Portland,OR, March 15, 2023 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global construction 4.0 market was valued at $11.8 billion in 2021, and is projected to reach $62.1 billion by 2031, registering a CAGR of 17.7% from 2022 to 2031. The report provides a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and evolving market trends. The market study is a helpful source of information for the frontrunners, new entrants, investors, and shareholders in crafting strategies for the future and heightening their position in the market.
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Report coverage & details:
| Forecast Period | 2022–2031 | |
| Base Year | 2021 | |
| Market Size in 2021 | $11.8 Billion | |
| Market Size in 2031 | $62.1 Billion | |
| CAGR | 17.7% | |
| No. of Pages in Report | 228 | |
| Segments Covered | Solution, Technology, Application, End User and Region. | |
| Drivers | Growth of the commercial and residential construction industry | |
| Use of technologies, such as the internet of things (IoT), artificial intelligence, and others, in the construction industry | ||
| Restraints | Lack of skilled workers and human resources in developing nations | |
| Opportunities | Focus on adopting new construction-related technologies, such as IoT, robot, BIM, and others |
Covid-19 scenario-
- Several restrictions on industrial activities during the pandemic impacted the global construction 4.0 market negatively.
- The supply chain of raw material of construction 4.0 was hampered during the outbreak of the pandemic. This led to disperuption of the construction 4.0 market and eventually retrained the growth of the market. However, the market has now got back on track by the end of 2021.
The global construction 4.0 market is analyzed across solution, technology, application, end user, and region. The report takes in an exhaustive analysis of the segments and their sub-segments with the help of tabular and graphical representation. Investors and market players can benefit from the breakdown and devise stratagems based on the highest revenue-generating and fastest-growing segments stated in the report.
By solution, the hardware segment held the largest share in 2021, garnering nearly half of the global construction 4.0 market revenue, and is projected to maintain its dominance by 2031. The services would showcase the fastest CAGR of 18.5% during the forecast period.
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By technology, the IoT segment contributed to nearly 75% of the global construction 4.0 market share in 2021, and is projected to rule the roost by 2031. Artificial intelligence would display the fastest CAGR of 21.6% throughout the forecast period.
By application, the asset monitoring segment accounted for the highest share in 2021, generating nearly 25% of the global construction 4.0 market revenue. The wearables segment would portray the fastest CAGR of 20.2% during the forecast period.
By end user, the non-residential segment accounted for the highest share in 2021, generating nearly 65% of the global construction 4.0 market revenue. The residential segment would portray the fastest CAGR of 18.6% during the forecast period.
By region, the market across North America held the major share in 2021, garnering nearly half of the global construction 4.0 market. Asia-Pacific, on the other hand, would showcase the fastest CAGR of 20.3% from 2022 to 2031.
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Leading Market Players:
The key market players analyzed in the global construction 4.0 market report include Advanced Opto-Mechanical Systems and Technologies Inc, ABB Ltd, Autodesk Inc, CalAmp Corporation, Hexagon AB, Hilti Corporation, Mitsubishi Electric Corporation, Oracle Corporation, Topcon Corporation, and Trimble, Inc. Major companies in the market have adopted product launch, acquisition and partnership as their key developmental strategies to offer better products and services to customers in the construction 4.0 market.
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