Global IoT in construction market to Garner $19.03 Billion by 2027: Allied Market Research

The market across LAMEA is estimated to register the highest CAGR of 16.9% during the forecast period. However, the market across Asia-Pacific held the largest share in 2019, accounting for more than two-fifths of the market.

As per the report published by Allied Market Research, the global IoT in construction market is projected to reach $19.03 billion by 2027, growing at a CAGR of 14.0 % from 2020 to 2027. The report outlines market characteristics, market potential, and growth by segmentation, and competitive landscape.

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Vivek Banik, Senior Research Analyst, Construction and Manufacturing at Allied Market Research, stated, “Increase in productivity, efficient safety management on construction site and labor shortage have boosted the growth of the global IoT in contribution market. However, increase in security threats in connected devices hampers the market growth. On the contrary, robotics in construction and resource and waste optimization are expected to create lucrative opportunities for the market players in the future.”

The global IoT in construction market is segmented on the basis of application, end user, component, and region. Based on application, the wearable segment is projected to manifest the highest CAGR of 19.1% during the forecast period. However, the asset monitoring segment dominated the market, accounting for nearly one-third of the market.

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On the basis of component, the connectivity segment is anticipated to register the highest CAGR of 15.8% during the forecast period. However, the hardware segment held the largest share in 2019, accounting for one-third of the market.
The global IoT in construction market is analyzed across various regions such as North America, Asia-Pacific, LAMEA, and Europe. The market across LAMEA is estimated to register the highest CAGR of 16.9% during the forecast period. However, the market across Asia-Pacific held the largest share in 2019, accounting for more than two-fifths of the market.

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The global IoT in construction market report includes an in-depth analysis of the major market players such as Topcon Corporation, Autodesk, Inc., Hexagon AB, CalAmp Corporation, Pillar Technologies Inc., Triax Technologies, Inc., Hilti Corporation, Oracle Corporation, Trimble, Inc., and AOMS Technologies.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains.

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