IoT in Construction Market Size, Share, Growth Analysis 2023-2028

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 growth, share, size, trends, and 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.

The internet of things (IoT) in construction refers to integrating interconnected devices and software into the construction environment. It includes construction equipment, machinery, and wearable safety gear aided with sensors and microchips. It involves data collection, real-time monitoring, and analytics through cloud-based platforms that offer centralized control and insights. It provides a higher level of automation and data-driven decision-making, unlike traditional construction settings. It automates complex processes, reduces manual errors, and facilitates timely decision-making. It is beneficial for cost savings as it facilitates efficient resource allocation, improved project timelines, and enhanced worker safety through environmental monitoring and alerts. It is utilized in various construction activities, which include infrastructure development, residential building, and complex industrial projects, to assure quality and mitigate risks.

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Global IoT in Construction Market Trends and Drivers:

At present, the escalating demand for smarter and more resilient infrastructure represents one of the major factors impelling the market growth. Additionally, the rising focus on worker safety and compliance with regulations for monitoring environmental conditions and alerting supervisors about potential hazards is currently propelling the market growth. Besides this, the increasing need for operational efficiency in construction companies is driving the adoption of IoT technologies for real-time data analytics.

Moreover, the rising emergence of 5G technology, influencing the scalability and reliability of IoT systems for quicker data transmission and lower latency, is strengthening the market growth. In addition, the growing focus on constructing disaster-resilient buildings, particularly in regions prone to natural calamities, is leading to the increasing employment of IoT for better monitoring and emergency response. Furthermore, the rising number of stringent building codes and quality standards that need more precise measurements and monitoring are driving the adoption of advanced IoT devices. Apart from this, the increasing advancements in battery technology for extending the life of IoT devices are contributing to 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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