Internet of Things (IoT) in Construction Market Size, Share & Global Industry Analysis, 2020–2027 | Key Benefits, Segments & Opportunity

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 modelling, 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 helmet, smart glasses, sensible wearables, and others have augmented workplace satisfaction by 3.5% and propelled productivity by 8.5% on construction sites.

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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.

Covid-19 Impact Analysis

The COVID-19 pandemic has negatively affected the market mainly due to 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.

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Key Market Segments

By Application

Asset Monitoring
Predictive Maintenance
Fleet management
Wearables
Others

By End-User

Residential
Non-residential

By Components

Hardware
Software
Connectivity
Services

By Region

North America
Europe
Asia-Pacific
LAMEA

Key Players

The major players operating in the IoT in construction industry include Trimble, Inc., Pillar Technologies Inc., Triax Technologies, Inc., AOMS Technologies, Topcon Corporation, Hilti Csorporation, 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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