IoT in Construction Market Expected to Reach US$ 20.9 Bn, Globally, by 2028 at 12.7% CAGR

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.

Download free sample brochure: https://www.imarcgroup.com/iot-in-construction-market/requestsample

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.

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.

Checkout Now: https://www.imarcgroup.com/checkout?id=5408&method=1

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

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

Ask Analyst for 10% Free Customized Report: https://www.imarcgroup.com/request?type=report&id=5408&flag=C

Key highlights of the report:
• Market Performance (2017-2022)
• Market Outlook (2023-2028)
• Porter's Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

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

Media Contact:
Company Name: IMARC Group
Contact Person: Elena Anderson
Email: sales@imarcgroup.com
Phone: +1-631-791-1145
Address: 134 N 4th St
City: Brooklyn
State: NY
Country: United States

About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.

This release was published on openPR.