IoT In Construction Market is projected to reach US$ 20.9 Bn by 2027, with CAGR 12.7% | IMARC Group

According to the latest report by IMARC Group, "Global IoT in Construction Market Size, Share, Growth, Industry Trends, Opportunity and Forecast 2023-2028", the global IoT in construction market size reached US$ 9.8 Billion in 2022. Looking forward, IMARC Group expects the market to reach a value of US$ 20.9 Billion by 2028, exhibiting a growth rate (CAGR) of 12.7% during 2023-2028.

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Year considered to estimate the market size:

• Base year of the analysis: 2022
• Historical period: 2017-2022
• Forecast period: 2023-2028

The internet of things (IoT) is a data network integrated with devices such as storage, sensors, software, and technology to connect and share data with other devices and systems through the internet connection. It provides improved efficiency, active monitoring, remote operation, tools, and equipment tracking and minimizes the risk of fatal accidents among workers. In addition, IoT is adopted to optimize resource use with technological planning while reducing costs and risks and automating hazard detection and safety monitoring on construction sites. As a result, IoT is gaining immense popularity in the construction industry across the globe.

IoT in Construction Market Trends:

The market is primarily driven by the significant expansion in the construction industry. In addition, the increasing incidences of fatal and non-fatal injuries among construction workers and the shift toward IoT devices as they allow concrete curing operations to save time and effort, is contributing to the market growth. These devices monitor humidity, moisture, wind speed, air temperature, and concrete temperature. Moreover, the widespread adoption of IoT devices for bricklaying, plastering, surveying, worker tracking, risk management, asset tracking, and construction site management represents another major growth-inducing factor.

Besides this, the increasing use of unmanned aerial vehicles (UAVs) and autonomous vehicles for surveillance and monitoring of construction projects is providing a positive thrust to the market growth. Furthermore, the escalating demand for smart wearables, such as wearable sensors, safety vests, smart helmets, and glasses, for monitoring, vital sign tracking, and fall prevention is also creating a favorable market outlook.

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IoT in Construction Market 2023-2028 Competitive Analysis and Segmentation:

Competitive Landscape With Key Players:

The competitive landscape of the global IoT in construction market has been studied in the report with the detailed profiles of the key players operating in the market.

Some of these key players include:

• Autodesk Inc.
• CalAmp
• Hilti Corporation
• International Business Machines Corporation
• Oracle Corporation
• Procore Technologies Inc.
• Ferrovial S.A.
• Giatec Scientific Inc.
• Sigfox
• Topcon Corporation
• Trimble Inc.
• WakeCap Technologies.

Key Market Segmentation:

The report has segmented the global IoT in construction market based on components, application, end user and region.

Breakup by Components:
• Hardware
• Software
• Services

Breakup by Application:
• Asset Monitoring
• Predictive Maintenance
• Fleet management
• Wearables
• Others

Breakup by End User:
• Residential
• Non-Residential

Breakup by Region:
• North America
• Asia Pacific
• Europe
• Latin America
• Middle East and Africa

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Key Highlights of the Report:

• Market Performance (2017-2022)
• Market Outlook (2023-2028)
• Market Trends
• Market Drivers and Success Factors
• Impact of COVID-19
• Value Chain Analysis
• Comprehensive mapping of the competitive landscape

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

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Key Questions Answered in This Report:
• How has the global IoT in construction market performed so far and how will it perform in the coming years?
• What has been the impact of COVID-19 on the global IoT in construction market?
• What are the key regional markets?
• What is the breakup of the market based on the components?
• What is the breakup of the market based on the application?
• What is the breakup of the market based on the end user?
• What are the various stages in the value chain of the industry?
• What are the key driving factors and challenges in the industry?
• What is the structure of the global IoT in construction market and who are the key players?
• What is the degree of competition in the industry?

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This release was published on openPR.