IoT in Construction Market Expected to Reach $19,039.9 Mn by 2027

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.

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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The global market for Internet of Things (IoT) integration is expected to expand significantly during the forecasted period, due to growing adoption of the 'Bring Your Own Device trend' in the modern business model. Rise in legal enforcement and regulations is anticipated to propel the market further during the forecast period. The Internet of Things (IoT) integration market is also driven by increasing federal regulators that promote the growth of data integration across different apps and devices worldwide

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, the global market is categorized into residential and non-residential. By component, the market is classified into hardware, software, connectivity, and services.

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According to application, fleet management highly contributed in the IoT in construction market due to development in sensor technologies in the industry. Conservation of resources through reducing fuel wastage, eliminating equipment downtime, real-time equipment health monitoring boosts the demand for fleet management technologies in the construction industry.
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.

Key Findings Of The Study

• Depending on component, the hardware segment garnered major share of the IoT in construction market in 2019.
• Region wise, Asia-Pacific dominated the market in 2019.
• LAMEA is expected to witness a high growth rate during the forecast period.

Competition Analysis :

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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