Global IoT in Construction Market Overview 2023-2028
IMARC Group, a leading market research company, has recently releases report titled “IoT in construction Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global IoT in construction market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
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.
Internet of Things (IoT) in construction refers to the network of interconnected devices, equipment, and sensors that collect and exchange data through the internet. It comprises environmental sensors to monitor conditions like temperature, humidity, and air quality and proximity sensors, which prevent accidents by detecting the presence of workers or obstacles in the path of a machine. It also includes wearable devices to enhance worker safety by monitoring vital signs and alerting in case of emergencies. It enables real-time monitoring, data analysis, and communication among various elements within a construction project. It employs sensors for gathering data from machinery, tools, and materials. It also ensures seamless communication between devices, enabling data transmission, and involves processing the collected data to derive insights that aid in decision-making. It enhances safety by alerting workers and supervisors about potential hazards in real-time. It also leads to improved efficiency by optimizing resource allocation and reducing downtime. It increases accuracy in data collection, reducing errors and facilitating better decision-making. It helps maintain construction quality by detecting issues early and allowing for timely corrections. Furthermore, it reduces manual tasks and provides insights that optimize resource allocation and task prioritization, resulting in increased productivity.
Global IoT in Construction Market Trends and Drivers:
At present, the increasing demand for IoT in construction, as it can help minimize environmental impact by optimizing energy consumption and reducing waste, represents one of the vital factors impelling the growth of the market. Besides this, the rising adoption of IoT solutions to enhance construction project efficiency and safety is contributing to the growth of the market. In addition, the growing integration of Building Information Modeling (BIM) with IoT technology to create digital representations of physical structures and improve building management and maintenance is offering a favorable market outlook. Apart from this, the increasing construction of smart buildings that can monitor and control various systems, such as lighting and security, in real time is propelling the growth of the market. Additionally, the rising emphasis on sustainable construction by adopting IoT solutions that help monitor and reduce energy consumption, waste generation, and carbon emissions in construction projects is strengthening the growth of the market. Moreover, the increasing utilization of remote monitoring by project managers and stakeholders to remotely oversee construction activities, monitor equipment performance, and make informed decisions in real time, regardless of their physical location, is supporting the growth of the market. Furthermore, the rising emergence of 5G technologies offering ultra-fast and reliable connectivity and enabling the seamless transmission of large volumes of data from IoT devices is bolstering the 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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