Portland, OR, Nov. 16, 2020 (GLOBE NEWSWIRE) -- According to the report, the global IoT in Construction market generated $ 8.17 billion in 2019, and is expected to generate $19.03 billion by 2027, witnessing a CAGR of 14.0 % from 2020 to 2027. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and wavering market trends.
Efficient safety management on construction sites, rise in productivity, and labor shortage proliferate the growth of the global IoT in Construction Market. On the other hand, increase in security threats in connected devices restrains the market growth. Nevertheless, robotics in construction and resource and waste optimization are anticipated to offer a number of opportunities to the market players.
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Covid-19 Scenario-
- The outbreak of Covid-19 has immensely impacted the market growth. The international trade was terminated and lockdowns were elongated in several regions.
- At the same time, the construction processes across the world were suspended.
- Nevertheless, the government bodies in various regions have eased off the relaxations, thereby allowing the industries to proceed further.
The global IoT in construction market is classified on the basis of application, end user, component, and region. Based on application, the market is further segmented into machine control, site monitoring, fleet management, wearable, and others. The asset monitoring segment held the largest market share in 2019, accounting for nearly one-third of the total share of the market. The segment is estimated to rule the roost throughout the forecast period. On the other hand, the wearable segment is estimated to manifest the highest CAGR of 19.1% from 2020 to 2027.
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Based on component, the hardware segment accounted for the highest market share, contributing to more than one-third of the total market share of the global market in 2019. Furthermore, the segment is anticipated to lead the trail by 2027. At the same time, the connectivity segment is estimated to grow at the largest CAGR of 15.8% during the forecast period. The report also analyzes segments including software and services.
Based on region, Asia-Pacific contributed to the highest market revenue share with more than two-fifths of the total share in 2019. The region would dominate the market throughout the forecast period. On the other hand, the market across LAMEA is estimated to showcase the highest CAGR of 16.9% from 2020 to 2027. The market report also involves regiosns including North America and Europe.
The frontrunners profiled in the report include Triax Technologies, Inc., AOMS Technologies, Topcon Corporation, Trimble, Inc., Pillar Technologies Inc., Hilti Corporation, Autodesk, Inc., Oracle Corporation, Hexagon AB, and CalAmp Corporation.
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