loT in Construction Market| Key players operating in the market include Caterpillar Inc., Oracle Corporation, Hitachi Ltd., CalAmp Corp, Sigfox

According to recent market research the "loT in Construction Market by Type (Elevators, Escalators, Moving walkways), Service(New installation, Maintenance & Repair, and Modernization), Elevator Technology (Traction, Machine-Room-Less, & Hydraulic), & End-use Industry - Global Forecast to 2026", The global IoT in Construction market size is projected to grow from USD 12,364.7 million in 2022 to USD 26,534.7 million by 2027, at a CAGR of 16.5% from 2022 to 2027. The increase in safety concerns and productivity at construction site, rapid urbanization in developing countries are the most significant factors projected to drive the growth of the IoT in construction market.

Browse 178 market data Tables and 48 Figures spread through 198 Pages and in-depth TOC on "loT in Construction Market - Global Forecast to 2027"
View detailed Table of Content here - https://www.marketsandmarkets.com/Market-Reports/iot-construction-market-214544022.html

Exceptional improvements in productivity are witnessed in the commercial construction segment with the implementation of IoT. For example, survey work that used to involve at least two workers to cover several hundred points every day while progressing just a couple of meters at a time is now completed in less than an hour by the use of drones and loT. The 3D survey data acquired from the drones have very high accuracy related to territory measurement. There are also advantages from a safety standpoint, which is highly beneficial for the construction sector. loT tracks workers and triggers safety alarm when they enter into a danger zone. It is a possibility that the cost of a construction project may increase due to external factors such as humidity levels and density. However, with the use of IoT, the project can be managed seamlessly, and the cost associated with the project can also be controlled. Leading player in the market, Giatec Scientific Inc. (Canada), has served many construction companies with its products. In a major bridge construction project in the US and 350,000 square foot transit facility for the city of Edmonton in Canada, the company helped adopt loT.

The I0T in construction market, in terms of offering, is segmented as hardware, software, and services, where the software segment accounts for the largest market share and services is the fastest-growing segment. Companies offer a wide range of software solutions to the construction industry that helps in tracking loT devices and extract the collected data. Some of these solutions provide information such as the location of their employees and their performance at the site, which helps the project managers or contractors to increase productivity at the job site. For instance, the US-based technology giant Oracle Corporation offers Oracle Primavera that provides numerous benefits to the employer and assists them in better decision-making. One of the major reasons behind the high market share of the software segment is the growing adoption of Building Information Model (BIM) across the globe.

Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=214544022

Factors such as poor site coordination, improper planning, shortage of labors, and slow decision-making process result in the frequent delay of projects in the construction industry. The use of loT at the construction site will help resolve these problems. IoT keeps the site connected between workers, equipment, and machinery and helps the project manager in real-time monitoring of the construction site. Real-time monitoring helps managers track labor hours & location and the progress of the project, saves fuel & energy cost, and avoids project delays.

APAC is one of the emerging and fastest-growing markets for IoT in construction. This growth can be attributed to the rising investments in the infrastructure and construction domains. China, Japan, and South Korea have considerable demand for loT. This is owing to the increasing development of infrastructure and construction industries in the region. Several countries including China, Japan, South Korea and many other countries are finding increase in urbanization, which is driving the construction and infrastructure industry which in turn is driving the implementation of IoT in construction industries.

For more Details Speak to Our Analyst @ https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=214544022

The major players operating in the IoT in construction market include Caterpillar Inc. (US), Sigfox (France), Oracle Corporation (US), CalAmp Corp. (US), Losant IoT (US), Giatec Scientific, Inc. (Canada), WorldSensing (Spain), Kore Wireless (US), Trimble Inc. (US), and Autodesk Inc. (US). These companies have a strong presence in the market and are undertaking initiatives to improve their business strategies and product portfolios.

Caterpillar Inc. (US) is an established company in the global IoT in construction market. The company has a strong market presence in North America and Europe. As a part of its growth strategy, the company is more inclined toward implementing partnership. In February 2018, the company made a deal with AT&T for supplying IoT connectivity and management services across the company's international markets.

Autodesk Inc. (US) is one of the key players in the IoT in construction market. The company lays great emphasis on conducting research and development activities to meet the requirements of various end-use industries. As a part of its growth strategy, the company is highly focused on the strategy of new product launch. In November 2019, the company unveiled Autodesk Construction Cloud at Connect & Construct Summit in the US. This system works on three core elements, namely, advanced technology, builders' network, and predictive insights.

Contact:

Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: 1-888-600-6441
Email: newsletter@marketsandmarkets.com
Press Release: https://www.marketsandmarkets.com/PressReleases/iot-construction.asp
Research Insights: https://www.marketsandmarkets.com/ResearchInsight/iot-construction-market.asp

About MarketsandMarkets™

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

This release was published on openPR.