IoT in Construction Market size, share & Forecast

IoT in Construction Market


 The IoT in Construction Market is expected to grow at a faster CAGR over the forecast period (2020-2027).

The factors driving growth of the IoT in Construction Market includes growing concerns related to safety of workers at construction site, increasing demand for smart glasses, wearable sensor, and safety vests, rising adoption of advanced technologies such as unmanned ariel vehicles and autonomous vehicles and improvements in the living standards. As per the Occupational Safety and Health Administration (OSHA), over 252,000 construction sites employee around 6.5 million people across United, repetitive motion injuries, insufficient protective equipment and collapsed scaffolding, at construction sites, are pushing the demand for IoT solutions in the construction industry. Moreover, IoT solutions offer enhanced safety, saves time and money, helps in streamlining processes, enables real-time reporting and increases lifespan of buildings, which are expected to create tremendous opportunities in the market. In addition, the increasing investments by leading players on research and development, strategic mergers and collaborations between companies, rapid industrialization, and rising population growth rates, are further propelling the IoT in Construction Market share.

However, growth of the IoT in Construction Market is hindered attributed to high software and training costs. 

The leading players operating in the market are Worldsensing, Sigfox, Losant IoT, Oracle Corporation, Caterpillar Inc., Trimble Inc., Calamp Corp., Autodesk Inc., Kore Wireless and Giatec Scientific Inc., among others.

Based on Offering, the Software segment is predicted to expand at a fastest rate during the forecast period

Increasing use of analytics for better decision making and rising emphasis of companies on developing software which can reflect different parameters in dashboard, are propelling growth of the segment.

Based on Application, the Remote Operations segment is projected to grow at a robust CAGR over the forecast period

Internet of Things (IoT) solutions are increasingly used in remote operations because it reduces outages, enables wearable computing, and supports working in hazardous environments, are pushing growth of the segment.

Based on Region, the North American region is expected to grow at a remarkable CAGR during the forecast period

Expansion of the construction industry, growing adoption of unmanned ariel vehicles a construction sites, rise in Government’s expenditure on infrastructure projects, rapid urbanization, increasing population growth rates and high per capita incomes, are some of the important factors augmenting the IoT in Construction Market size in the North American region. 

Key Developments

  • In 2020, Giatec Scientific Inc., introduced its updated version of SmartRock product, which is a concrete sensor.
  • In 2018, Trimble Inc., SK Telecom signed an partnership agreement with Hyundai for the expansion of IoT construction solution that is applied with AI and 5G. The companies planned to offer IoT construction solution that can enables the equipment to operate longer, improves efficiency, and reduce costs.

 

Market Segmentation

Segmentation by Project Type

  • Residential
  • Commercial

Segmentation by Offering

  • Hardware
  • Software
  • Services

Segmentation by Application

  • Remote Operations
  • Safety Management
  • Predictive Maintenance
  • Fleet Management
  • Others

Segmentation by Region

  • Asia Pacific
    • China
    • Japan
    • India
    • Rest of APAC
  • North America
    • United States of America
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Spain
    • Rest of Europe
  • RoW
    • Brazil
    • South Africa
    • Saudi Arabia
    • UAE

About GMI Research

GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.

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Company Name: GMI RESEARCH
Contact Person: Sarah Nash
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Location: United States

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