adoption of smart technology and IoT-enabled devices. When IoT devices and smart technology are linked to building systems, they become vulnerable to cyberattacks.

 

Another major market restraints is the higher installation cost of IoT technology in the construction Market. The installation cost of IoT solutions is higher than the wages of manual labourers. Nonetheless, technological advancements in construction equipment are expected to boost the market in the future.

 

Companies such as Trimble, ES Track, Pillar Terchnologies are developing and launching the products for the market and the Construction business owners are trying the new tech and can judge the benefits of the same. As per a KPMG survey it was found that, 95% of the Constructions companies are now believing the IoT in Construction market, and they say it can impact the industry fundamentally. Further 72% of them said that the new tech will be a part of their vision.

 

IoT in Construction can help solve various challenges faced by the construction industry today, such as:

• Timely dilevery of Project in Budget – A rise in complexity of the construction is seen the recent time and this tech enables the prediction of delivery timelines and prices. Thus boosting the confidence of managers, owners and investors.
• Safety – As the construction industry has one of the highest fatality rate, protocols and safety equipments will help prevent the injuries and make the workers aware of their surroundings.
• Resource Management – IoT in Construction can help the business owner in tracking real time budgeting with practical techniques to reduce and save cost by ensuring timely delivery of the resources.
• Waste Management – As per law the firm owners are responsible for disposing the trash and to recycle the waste, thus the tech can help them take care of this in a cost efficient manner.

 

IOT in Construction Market Segment Analysis

By offerings, the IoT in construction market is classified as Software, Hardware and services. With increased investments by several competitors in software that can represent a variety of parameters, the Software segment is expected to grow at a faster rate over the forecast period. In addition, the segment's demand is predicted to boost with the increased use of analytics to improve decision-making processes.

 

Apart from this market can be segemented by the application type such as Safety, Predictive Maintenance, Wearables, MRO, Remote Operations, Fleet Management.

Safety – Construction safety will be enhanced with the combination of other techs like AI, Sensors, wearables to track the position of worker, thus increasing the safety measures and insuring the enhanced safety of the workers. Example for such safety equipment will be Smartcap.

Predicitve Maintenance – Predctive maintenance will be very helpul to keep the construction related expenses in check. Also this will help in understanding the usage of equipment as the accurate data would be tracked and recorded.

Wearables -  Wearables can have many advantages such as location of worker, real time communication with workers throughout the work site, data collection etc.

Remote Operations – This tech will enable the owner or engineer to overlook the real time operations and work carried out at the site and get a clear view of the status and analysis from any corner of the world. Example for such tech can be Drones, Cameras etc.

Fleet Management – The IoT in Construction will enable ease of fleet management with solutions to optimize the transit routes.

IoT in Construction Market Regional Market:

The North America is the most significant contributors to the global IoT market in the construction industry. In the United States and Canada, IoT-enabled devices are widely used. The increasing use of IoT in modular construction and the prefabricated building is primarily responsible for the growth of IoT in the construction sector in the Americas. Modular construction enables construction firms to build smarter and greener buildings more quickly. Companies can construct new buildings in half the time required, resulting in less resource waste when compared to traditional methods.

 

Geographically, North America generated the most revenue in the global IoT in the construction market. North America dominated the global IoT in the construction market and is expected to maintain its lead throughout the forecast period. North America's dominance can be attributed to end-users early adoption of technologically advanced products. Furthermore, growing commercialization and progress in the North American construction industry support the growth of IoT in the region's construction market.

 

Furthermore, the Asia Pacific IoT in construction market is expected to grow at the fastest rate during the forecast period. Because of ongoing development by Chinese and Japanese manufacturers, adoption of IoT technology is expected to increase rapidly in Asia Pacific. Furthermore, the region's developing economies, such as India, Japan, and China, are driving up demand for the construction sector and IoT in construction.

 

This report's goal is to provide a comprehensive analysis of the IoT In Construction Market. The report identifies the dominant trends in the IoT In Construction Market and how these trends will impact new business investments and market development over the forecast period. The report also assists in understanding IoT In Construction Market dynamics and competitive structure by analyzing market leaders, market followers, and regional Competitors.

 

The data provided in the IoT In Construction Market report will assist in understanding which market segments, regions, and factors affecting the market, along with key opportunity areas, will drive the industry and market growth over the forecast period. The report also includes the competitive landscape of the industry's key players, as well as their recent developments in the IoT In Construction Market. The report investigates the key players in the IoT In Construction Market in terms of company size, market share, market growth, revenue, production volume, and profits.

 

 

The report includes Porter's Five Force Model, which aids in the design of market business strategies. The report assists in determining how many competitors exist, who they are, and how their product quality is in the IoT In Construction Market. The report also examines whether it is easy for a new player to gain a foothold in the IoT In Construction Market, whether they enter and exit the market on a regular basis, whether the market is dominated by a few players, Etc.

 

A PESTEL Analysis, which aids in the development of company strategies, is also included in the report. Political factors can help determine how much a government can influence the Substation Maintenance market. Economic variables aid in the analysis of economic performance drivers influencing the Substation Maintenance market. Legal factors aid in understanding the impact of the surrounding environment and the impact of environmental concerns on the IoT In Construction market.

 

IOT In Construction Market Scope

IoT in Construction Market
Market Size in 2023	USD 11.42 Bn.
Market Size in 2030	USD 32.29 Bn.
CAGR (2024-2030)	16 %
Historic Data	2018-2022
Base Year	2023
Forecast Period	2024-2030
Segment Scope	by Products Hardware Software Services
	by Applications Safety Predictive Maintenance Wearables Remote Operations Fleet Management
	by End User Residential Non-Residential Government and Public Infrastructure Educational Institutions
Regional Scope	North America- United States, Canada, and Mexico Europe – UK, France, Germany, Italy, Spain, Sweden, Austria, and Rest of Europe Asia Pacific – China, India, Japan, South Korea, Australia, ASEAN, Rest of APAC Middle East and Africa - South Africa, GCC, Egypt, Nigeria, Rest of the Middle East and Africa South America – Brazil, Argentina, Rest of South America

 

 

IOT In Construction Market Key Players

• Cisco (USA)
• AOMS Technologies (USA)
• Topcon Corp (Japan)
• Autodesk, Inc. (USA)
• Oracle Corp. (USA)
• Triax Technologies (UK)
• Caterpillar (USA)
• Sigfox (France)
• Wipro (India)
• Carnegie Technologies (USA)
• DroneDeploy (USA)
• DAQRI (USA)
• Larsen & Toubro Ltd. (India)
• Atlas RFID Solutions (USA)
• Pillar Technologies (USA)
• Losant (USA)
• Trimble Group (USA)
• Vinci (France)
• Siemens (Germany)
• Sakansa (UK)
• Salesforce (USA)
• Zoomlion (China)