IoT in Construction Market By Application (Asset monitoring, Predictive maintenance, Fleet management, Wearables, Others), By End User (Residential, Non-residential), By Component (Hardware, Software, Services, Connectivity): Global Opportunity Analysis and Industry Forecast, 2021-2031
The global IoT in construction market was valued at $11,156.4 million in 2021, and is projected to reach $44,215.7 million by 2031, registering a CAGR of 14.6% from 2022 to 2031.
The Internet of Things (IoT) has penetrated nearly all major industries as well as the human way of living. It has transformed the construction industry significantly with the integration of new technologies not only in construction activities such as plastering, bricklaying, and surveying, however also in construction site management, asset tracking, worker tracking, and risk management.
The inclusion of internet connected devices such as equipment monitoring sensors, smart wearables, building information modelling (BIM) software, RFID tagging & tracking, and others have reduced the wastage of resources. This decreased the number of accidents and fatalities occurring on construction sites. While, remote monitoring and data collection, has resulted in surged productivity and optimization of monetary resources. For instance, in October 2021, Kenzen partnered with McCarthy Building Companies, Inc. to boost their wearable heat safety technology. Kenzen's smart PPE devices monitor workers' heat status in hot situations, assisting in the prediction and prevention of heat stress and disease. By means of this, launched companies have learnt how to use this technology to reduce the risk of heat sickness and protect the overall health of construction workers.
Efficient safety management on construction sites is a major driving factor for the implementation of IoT technologies in the construction industry. Industry is one of the major employers of human resources. These workers are constantly prone to accidents on sites due to falling objects, fatigue, working on dangerous areas, and others. Use of IoT connected devices such as exoskeletons, sensors, and smartwatches assist in increasing the endurance of a worker, and track biological, physical, and environmental conditions such as temperature, blood pressure, heart rate, and location. Thus, efficient safety management on construction sites due to use of connected devices drives the growth of IoT in the construction market.
Moreover, augmented productivities and proper resource management boost the growth of IoT in construction market. Use of sensors and radio-frequency Identification (RFID) tags helps in obtaining real-time data regarding inventory, workers, and on-site activities, which reduce operational downtime and optimize resource planning using digital platforms such as building information modelling (BIM). For instance, in May 2021, Bosch launched its new AIoT platform that offers real-time information on energy usage at manufacturing facilities. The Phantom Edge platform provides fast and actionable insights through production efficiency, real-time warnings, and notifications. By giving managers quick, reliable, and precise data that serves as the foundation for goal setting, performance monitoring, analysis, and continuous improvement, it also automates data collection and measures correct downtimes.
Hence, the advantage of huge productivity on construction sites drives the growth of IoT in the construction industry. However, the rise in concerns regarding cyber security hinders the penetration of IoT technologies in the construction industry. Confidentiality and data integrity are an important part of construction projects and centralized data collection possesses’ risks of data theft and monetary damage to not only construction companies, however, also the customers. Hence, security threats in connected devices is likely to restrain the growth of IoT in construction market. On the contrary, better resource management and waste optimization are likely to create opportunities that propel the growth of the market. Data-driven decision-making at the planning stage of construction projects is likely to foster better management of resources; thereby, improving project efficiency.
The IoT in construction market is segmented on the basis of application, end user, component, and region. By application, the IoT in construction market is fragmented into asset monitoring, predictive maintenance, fleet management, wearables, and others. By end user, the IoT in construction market is categorized into residential and non-residential. By component, the market is classified into hardware, software, connectivity, and services. By region, the IoT in construction Market has been analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, UK, France, and rest of Europe), Asia Pacific (China, Japan, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
Key companies profiled in the report include Advanced Opto-Mechanical Systems and Technologies Inc., Autodesk, Inc., CalAmp Corporation, Hexagon AB, Hilti Corporation, Oracle Corporation, Pillar Technologies, Inc Topcon Corporation, Trimble, Inc., and Triax Technologies, Inc. Major companies in the market have adopted product launch, acquisition, and partnership as their key developmental strategies to offer better products and services to customers in the IoT in construction market.
Key Benefits For StakeholdersThis report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the iot in construction market analysis from 2021 to 2031 to identify the prevailing iot in construction market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the iot in construction market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global iot in construction market trends, key players, market segments, application areas, and market growth strategies.
Key Market SegmentsBy ApplicationAsset monitoring
Predictive maintenance
Fleet management
Wearables
Others
By End UserResidential
Non-residential
By ComponentHardware
Software
Services
Connectivity
By RegionNorth America
U.S.
Canada
Mexico
Europe
Germany
UK
France
Rest of Europe
Asia-Pacific
China
Japan
South Korea
Rest of Asia-Pacific
LAMEA
Latin America
Middle East
Africa
Key Market Players
Advanced Opto-Mechanical Systems and Technologies Inc.
Autodesk, Inc.
CalAmp Corporation
Hexagon AB
Hilti Corporation
Oracle Corporation
Topcon Corporation
Triax Technologies, Inc.
Pillar Technologies, Inc.
Trimble, Inc.
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