Dublin, Sept. 01, 2023 (GLOBE NEWSWIRE) -- The "loT In Construction Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
This comprehensive study examines how IoT-connected tools and equipment are reshaping the construction landscape, enhancing efficiency, and ensuring timely project execution.
The global IoT in construction market is projected to expand from $10.16 billion in 2022 to $11.90 billion in 2023, reflecting an impressive Compound Annual Growth Rate (CAGR) of 17.1%. Despite the setbacks caused by the Russia-Ukraine conflict, hindering global economic recovery post the COVID-19 pandemic, the IoT in the construction market is anticipated to reach $21.26 billion by 2027, with a projected CAGR of 15.6%.
Enhancing Efficiency with IoT in Construction: IoT in construction refers to the integration of internet-connected devices to optimize construction processes. By closely monitoring materials, personnel, and machinery, IoT technology minimizes man-hours, enhances safety, and maintains project timelines. This innovative approach enables real-time tracking of the condition, location, functionality, and safety of personnel, tools, and equipment.
Diverse Applications of IoT in Construction: The primary categories of IoT in construction encompass hardware, software, connectivity, and services. IoT hardware comprises essential components such as sensors, bridges, and routers, facilitating system activation, supporting specific objectives, and ensuring device security and communication. This technology finds applications in machine control, site monitoring, fleet management, wearables, and more, benefiting both residential and non-residential sectors.
Empowering Technological Advancements: Innovation is a pivotal trend driving the IoT in construction market, with major players developing cutting-edge technologies to bolster market demand. EarthCam, a US-based industry player, introduced the IoT StreamCam 4K, a game-changing innovation for retail interior construction. Leveraging a single 4G LTE data connection, this platform accommodates multiple low-power wireless devices, facilitating efficient interior development and job site monitoring. The platform's versatility extends to small add-on cameras and IoT devices for various applications, including visitor tracking, deliveries, and alerts.
Strategic Acquisitions and Growth: Siemens, a global industrial manufacturing giant, acquired Wattsense, a French hardware and software company, in 2021. This acquisition aims to accelerate the adoption of IoT systems in a broader range of structures, unlocking benefits in sustainability, comfort, and affordability. Wattsense's plug-and-play IoT management system enhances IoT adoption in small and medium-sized buildings.
Driving Factors: The escalating demand for construction and infrastructure activities is a key driver propelling the IoT in the construction market. As construction involves assembling various elements to create structures based on detailed designs, IoT technology facilitates sustainable planning through the utilization of recycled materials and zero waste concepts. This technology also plays a role in educating the workforce about sustainable construction practices, further augmenting demand.
Notably, statistics from Stats NZ Tatauranga Aotearoa, a New Zealand government data agency, indicate a 3.7% increase in building activities in March 2021. Additionally, the US Census Bureau highlights a 10.2% growth in construction activity value from $1,626.4 billion in 2021 to $1,792.9 billion in 2022.
Comprehensive Market Landscape: The IoT in the construction market encompasses offerings such as safety solutions, maintenance, resource management, concrete curing, structural health monitoring, and waste management services. This market also includes the sale of sensors, processors, and gateways facilitating these services.
Reasons to Purchase:
- Gain a comprehensive global perspective with a report encompassing 12+ geographies.
- Understand the market's response to COVID-19 and anticipate its growth trajectory as the impact of the virus subsides.
- Assess the repercussions of the Russia-Ukraine conflict on agriculture, energy, and mineral commodity supply, and its cascading effects on the market.
- Measure the influence of global inflation on market expansion.
- Craft regional and country-specific strategies using localized data and analysis.
- Identify investment-worthy growth segments.
- Outperform competitors by leveraging forecast data and understanding market drivers and trends.
- Garner insights into customer preferences through the latest market shares.
- Benchmark performance against key competitors.
- Elevate internal and external presentations with reliable data and analysis.
Key Questions Addressed:
- What are the largest and fastest-growing markets for IoT in construction?
- How does the IoT in the construction market correlate with the overall economy and similar sectors?
- What forces will shape the market's future? The global IoT in Construction market report answers these questions and more.
Major Players in IoT in Construction Market:
- Trimble Inc.
- Pillar Technologies Inc.
- Triax Technologies
- Brickeye
- Hilti Corporation
- Topcon Corporation
- Autodesk Inc.
- Oracle Corporation
- Hexagon Metrology AB
- Sigfox
- Caterpillar Inc.
- Losant IoT
- Giatec Scientific Inc.
- WorldSensing
- Kore Wireless Group
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 275 |
| Forecast Period | 2023 - 2027 |
| Estimated Market Value (USD) in 2023 | $11.9 billion |
| Forecasted Market Value (USD) by 2027 | $21.26 billion |
| Compound Annual Growth Rate | 15.6% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/d5iz61
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