Global IoT in Construction Market Overview 2023-2028
The global IoT in construction market size reached US$ 9.8 Billion in 2022. Looking forward, IMARC Group expects the market to reach a value of US$ 20.9 Billion by 2028, exhibiting a growth rate (CAGR) of 12.7% during 2023-2028.
The Internet of Things (IoT) within the construction industry refers to a network of interconnected devices, equipment, and sensors that gather and share data through the internet. This network includes environmental sensors for monitoring factors such as temperature, humidity, and air quality, as well as proximity sensors that enhance safety by detecting the presence of workers or obstacles in the machine’s path. Additionally, wearable devices are utilized to improve worker safety by monitoring vital signs and issuing alerts during emergencies. The IoT enables real-time monitoring, data analysis, and communication among various components within a construction project. Within this framework, sensors are employed to collect data from machinery, tools, and materials, facilitating seamless communication between devices and enabling data transmission. The collected data is then processed to extract valuable insights that aid in decision-making. The IoT system contributes to enhanced safety by promptly notifying workers and supervisors of potential hazards in real-time. Moreover, it optimizes resource allocation, reduces downtime, and enhances efficiency, leading to improved accuracy in data collection and better decision-making. The integration of IoT helps to uphold construction quality by detecting issues early on and allowing for timely corrections. It also reduces manual tasks and provides insights that optimize resource allocation and prioritize tasks, resulting in heightened productivity.
Global IoT in Construction Market Trends and Drivers:
Currently, the surge in demand for Internet of Things (IoT) applications within the construction sector is a significant driving force for market expansion. IoT’s ability to optimize energy usage and reduce waste aligns with environmental goals, underlining its importance. Furthermore, the increasing adoption of IoT solutions to enhance construction project efficiency and safety contributes to this market growth. Additionally, the integration of Building Information Modeling (BIM) with IoT technology is revolutionizing the industry by digitally representing physical structures and enhancing building management and maintenance. The construction of smart buildings, capable of real-time monitoring and control of various systems like lighting and security, is also accelerating market growth. This growth is further fueled by a heightened focus on sustainable construction, employing IoT solutions to monitor and mitigate energy consumption, waste production, and carbon emissions in construction projects. Moreover, the growing use of remote monitoring by project managers and stakeholders to oversee construction operations and equipment performance, regardless of their location, is facilitating market expansion. The advent of 5G technologies with their high-speed, reliable connectivity is a further boost, enabling seamless transmission of vast volumes of data from IoT devices and thus propelling market growth.
Global IoT in Construction Market 2023-2028 Analysis and Segmentation:
Top Key Players covered in this report are: 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. and WakeCap Technologies.
The report segmented the market on the basis of region, 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
Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023- 2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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