IoT in Construction Market Worth $19,039.8 Million by 2027, Growing at a CAGR of 14.0% from 2020 to 2027

According to a new report published by Allied Market Research, titled, “IoT in Construction Market by Application, End User, and Components: Opportunity Analysis and Industry Forecast, 2020–2027,” the global IoT in construction market size is expected to reach $19,039.9 million in 2027 from $8,179.9 million in 2019, growing at a CAGR of 14.0% from 2020 to 2027. In 2019, Asia-Pacific dominated the market, in terms of revenue, accounting for a 45.6% share of the global market.

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IoT in construction aims at connecting construction sites with IoT technologies and solutions to obtain maximum productivities. IoT technologies such as smart wearables, sensors, RFID tags, building information modeling, augmented reality, and others assist in recognizing potential risks in construction projects as well as deliver enhanced productivities, efficient project management, and optimized use of resources. For instance, the adoption of new IoT in construction market trends such as wearable technologies including smart helmets, smart glasses, sensible wearables, and others have augmented workplace satisfaction by 3.5% and propelled productivity by 8.5% on construction sites.

Moreover, Asia-Pacific is the highest contributor in the market. China holds the majority of the global share in consumption mainly due to the high adoption rate for smart technologies in the country. Ministry of Industry and Information Technology in China issued the license for 5G connectivity in 2019. 5G network is highly efficient in interacting with building platforms and analyze data collected on construction sites regarding employee health, multi-dimensional security monitoring, AI functions, and others.

According to the application, fleet management highly contributed to the IoT in the construction market due to the development of sensor technologies in the industry. Conservation of resources through reducing fuel wastage, eliminating equipment downtime, real-time equipment health monitoring boosts the demand for fleet management technologies in the construction industry.

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Covid-19 Impact Analysis

The COVID-19 pandemic has negatively affected the market mainly due to a halt in international trade, prolonged lockdowns, and ceased construction processes. In addition, the major end-user companies located in countries such as the U.S., China, Germany, the UK, and others are also facing financial impacts due to halted production, which is likely to hinder the IoT in construction market growth during 2020.

The global IoT in the construction market is segmented on the basis of application, end-user, component, and region. Based on application, the market is fragmented into the machine control, site monitoring, fleet management, wearables, and others. According to end-user, the global market is categorized into residential and non-residential. By component, the market is classified into hardware, software, connectivity, and services.

Geographic Review

The global IoT in the construction market is analyzed across North America (the U.S., Canada, and Mexico), Europe (the UK, Germany, France, Italy, and Rest of Europe), Asia-Pacific (China, India, Japan, and the Rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa). Asia-Pacific is expected to hold the largest market share throughout the study period, and LAMEA is expected to grow at the fastest rate.

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Key Players

The major players operating in the IoT in the construction industry include Trimble, Inc., Pillar Technologies Inc., Triax Technologies, Inc., AOMS Technologies, Topcon Corporation, Hilti Corporation, Autodesk, Inc., Oracle Corporation, Hexagon AB, and CalAmp Corporation.

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