IOT in Construction Market 2023 Evolution by Components, Functions, Applications, Strains and Drivers 2023-2029

Growth of IOT in Construction market is scheduled to accelerate at a high CAGR of 16.8 % to reach above USD 32.01 billion by 2029.

IOT in Construction market Overview
Qualitative analysis about IOT in Construction market status (2022 to 2029), enterprise competition pattern, advantages and disadvantages of enterprise Products, industry development trends , regional industrial layout characteristics and macroeconomic policies, industrial policy has also be included. From raw materials to downstream buyers of this industry will be analysed scientifically, the feature of product circulation and sales Distribution will be presented as well.

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The comprehensive Demand analysis of the IOT in Construction market will assist in managing better product differentiation, along with detailed understanding of the core capability of each activity involved. The IOT in Construction market attractiveness analysis provided in the report aptly measures the potential value of the market providing business strategists with the latest growth opportunities.

Following are the major Companies of IOT in Construction market - Caterpillar Inc, Sigfox, Oracle Corporation, CalAmp Corp., Losant IOT, Giatec Scientific, Inc, WorldSensing, Kore Wireless, Trimble Inc., Autodesk Inc. and others.

Recent Developments
In October 2019, Trimble Inc. announced the acquisition of the US-based Azteca Systems LLC (also known as Cityworks). This acquisition will help Trimble to expand its portfolio for Architecture, Engineering, and Construction (AEC) firms and software system integrators.
In April 2019, WorldSensing expanded its footprint in the APAC region by establishing a regional office in Singapore to cater to the growing demand for oT in the construction industry.
IOT in Construction market Segmentation:
Based on the industrial chain, this report mainly indicates the definition, types, applications and major players of IOT in Construction market in details.

IOT in Construction Market by Offering, 2023-2029, (USD Million)

Hardware

Software

Services

IOT in Construction Market by Type of Project Type, 2023-2029, (USD Million)

Commercial

Residential

IOT in Construction Market by Application, 2023-2029, (USD Million)

Remote Operations

Safety Management

Fleet Management

Predictive Maintenance

Others

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Internet of Things (IoT) in construction Market Dynamics

DRIVERS: Increasing Productivity and safety due to the use of IoT on construction sites

IoT offers incredible advantages to the construction industry. The technology has already proven its merit in healthcare, manufacturing, automotive, and other industries where systems management and automation play a crucial role. With its many applications, loT has the potential to improve safety and increase productivity on construction sites.

Interconnectivity between devices and systems sync them to a central server for simplified monitoring. This allows supervisors to perform their tasks efficiently and makes them aware of all the aspects of a project. They also get to know about issues first-hand, which helps them tackle those issues quickly. IoT helps in reducing downtime and prevents machine failure. With the help of IoT, the movement, status, and progress of machinery can be controlled and reported in real-time with unprecedented precision. This connectivity is helpful to plan and coordinate other activities to increase productivity and reduce delays.

RESTRAINT: High initial cost of Internet of Things (IoT) in construction industry

Although IoT offers numerous benefits and cost savings in the construction sector, the initial cost for setting-up technology is high. For instance, the BIM software used for 3D modeling may cost between USD 3,000 to USD 5,000. The software requires a long duration of training. Apart from the software cost, the cost of training and services is also high. In some countries, wages provided to workers in the construction industry are very less. The construction companies also do not encourage the use of technology, as it increases the cost associated with the project.

OPPORTUNITIES: Growing Focus of APAC on IoT

Governments of India, China, Malaysia, and other Asian countries are spending excessively on infrastructure and construction to establish smart cities in the region. The APAC infrastructure market is expected to contribute approximately 60% to the global market by 2025, which is expected to play a positive role in driving the IoT in construction market. Governments of various Asian countries, such as Hong Kong, Singapore, and China, are making stringent laws to control accidents at construction sites. Strict rules have been imposed on those who violate these safety laws and put the worker's life at risk. As IoT offers high safety features in the construction industry, these laws are expected to provide growth opportunities to the loT in construction market of APAC in the near future.

CHALLENGES: Over-dependence on conventional methods

Digitization in the construction industry is relatively lower than that of other industries. Lack of digitization hampers productivity in the construction industry. Many times, large-scale construction projects take longer to finish than scheduled and go beyond the budget lowering financial returns for contractors. Project planning remains uncoordinated between the office and the field since the majority of the work is done on paper, which, in turn, leads to unsophisticated supply chain management. Lack of digitization also threatens the safety of workers and exposes them to possible fatality. The industry has not yet embraced new technologies that need upfront investment, even if the long-term benefits are significant. R&D spending in the construction industry runs way behind that of the other industries, which might be the challenge for the players present in the loT in construction market.

IOT in Construction market Regional Analysis:

IOT in Construction market research targets on volume and value at regional Opportunity and company Trends From a global perspective, this report Study represents overall market analysed on historical data and future growth Aspects. Geographically, IOT in Construction market report focuses on following key regions: Americas, Europe, Asia-Pacific, Middle East & Africa and ROW.

Growth Market Overview:
Digital transformation of IOT in Construction industry verticals requires broadband services, thereby promoting growth. For instance, increasing online commerce for retail goods and services, digitalization of hospital records, e-government initiatives, and rapidly rising platforms for media and entertainment content are notably augmenting the market growth. Wireless technology holds immense potential in accelerating the global digital revolution across verticals through productivity enhancements and cost-effectiveness.

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Top Change Bringing Technologies

Industrial Internet of Things
Artificial Intelligence
Just in Time
Smart Packaging
Additive Manufacturing
Predictive Maintenance

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