Press release
IoT in Construction Market Projected to Reach $19,039.8 Million in 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.
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Moreover, Asia-Pacific is the highest contributor in the market. China holds majority of the global share in consumption mainly due to 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.
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.
Top 10 Leading Players
Trimble, Inc.
Pillar Technologies Inc.
Triax Technologies, Inc.
AOMS Technologies
Topcon Corporation
Hilti Corporation
Autodesk, Inc.
Oracle Corporation
Hexagon AB
CalAmp Corporation
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Key Market Segmentation
By Application
Asset Monitoring
Predictive Maintenance
Fleet management
Wearables
Others
By End-User
Residential
Non-residential
By Components
Hardware
Software
Connectivity
Services
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