Dublin, Oct. 25, 2024 (GLOBE NEWSWIRE) -- The "Construction Site Monitoring System Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
This Construction Site Monitoring System industry report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography. 
The construction site monitoring system market size has grown rapidly in recent years. It will grow from $1.82 billion in 2023 to $2.11 billion in 2024 at a compound annual growth rate (CAGR) of 16%. The growth during the historic period can be attributed to increased demand for building materials, a growing need for remote monitoring of construction sites to enable immediate communication, advancements in construction site monitoring systems, government investments in infrastructure, and rising urbanization.
The construction site monitoring system market size is expected to see rapid growth in the next few years. It will grow to $3.85 billion in 2028 at a compound annual growth rate (CAGR) of 16.3%. The growth during the forecast period can be attributed to the rising need for real-time data, enhanced safety management, and improved operational efficiency. Additionally, the increasing use of drones for aerial surveillance and data collection, growing demand from the construction industry, heightened focus on worker safety, and the rising demand for environmentally friendly construction practices contribute to this growth.
Major trends in the forecast period include advancements in technology, the emergence of new entrants in construction site monitoring systems, the integration of artificial intelligence (AI) and machine learning (ML), the adoption of cloud-based solutions, and the expanding use of 5G connectivity for real-time data transmission.
The anticipated growth of the construction site monitoring system market is closely linked to the expansion of the construction industry. This sector encompasses the planning, design, development, and maintenance of buildings and infrastructure. The industry's growth is driven by the need for enhanced safety, increased productivity, real-time project tracking, and cost control, along with the growing importance of regulatory compliance and the desire to minimize risks and delays. For example, Eurostat reported in February 2024 that average annual building production in the European Union and the euro region grew by 0.1% and 0.2%, respectively, from 2022. Additionally, the United States Census Bureau reported in December 2021 that the value of US construction activities rose from $1.62 trillion in 2021 to $1.79 trillion in 2022, reflecting a 10.2 percent growth rate. This expansion in the construction industry is driving the growth of the construction site monitoring system market.
Key players in the construction site monitoring system market are focused on developing advanced solutions, such as software-as-a-service (SaaS) systems, to enable remote monitoring and support data-driven decision-making, thereby improving site safety, productivity, and project outcomes. For instance, in June 2024, Neilsoft Pvt. Ltd., an engineering firm based in India, launched ConstructMonitor, a SaaS platform that employs a building information modeling (BIM) approach. ConstructMonitor integrates various stakeholders through a shared data environment (CDE) and addresses deviations from BIM models during construction, a challenge despite the growing adoption of BIM. The platform utilizes LiDAR-enabled devices and terrestrial 3D laser scanners to compare actual site conditions with BIM data.
In April 2024, Hexagon AB, a Swedish industrial technology company, acquired Xwatch Safety Solutions Ltd. The acquisition enables Hexagon to expand the reach of Xwatch's advanced safety technologies, significantly enhancing worker safety on a global scale. Xwatch Safety Solutions Ltd., based in the UK, specializes in cutting-edge safety technologies for the construction industry.
Markets Covered:
1) By Type: Hardware; Software
2) By Application: Bridge Construction; Road Construction; Building Construction; Other Applications
3) By End-User: Residential; Non-Residential
Key Companies in the Construction Site Monitoring System Market: Autodesk Inc.; Trimble Inc.; Procore Technologies Inc.; Stealth Monitoring Inc.; VPS Holdings Ltd.
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita.
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 175 |
| Forecast Period | 2024-2028 |
| Estimated Market Value (USD) in 2024 | $2.11 Billion |
| Forecasted Market Value (USD) by 2028 | $3.85 Billion |
| Compound Annual Growth Rate | 16.3% |
| Regions Covered | Global |
Companies Featured
- Autodesk Inc.
- Trimble Inc.
- Procore Technologies Inc.
- Stealth Monitoring Inc.
- VPS Holdings Ltd.
- Sonitrol Corporation
- ECAMSECURE
- PlanRadar GmbH
- Buildots Ltd.
- Open Space Labs Inc.
- Fieldwire by Hilti
- Wireless CCTV LLC
- OT Systems Ltd.
- HoloBuilder Inc.
- Fedora Intertech LLC
- SentriForce
- Worldsensing Ltd.
- Sensera Systems Inc.
- Sigicom Inc.
- STROPS Technologies
- Night Hawk Monitoring
For more information about this report visit https://www.researchandmarkets.com/r/l3vbow
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