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Future of the IoT in construction Market: Strategic Analysis and Forecast to 2034
IoT in construction Market
IoT in construction Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
In recent times, the market size for IoT in construction has seen significant expansion. This market is projected to further increase from $13.59 billion in 2024 to $15.66 billion in 2025, with a compound annual growth rate (CAGR) of 15.3%. The surge in growth throughout the historic period can be credited to factors such as the implementation of building information modeling (BIM), improved safety protocols, advancements in efficiency and productivity, the emergence of smart buildings and infrastructures, as well as cost savings due to automation.
IoT in construction Market Size Forecast: What's the Projected Valuation by 2029?
Anticipated to witness accelerated expansion over the coming years, the market size for IoT in construction is projected to reach "$28.86 billion by 2029, growing at a compound annual growth rate (CAGR) of 16.5%. The expected growth within this forecast period can be attributed to advancements in 5G connectivity, escalating focus on sustainability, advancements in remote construction surveillance, enhanced collaboration platforms and interoperability, and a rising demand for touchless construction operations. Noteworthy trends anticipated during the forecast period encompass the emergence of digital twins, IoT-facilitated safety solutions, asset tracking and management, predictive maintenance for machinery, as well as data analytics for decision-making.
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What Are the Drivers Transforming the IoT in construction Market?
The surge in demand for construction and infrastructure-related tasks is anticipated to enhance the growth of the IoT in the construction market. Construction involves the assembly of assorted elements to build a structure at a specific location, based on a comprehensive design and plan. The incorporation of IoT in the construction sector helps in creating an eco-friendly plan that utilizes recycled materials and aims for zero waste. Additionally, it plays a pivotal role in enlightening the laborers about eco-friendly construction concepts. Therefore, as the demand for construction activities escalates, so does the demand for IoT in construction. For example, the Office for National Statistics reported in November 2023 that total new work in the UK's construction industry rose by $19781.69 million in 2022. This included an increase in both private and public new work by 16.8% and 13.1% respectively, compared to 2021. Consequently, the swelling demand for construction and infrastructure operations is catalyzing the advancement of the IoT in the construction market.
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What Long-Term Trends Will Define the Future of the IoT in construction Market?
IoT in construction is evolving with technological innovation. In 2023, US-based EarthCam introduced the IoT StreamCam 4K for interior retail construction. With one 4G LTE connection powering multiple low-energy devices, this system supports job site surveillance, QR code logging, and alerts for smoke, floods, and glass breakage.
Which Segments in the IoT in construction Market Offer the Most Profit Potential?
The IoT in construction market covered in this report is segmented -
1) By Type: Hardware, Software, Connectivity, Services
2) By Application: Machine Control, Site Monitoring, Fleet Management, Wearables, Other Applications
3) By End User: Residential, Non-Residential
Subsegments:
1) By Hardware: Sensors, Cameras, Wearables, RFID Tags
2) By Software: Project Management Software, Building Information Modeling (BIM) Software, Asset Tracking Software
3) By Connectivity: Cellular Networks, Wi-Fi, Low Power Wide Area Networks (LPWAN), Satellite
4) By Services: Consulting Services, System Integration Services, Maintenance And Support Services
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Which Firms Dominate the IoT in construction Market by Market Share and Revenue in 2025?
Major companies operating in the IoT in construction market include Trimble Inc., Pillar Technologies Inc., Triax Technologies, Brickeye LLC, Hilti Aktiengesellschaft, Topcon Corporation, Autodesk Inc., Oracle Corporation, Hexagon Metrology AB, Sigfox S.A., Caterpillar Inc., Losant IoT inc., Giatec Scientific Inc., WorldSensing S.L., Kore Wireless Group.Inc., Robert Bosch GmbH, Versatile Natures LLC, SiteAware Inc., SmartVid Inc., Reconstruct Inc., Rhumbix Inc., Bridgit Solutions Inc., PlanGrid Inc., Procore Technologies Inc., Fieldwire Inc., BuildingConnected Inc., Bluebeam Inc., Raken Inc., Honeywell International Inc.
Which Regions Offer the Highest Growth Potential in the IoT in construction Market?
North America was the largest region in the IoT in construction market in 2024.Asia-Pacific is expected to be the fastest-growing region in the global IoT in construction market report during the forecast period. The regions covered in the IoT in construction market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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