The global construction industry contributes significantly to the global economy. The construction industry has become one of the most important contributors to global development as urbanisation and population density have increased. The Internet of Things is rapidly transforming the operations of the construction industry. The Internet of Things (IoT) is a developing digital technology concept that is gradually expanding the possibilities of smart construction across a wide range of application areas. IoT is rapidly improving the construction industry and paving the way for a transition away from traditional construction methods.
IoT in Construction Market Report Scope and Research Methodology:
The report depicts a clear IoT in Construction Market structure, as well as current market trends and forecasts to identify potential investment areas. It includes historical data, recent technological advancements, the competitive landscape, and government policy, among other market-influencing factors. The IoT in Construction Market report provides clients with information on major drivers, restraints, challenges, and opportunities. To facilitate understanding, the market has been divided into three major segments, each of which has been further subdivided into various sub-segments. The report also includes a segment-by-segment analysis of market growth factors, as well as a competitive analysis of major market players based on their expansion plans, products, investments, pricing, and presence in the IoT in Construction industry.
The information gathered for the IoT in Construction Market report using these methods was combined to produce accurate and error-free conclusions. As part of the primary research, interviews were conducted with subject-matter experts, IoT in Construction industry participants, high-level executives of key market players, industry consultants, and other experts. The market report’s PESTLE analysis aids in the development of company strategies. A SWOT analysis was used to determine the market’s strengths and weaknesses.
IoT in Construction Market Overview:
The study examines market growth drivers and challenges, as well as company plans, procedures, and a comprehensive financial strategy. Customization and extensive information about IoT in Construction industry potential meet customer expectations. The IoT in Construction Market research investigates the competitive landscape and key players in the industry. This IoT in Construction market study aids in structure planning in light of current industrial conditions.
IoT in Construction Market Size is expected to grow at a CAGR of 16 % between 2021 and 2027, rising from nearly USD 9.85 Bn. in 2021 to USD 24 Bn. in 2027.
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IoT in Construction Market Dynamics:
The adoption of IoT in the construction sector as a result of lower labour productivity and a labour shortage is driving the market. IoT and automation aid in the reduction of human labour, construction costs, and project duration, resulting in increased productivity in the construction industry. Additionally, rising construction projects in developing regions as a result of rapid urbanisation are driving market growth. Cities expand due to increased urban population by constructing buildings on the outskirts of cities.
IoT in Construction Market Segmentation:
The IoT in construction market is divided into three categories: software, hardware, and services. The Software segment is expected to grow at a faster rate during the forecast period due to increased investments by several competitors in software that can represent a variety of parameters. Furthermore, the segment’s demand is expected to rise as more analytics are used to improve decision-making processes.
This market can also be segmented by application type, such as safety, predictive maintenance, wearables, MRO, remote operations, and fleet management.
Safety – Construction safety will be improved by combining other technologies such as AI, sensors, and wearables to track the position of workers, thus increasing safety measures and ensuring worker safety. Smartcap is an example of such safety equipment.
Predictive Maintenance – Predictive maintenance will be extremely beneficial in keeping construction-related costs under control. This will also aid in understanding equipment usage because accurate data will be tracked and recorded.
Wearables – Wearables can provide many benefits such as worker location, real-time communication with workers throughout the work site, data collection, and so on.
Remote Operations – This technology allows the owner or engineer to monitor real-time operations and work at the site and get a clear picture of the status and analysis from anywhere in the world. Drones, cameras, and other similar technologies are examples of such technology.
Fleet Management – The Internet of Things in Construction will make fleet management easier by providing solutions to optimise transit routes.
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)
IoT in Construction Market Regional Insights:
Europe, North America, Asia-Pacific, the Middle East and Africa, and Latin America comprise the IoT in Construction market. From 2021 to 2029, the report forecasts revenue growth in USD terms at the regional and country levels. The report includes a regional analysis with market size estimates for each region. The study’s countries section examines a variety of market elements expected to influence current and future IoT in Construction market trends, as well as changes in market rules at the country level. Some of the primary components used to forecast each country’s IoT in Construction market situation are consumption, production location and amount, import/export analysis, pricing analysis, raw material prices, and upstream and downstream value chain analysis.
Key Questions answered in the IoT in Construction Market Report are:
Key Offerings:
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About Stellar Market Research
Established in 2018, Stellar Market Research is an India-based consulting and advisory firm focused on helping clients reach their business transformation objectives with advisory services and strategic business. The company’s vision is to be an integral part of the client’s business as a strategic knowledge partner. Stellar Market Research provides end-to-end solutions that go beyond key research technologies to help executives in any organization achieve their mission-critical goals. The company has clients from all across the globe, 23 % from India and others from Japan, Korea, Germany, United States, etc. The company uses its extensive industry knowledge, strong network, and know-how to provide complete insights that give clients a competitive advantage.
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