IoT in Construction Market Outlook & Growth Opportunities by 2027 | Trimble, Inc., Pillar Technologies Inc., Triax Technologies, Inc., AOMS Technologies, Topcon Corporation....

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 45.6% share of the global market.

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IoT technologies are the future of construction industry. With the reduction in sensor costs and rapidly developing products in the industry, the penetration of IoT-based solutions is likely to be seen on all construction sites. Use of building information modelling (BIM) can eradicate risk generation in the planning stage of the project; thereby, conserving time and funding required for the completion of the project.

Key Market Segments

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

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The global IoT in construction market is analyzed across North America (the U.S., Canada, and Mexico), Europe (the UK, Germany, France, and rest of Europe), Asia-Pacific (China, Japan, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa).

Competition Analysis

The key market players profiled in the report 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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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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