Construction 4.0 Market Demand in Future at a CAGR of 18.2% by 2027 | Focusing Covid 19 Impacts

Industrial revolution in the construction industry is termed as construction 4.0. It consists of technologies, such as IoT, artificial intelligence, drones, sensors, industrial robots, and others, to process huge amount of data. The benefits associated with construction 4.0 are cost saving, time saving, improving the image of the construction industry, improving productivity, and customer-centric. Rise in use of IoT, 3D printing, and other technologies in construction aims at connecting construction sites to obtain maximum productivity and avoid error. IoT technologies, such as sensors, smart wearables, building information modeling, augmented reality, RFID tags, and others, are used in the construction industry for enhanced productivity, optimized use of resources, and efficient project management. For instance, the adoption of new IoT technologies, such as wearable technologies, including smart glasses, smart helmet, and sensible wearables, has augmented workplace satisfaction by 3.5% and propelled productivity by 8.5% on construction sites.

The global construction 4.0 market was valued at $9.8 billion in 2019, and is projected to reach $29.1 billion by 2027, registering a CAGR of 18.2% from 2020 to 2027. The IoT segment garnered over three-fifths of the global construction 4.0 market share in 2019.

Get detailed COVID-19 impact analysis on the construction 4.0 Market:
https://www.alliedmarketresearch.com/request-for-customization/10594

Leading Players:

Key companies profiled in the report include Advanced Opto-Mechanical Systems and Technologies Inc, ABB Ltd, Autodesk Inc, Mitsubishi Electric Corporation, CalAmp Corporation, Hexagon AB, Hilti Corporation, Topcon Corporation, Trimble, Inc., and Oracle Corporation.

Rise in need for automation and employee safety in the construction industry and availability of affordable, energy-efficient technology, such as industrial robots and artificial intelligence, in the construction industry drive the growth of the construction 4.0 market. Increasing adoption of technologies in construction industries, owing to reducing human errors, improving productivity, avoid repetitive work, propels the growth of the market.

An increase in efficiency and improving productivity on construction sites, escalate the demand for construction technologies, such as IoT, virtual reality, and others, thereby propelling the market growth. IoT, AI, and BIM-based products are used in construction sites with the use of drones, CCTV cameras, and sensors to obtain real-time data about workers, inventory, and on-going activities in construction sites, thereby driving the growth of the construction 4.0 market.

Download Sample PDF @ https://www.alliedmarketresearch.com/request-sample/10594

Key Findings Of The Study

The report provides an extensive analysis of the current and emerging market trends and dynamics.

By solution, the hardware segment registered the highest revenue in the construction 4.0 market in 2019.

Depending on the technology, the IoT segment dominated the construction 4.0 market, in terms of revenue, in 2019 and is projected to grow at a CAGR 17.9% during the forecast period

By application, the asset monitoring segment registered the highest revenue in the construction 4.0 market in 2019.

By end user, the non-residential segment registered the highest revenue in the construction 4.0 market in 2019.

The key players are profiled in this report and their strategies are analyzed thoroughly, which help understand the competitive outlook of the construction 4.0 industry.

Have Any Quer? Speak to Analyst @ https://www.alliedmarketresearch.com/connect-to-analyst/10594

Contact:

David Correa
Portland, OR, United States
USA/Canada (Toll Free): +1-800-792-5285, +1-503-894-6022, +1-503-446-1141
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-9105346060
help@alliedmarketresearch.com
Web: https://www.alliedmarketresearch.com
Follow Us on LinkedIn: https://www.linkedin.com/company/allied-market-research

About us:

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 domain.

This release was published on openPR.