IoT in construction Market Size
What combination of drivers is leading to accelerated growth in the iot in construction market?
The surge in demand for construction and associated infrastructure developments is projected to fuel the growth of the IoT in the construction sector. Construction entails the assembly of varied elements to establish a structure at a specific locale, based on detailed designs and plans. The involvement of IoT assists in formulating a sustainable blueprint which includes the utilization of recycled materials and advocates the use of zero waste vocabulary. This subsequently aids in familiarising the workforce with the concept of sustainable construction. As a result, a rise in construction activities heightens IoT’s demand. For example, data from the UK’s Office for National Statistics reveals that in November 2023, total new work in the construction industry witnessed an increase of $19781.69 million in 2022, marking growth in both the private and public sectors at 16.8% and 13.1% respectively, compared to 2021. Hence, escalating demand for construction and infrastructure developments are propelling the growth of the IoT in the construction market.
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What is the projected compound annual growth rate (CAGR) of the iot in construction market from 2025 to 2034, and what factors influence it?
The market size of IoT in construction has seen swift expansion in recent years. Its worth is projected to rise from $13.59 billion in 2024 to $15.66 billion in 2025, with a compound annual growth rate (CAGR) of 15.3%. The significant growth during the historic period can be credited to factors such as the incorporation of building information modeling (BIM), improved safety protocols, increased efficiency and productivity, the emergence of intelligent buildings and infrastructure, and cost savings through automation.
The market size of IoT in construction is predicted to experience a swift expansion in the approaching years. The market is anticipated to reach a value of “$28.86 billion by 2029, growing at a compound annual growth rate (CAGR) of 16.5%. The upcoming surge during the predicted period can be accredited to the advancements in 5g connectivity, heightened emphasis on sustainability, the rising prevalence of remote construction monitoring, collaboration platforms and interoperability, along with the growing demand for contactless construction operations. Notable trends for the forecast period include the rise of digital twins, the advent of IoT-enabled safety solutions, advancements in asset tracking and management, the use of predictive maintenance for equipment, and the application of data analytics for informed decision-making.
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How are the latest trends influencing the growth of the iot in construction market?
Key technological innovations are the driving trends in the Internet of Things (IoT) space within the construction industry. Significant industry players are creating fresh technologies to bolster market demand. For instance, EarthCam, a firm based in the US that offers live streaming and time-lapse construction cameras, launched the IoT StreamCam 4K for retail interior construction in 2023. This new technology allows up to eight unique low-power wireless gadgets to share a single 4G LTE (long-term evolution) data link. This cost-effective setup allows a range of small cameras and IoT devices to document interior development and construction site conditions. By linking Door Cams to the platform, an effective photo clock that precisely logs time-in and time-out can be constructed, providing capabilities to log visitors, monitor deliveries, and read simple QR codes. It can also be configured to send alerts for situations like floods, smoke detection or glass breakages.
What are the major segments of the iot in construction market and their role in driving growth?
The IoT in construction market covered in this report is segmented –
1) By Type: Hardware, Software, Connectivity, Services
2) By Application: Machine Control, Site Monitoring, Fleet Management, Wearables, Other Applications
3) By End User: Residential, Non-Residential
Subsegments:
1) By Hardware: Sensors, Cameras, Wearables, RFID Tags
2) By Software: Project Management Software, Building Information Modeling (BIM) Software, Asset Tracking Software
3) By Connectivity: Cellular Networks, Wi-Fi, Low Power Wide Area Networks (LPWAN), Satellite
4) By Services: Consulting Services, System Integration Services, Maintenance And Support Services
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Which regions are key players in the growth of the iot in construction market?
North America was the largest region in the IoT in construction market in 2024.Asia-Pacific is expected to be the fastest-growing region in the global IoT in construction market report during the forecast period. The regions covered in the IoT in construction market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Who are the key firms paving the way for growth in the iot in construction market?
Major companies operating in the IoT in construction market include Trimble Inc., Pillar Technologies Inc., Triax Technologies, Brickeye LLC, Hilti Aktiengesellschaft, Topcon Corporation, Autodesk Inc., Oracle Corporation, Hexagon Metrology AB, Sigfox S.A., Caterpillar Inc., Losant IoT inc., Giatec Scientific Inc., WorldSensing S.L., Kore Wireless Group.Inc., Robert Bosch GmbH, Versatile Natures LLC, SiteAware Inc., SmartVid Inc., Reconstruct Inc., Rhumbix Inc., Bridgit Solutions Inc., PlanGrid Inc., Procore Technologies Inc., Fieldwire Inc., BuildingConnected Inc., Bluebeam Inc., Raken Inc., Honeywell International Inc.
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What Is Covered In The IoT in construction Global Market Report?
• Market Size Forecast: Examine the iot in construction market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the iot in construction market for a structured understanding.
• Key Players Overview: Analyze major players in the iot in construction market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the iot in construction market.
• Segment Contributions: Evaluate how different segments drive overall growth in the iot in construction market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the iot in construction market.
• Industry Challenges: Identify potential risks and obstacles affecting the iot in construction market.
• Competitive Landscape: Review strategic developments in the iot in construction market, including expansions, agreements, and new product launches.
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