IoT Revolutionizes Construction Industry, Projected to Reach $24.74 Billion by 2029
In a groundbreaking revelation, the IoT in Construction Market is set to soar to new heights, with a staggering valuation of US$ 24.74 billion anticipated by 2029. The industry, valued at US$ 10.07 billion in 2022, is experiencing a meteoric rise at a Compound Annual Growth Rate (CAGR) of 13.7%. This surge is attributed to the transformative impact of the Internet of Things on construction operations, promising heightened safety, performance, and sustainability.
Revolutionizing Construction Safety with IoT
The escalating urbanization and population density have propelled the construction industry to a pivotal role in global development, constituting 13.2% of the global GDP by the end of 2022. IoT technologies such as sensors, RFID tags, virtual reality, and building information modeling are ushering in a new era by identifying potential hazards, reducing resource requirements, and preventing accidents, ultimately saving both time and money.
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Research methodology:
This report estimates and validates the size of the global IoT in Constructiong market using top-down and bottom-up methodologies. In order to compile a comprehensive list of current and notable participants, players strictly abide by a range of industry classification requirements. The market companies that are most relevant to the inquiry are chosen after a thorough validation procedure. Priority rankings are arranged in accordance with the revenue from the most recent quarter using subscription databases like Factiva, Bloomberg, and others. Last but not least, a survey that focuses on the key target categories was especially created to meet all requirements for primary data collection by appointment only. This makes it easier for us to collect information on a range of issues, such as player earnings, operating expenses, profit margins, and the growth of different goods and services. A variety of secondary sources, including the World Bank, associations, company websites, SEC filings, OTC BB, USPTO, EPO, annual reports, press releases, and more are used to validate roughly 70-80% of the data before it is utilized.
IoT in Construction Market Dynamics:
Examining the key market dynamics in both developed and developing regions of the globe is achievable with the use of MMR Analysis, a focused and practical research methodology. To help customers and businesses flourish in specialised industries and expand in new global marketplaces, MMR specialists also conduct in-depth studies of geographic locations. The dynamic Player landscape that affects the market’s development is also discussed in this market research analysis.
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IoT in Construction Market Segment:
by Offering
Hardware
Software
Services
by Project Type
Commercial
Residential
by Application
Remote Operations
Safety Management
Fleet Management
Predictive Maintenance
Others
Because more businesses are investing in the creation of software that can represent a range of parameters, the software segment is anticipated to grow at a faster compound annual growth rate (CAGR) over the course of the forecast period. Additionally, the growing use of analytics to enhance decision-making will increase demand in the segment.
IoT in Constructiong Market Key players:
1. Caterpillar Inc.
2. Sigfox
3. Oracle
4. CalAmp Corp
5. Losant IoT
6. Giatec Scientific, Inc.
7. WorldSensing
8. Kore Wireless
9. Trimble Inc.
10. Autodesk Inc
11. Triax technologies
12. Trimble, Inc.
13. Pillar Technologies Inc.
14. AOMS Technologies
15. Topcon Corporation
16. Hilti Corporation
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Regional Dominance and Key Players
North America emerged as the torchbearer in the IoT in Construction landscape, capturing a market share in 2022. The United States and Canada, with their burgeoning construction projects, witnessed increased IoT adoption.
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