Press release
Construction 4.0 Market Stand Out as the Biggest Contributor in Near Future | At a CAGR of 18.2%
Rapid growth of the construction industry, technological advancements, and proper time management of construction sites have boosted the growth of the global construction 4.0 market. Surge in awareness in emerging countries is expected to open lucrative opportunities for the market players in the future.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.
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.
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Covid-19 scenario:
Due to the Covid-19 pandemic and followed lockdown, the construction activities were temporarily suspended to curb the spread of the infection.
Moreover, the prolonged lockdown resulted in a shortage of labor and raw materials.
However, as several governments lifted their lockdown regulation, the construction sector is expected to get back on track.
The hardware segment dominated the market:
By solution, the hardware segment held the lion's share in 2019, accounting for more than two-fifths of the market. Advanced sensors offer real-time insights on concrete maturity, temperature, and strength without destructive testing of the member. Such products demand hardware technologies in the global construction 4.0 market. However, the services segment is projected to register the highest CAGR of 18.9% during the forecast period, as implementation of engineering services such as retrofitting, personnel training, and scheduled maintenance could help decrease the downtime or accidental expenses.
The artificial intelligence segment to portray the highest CAGR through 2027
By technology, the artificial intelligence segment is projected to manifest the highest CAGR of 19.9% during the forecast period, owing to increase in use of AI and machine learning in the construction sector. However, the IoT segment held the largest share in 2019, contributing to more than three-fourths of the global construction 4.0 market, due to launch of IoT-enabled smart fasteners that allow workers on-site to scan the code for documentation.
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North America held the lion's share:
By region, the market across North America held the largest share in 2019, accounting for more than two-fifths of the market, due to rise in number of small and medium enterprises in the region that demand IoT and BIM technology. However, the global construction 4.0 market across Asia-Pacific is projected to portray the highest CAGR of 19.9% during the forecast period, owing to increase in government spending on infrastructure activities.
Key market players
Opto-Mechanical Systems and Technologies Inc
ABB Ltd.
Autodesk Inc.
Mitsubishi Electric Corporation
CalAmp Corporation
Hexagon AB
Hilti Corporation
Topcon Corporation
Trimble, Inc.
Oracle 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 domain.
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