Vancouver, Oct. 19, 2023 (GLOBE NEWSWIRE) -- The global Internet of Things (IoT) in construction market size is expected to reach USD 47.68 Billion in 2032 and register a steady CAGR over the forecast period, according to latest analysis by Emergen Research. This robust market revenue growth can be attributed to rapid urbanization and growth in the construction industry in developing countries. Increasing investment for deployment of smart technologies such as building information modeling, sensors, Radio Frequency Identification (RFID) tags, drones, and augmented reality in construction and infrastructure projects in developed countries is expected to boost growth of IoT technology in the construction industry.
Ability of Building Information Modelling software to build a digital model of a project based in real-time maintenance and construction data is contributing significantly to deployment in the construction industry. Rising need to reduce project costs is driving demand for IoT devices as these help site managers keep track of daily expenses and monitor resource-efficiency of construction by tracking assets and supply. Stringent government regulations regarding waste management at construction sites is also boosting utilization of IoT solutions in the construction industry, some of which include sensor-based tools that are used for monitoring on-site trash levels.
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Emergence of Artificial Intelligence (AI) and Machine Learning (ML) is expected to play a significant role in the construction industry owing ability to leverage generated data, which can then be transformed into tangible insights that are perfectly suited to the industry. Construction companies are increasingly utilizing AI and ML to analyze information on stock levels, schedules, and project-specific data such as weather or other natural occurrences, which help in making better and well-informed decisions and prevent in making mistakes in future.
Advanced technologies provide more accurate insights regarding the number of workers and other resources engaged in projects, which also helps to minimize costs and waste volumes generated and ensures projects are more efficient and cost-efficient.
Scope of Research
| Report Details | Outcome |
| Market size in 2020 | USD 8.52 Billion |
| CAGR (2023–2032) | 15.5% |
| Revenue forecast in 2032 | USD 47.68 Billion |
| Base year for estimation | 2020 |
| Historical data | 2018–2019 |
| Forecast period | 2023–2032 |
| Quantitative units | Revenue in Billion, revenue share (%) and CAGR (%) |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments covered | Components, application, end-use and region |
| Regional scope | North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
| Country scope | U.S., Canada, Mexico, Germany, France, U.K., BENELUX, Italy, Spain, Rest of Europe, China, Japan, South Korea, India, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Rest of MEA |
| Key companies profiled | Caterpillar Inc., Autodesk, Oracle Corporation, Trimble, KORE Wireless Group, WorldSensing, Giatec Scientific Inc., Losant IoT, Sigfox, and CalAmp |
| Customization scope | 10 hours of free customization and expert consultation |
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MAJOR COMPANIES and Competitive Landscape
The global IoT in construction market is consolidated with a limited number of players accounting for majority market revenue. Companies are focusing on strategic expansions into untapped markets and on research and development initiatives to develop more advanced IoT technology for application in the construction industry in order to secure and maintain a robust position in the rapidly growing market. Some prominent players operating in the global Internet of Things (IoT) in construction market are:
- Caterpillar Inc.
- Autodesk
- Oracle Corporation
- Trimble
- KORE Wireless Group
- WorldSensing
- Giatec Scientific Inc.
- Losant IoT
- Sigfox
- CalAmp
Strategic development
In August 2020, CalAmp, which is a global technology solutions pioneer transforming the mobile connected economy, announced the extension of its relationship with Caterpillar Inc. in order to facilitate the company’s continued expansion of connected assets, which include the migration of existing fleets to 4G LTE. CalAmp is expected to support the construction and industrial customers of Caterpillar by delivering 4G devices, which includes replacement devices in order to accelerate the migration of connected assets of Caterpillar to more ubiquitous connectivity, including LTE.
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Some Key Highlights From the Report
- In February 2020, Giatec, which is a world leader in concrete testing technology announced the launch of SmartRock, which is expected to be the World’s most powerful concrete sensor on the market. It is the leading concrete maturity sensor, which helps in more accurate monitoring of concrete curing and hardening.
- Software segment accounted for largest revenue share in 2020. Increasing adoption of Building Information Modeling software, which enables building a digital model of a project based on real-time construction and maintenance data is boosting deployment of and demand for software.
- Remote operations segment revenue is expected to expand at a rapid CAGR during the forecast period. Increasing utilization of IoT in the construction sector for real-time asset tracking, real-time waste management, and remote monitoring at the construction site is a key factor driving revenue growth of the remote operations segment.
- Commercial segment accounted for a significantly large revenue share in the IoT in construction market in 2020. Construction and infrastructure majors and developers are increasingly deploying IoT-enabled building management systems coupled with smart building analytics, which has been contributing significantly to rising demand for IoT technology in the construction of commercial buildings, and the trend is expected to continue going ahead.
- North America accounted for largest revenue share contribution to the global IoT in construction market in 2020. Presence of major players in countries in the region is expected to continue to drive growth of IoT technology in construction industry in the region during the forecast period.
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Emergen Research has segmented the global Internet of Things (IoT) in construction market on the basis of components, application, end-use, and region:
- Components Outlook (Revenue, USD Billion; 2019–2032)
- Software
- Hardware
- Services
- Application Outlook (Revenue, USD Billion; 2019–2032)
- Fleet Management
- Predictive Management
- Safety Management
- Remote Operations
- Others
- End-use Outlook (Revenue, USD Billion; 2019–2032)
- Residential
- Commercial
- Regional Outlook (Revenue, USD Billion; 2019–2032)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- BENELUX
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- Japan
- South Korea
- India
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Rest of MEA
- North America
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