IoT in Construction Market

Market Overview:

The global IoT in construction market size reached US$ 11.0 Billion in 2023. Looking forward, IMARC Group expects the market to reach a value of US$ 29.0 Billion by 2032, exhibiting a growth rate (CAGR) of 11.04% during 2024-2032. The burgeoning construction industry, rising demand for smart wearables on sites, and increasing application in controlling movement, status, and progress of machinery represent some of the key factors driving the market.

The internet of things (IoT) refers to the collective network of connected devices and technologies that facilitate communication between devices and the cloud. It relies on machine learning (ML) and artificial intelligence (AI) technologies to analyze various data and make informed decisions. It also uses predictive maintenance to reduce unplanned downtime and wearable technology to improve worker safety. It gives access to advanced analytics that uncover new opportunities by collecting data on customer behavior. It assists in monitoring digital and physical infrastructure to optimize performance, improve efficiency, and reduce risks. It aids in managing various operations efficiently, such as inventory management, fuel and spare parts management, and tracking shipping. It offers numerous benefits, such as high efficiency and productivity, improved customer experience, and increased mobility and agility. At present, there is a rise in the demand for IoT in the construction industry to automate hazard detection and safety monitoring of construction sites across the globe.

IoT in Construction Market Trends:

At present, there is a rise in the demand for IoT in the construction to help supervisors perform their tasks efficiently and gain insight about all the aspects of the project. This, along with the thriving construction industry, represents one of the key factors supporting the growth of the market. In addition, the increasing demand for IoT in the construction to control movement, status, and progress of machinery and report in real-time with unprecedented precision is propelling the growth of the market. Besides this, governing agencies of various countries are implementing stringent regulations to promote the usage of IoT for minimizing the risks of accidents at construction sites. Moreover, there is an increase in the utilization of smart technologies, such as radio frequency identification (RFID) tags, building information modelling, and augmented reality (AR), to reduce operational costs, enhance productivity, and efficient project management. This, coupled with the rising awareness among the masses about the benefits of IoT in the construction industry, is offering lucrative growth opportunities to industry investors. Apart from this, the growing employment of IoT in numerous construction activities, such as plastering, bricklaying, surveying, construction site management, asset tracking, worker tracking, and risk management, is positively influencing the market. Additionally, the escalating demand for smart wearables, such as smart glasses, wearable sensors, safety vests, and smart helmets, on sites is bolstering the growth of the market.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global IoT in construction market report, along with forecasts at the global, regional and country level from 2024-2032. Our report has categorized the market based on components, application, and end user.

Components Insights:

• Hardware
• Software
• Services
   

The report has provided a detailed breakup and analysis of the IoT in construction market based on the components. This includes hardware, software, and services. According to the report, software represented the largest segment.

Application Insights:

• Asset Monitoring
• Predictive Maintenance
• Fleet Management
• Wearables
• Others
   

A detailed breakup and analysis of the IoT in construction market based on the application has also been provided in the report. This includes asset monitoring, predictive maintenance, fleet management, wearables, and others. According to the report, asset monitoring accounted for the largest market share.

End User Insights:

• Residential
• Non-Residential
   

A detailed breakup and analysis of the IoT in construction market based on the end user has also been provided in the report. This includes residential and non-residential. According to the report, non-residential accounted for the largest market share.

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
   

The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa.

Competitive Landscape:

The report has also provided a comprehensive analysis of the competitive landscape in the global IoT in construction market. Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. Some of the companies covered include 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., WakeCap Technologies, etc. Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.

Report Coverage:

Key Benefits for Stakeholders:

• IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the IoT in construction market from 2018-2032.
• The research study provides the latest information on the market drivers, challenges, and opportunities in the global IoT in construction market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the IoT in construction industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.