IoT in Construction Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

IoT in Construction Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Market Overview:

The global IoT in construction market size reached US$ 9.8 Billion in 2022. Looking forward, IMARC Group expects the market to reach a value of US$ 20.9 Billion by 2028, exhibiting a growth rate (CAGR) of 12.7% during 2023-2028.

The internet of things (IoT) is a data network consisting of devices embedded with sensors, software, and technologies to connect and exchange data with other devices and systems over the internet. At present, the rates of fatal and non-fatal injuries among construction workers are high. As a result, IoT is increasingly being employed in the construction sector for optimal utilization of available resources with technological planning at low risks and minimal cost. IoT in construction automates hazard detection and safety monitoring of construction sites. It also helps businesses track employee movements and ensure that team members are working efficiently by equipping them with wearable technologies.

IoT in Construction Market Trends:

Presently, the rising automation in the construction sector represents one of the key factors bolstering the growth of the market. Besides this, conventional concrete curing methods have several limitations, such as difficulties supervising and controlling the required environmental moisture and temperature conditions. However, IoT devices enable data recording and concrete curing operations to occur automatically, thereby saving time and effort. These devices monitor air temperature, humidity, wind speed, and concrete temperature and moisture content. In addition, a water pump is installed within machines for the spraying of curing water when required, which is strengthening the market growth. Moreover, IoT devices are used during construction activities, such as plastering, surveying, bricklaying, asset tracking, worker tracking, risk management and construction site management. This, coupled with the increasing construction activities around the world, is positively influencing the market. Furthermore, the rising adoption of unmanned aerial vehicles (UAVs) and autonomous vehicles in the construction sector for the monitoring and surveillance of construction projects is projected to facilitate 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 2023-2028. Our report has categorized the market based on components, application and end user.

Breakup by Components:

Hardware
Software
Services

Breakup by Application:

Asset Monitoring
Predictive Maintenance
Fleet management
Wearables
Others

Breakup by End User:

Residential
Non-Residential

Breakup by Region:

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

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players being 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. and WakeCap Technologies.

Key Questions Answered in This Report:

How has the global IoT in construction market performed so far and how will it perform in the coming years?
What has been the impact of COVID-19 on the global IoT in construction market?
What are the key regional markets?
What is the breakup of the market based on the components?
What is the breakup of the market based on the application?
What is the breakup of the market based on the end user?
What are the various stages in the value chain of the industry?
What are the key driving factors and challenges in the industry?
What is the structure of the global IoT in construction market and who are the key players?
What is the degree of competition in the industry?