Portland,OR, April 13, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “IoT in Construction Market by Application (Asset monitoring, Predictive maintenance, Fleet management, Wearables, Others), by End User (Residential, Non-residential), by Component (Hardware, Software, Services, Connectivity): Global Opportunity Analysis and Industry Forecast, 2021-2031”. According to the report, the global IoT in construction market generated $11,156.4 million in 2021, and is anticipated to generate $44,215.7 million by 2031, witnessing a CAGR of 14.6% from 2022 to 2031.
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Prime determinants of growth
Efficient safety management on construction sites is required as working in the construction sector involves a lot of labor and is dangerous. The inclusion of IoT in construction with the use of smart wearables such as smart glasses, wearable sensors, safety vests, wearables, and smart helmets enables real-time safety management on sites. In addition, productivity is increased by using sensors, drones, CCTV cameras, and radio-frequency Identification (RFID) tags, IoT-based solutions link construction sites driving the growth of the global IoT in construction market. However, Data processing and maintenance involving connected IoT devices are vulnerable to coordinated and targeted cyberattack challenges hampering the IoT in construction market growth. In addition, the integration of robotic technologies in the construction industry assists in reducing dependency on human labor for construction activities are expected to offer remunerative opportunities for the expansion of the IoT in construction market during the forecast period.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2022 |
| Market Size in 2021 | $11,156.4 million |
| Market Size in 2031 | $44,215.7 million |
| CAGR | 14.6% |
| No. of Pages in Report | 220 |
| Segments covered | Component, Application, End user and Region. |
| Drivers | Efficient safety management on construction sites. Labor shortages on construction sites Increased efficiency and productivity on construction sites. |
| Opportunities | Robotics in construction Resource and waste optimization |
| Restraints | Increased security threats in connected devices |
Covid-19 Scenario
- Due to the COVID-19 pandemic and the subsequent global lockdowns, the IoT in construction market faced a downturn.
- However, as the global situation started ameliorating, the demand for IoT-based solutions was restored back. This, in turn, presented various growth opportunities for companies operating in the IoT in construction market.
The predictive maintenance segment to maintain its leadership status throughout the forecast period
Based on application, the predictive maintenance segment held the highest market share in 2021, accounting for more than one third of the global IoT In construction market revenue and is estimated to maintain its leadership status throughout the forecast period, owing to a rise in the use of systems to monitor the condition and performance of a machine or equipment. However, the wearables segment is projected to manifest the highest CAGR of 16.0% from 2022 to 2031, owing to increasing demand for smart watches, smart helmets, wearable sensors, smart eyewear to prevent accidents on construction sites.
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The non-residential segment to maintain its leadership status throughout the forecast period
Based on end user, the non-residential segment held the highest market share in 2021, accounting for more than two-fifth of the global IoT In construction market revenue, and is estimated to maintain its leadership status throughout the forecast period, owing to rising demand for commercial constructions such as schools, malls, IT parks, and others. However, the residential segment is projected to manifest the highest CAGR of 15.4% from 2022 to 2031, owing to rising population and increasing demand for houses and apartments.
The hardware segment to maintain its lead position during the forecast period
Based on component, the hardware segment accounted for the largest share in 2021, contributing to more than one-third of the global IoT In construction market revenue, as owing to the ease of implementation hardware products. However, the services segment is expected to portray the largest CAGR of 15.8% from 2022 to 2031. This is owing to increasing demand for maintenance of the consulting, and system integration in construction industry.
Asia-Pacific to maintain its dominance by 2031
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2021, accounting for more than one-third of the global IoT In construction market revenue, and is also expected to witness the fastest CAGR of 15.5% from 2022 to 2031, owing to rising construction and infrastructure sectors in developing countries such as India, Japan, China, and others.
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Leading Market Players: -
- ADVANCED OPTO-MECHANICAL SYSTEMS AND TECHNOLOGIES INC.
- AUTODESK, INC.
- CALAMP CORPORATION
- HEXAGON AB
- HILTI CORPORATION
- ORACLE CORPORATION
- PILLAR TECHNOLOGIES, INC.
- TOPCON CORPORATION
- TRIAX TECHNOLOGIES, INC.
- TRIMBLE, INC.
The report provides a detailed analysis of these key players of the global IoT in construction market. These players have adopted different strategies such as new product launches, collaborations, expansion, acquisition, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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