Author: Vikas Kumar
14 January 2023
The IoT in Construction Market is expected to grow at a strong CAGR of around 15% owing to the growing construction industry due to quick urbanization and the increased productivity and safety due to the use of IoT in the construction site. Moreover, factors such as the ability of IoT to assist real-time business owners in tracking and generating a clear plan of complex budgeting in a single step, the growing use of smart technologies such as sensors, RFID tags, building information modeling, augmented reality, and the rising need for digital construction due to industry 4.0 are also influencing the growth of the IoT in construction market. Further, the IoT in construction market is segmented by offerings, applications, and project types.
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Based on offering, the market is classified into hardware, software, and services. The software segment catered to a significant share of the IoT in construction market in 2020 mainly owing to the increased investment of the market player into the development of the software. Further, IoT software addresses key areas of connectivity and action through embedded systems, platforms, partner systems, and middleware. The increasing usage of analytics for better decision-making is further driving the growth of this segment.
Based on application, the market is divided into remote operations, safety management, fleet management, predictive maintenance, and others. The demand for remote operations is comparatively higher. The increasing use of IoT for machine control and real-time monitoring is responsible for the high market share of remote operations applications. Moreover, factors such as the remote use of IoT enables the delivery of data from connected products and other assets, reduces outages, enables wearable computing, enables operations, and reduces risk in hazardous environments are also helping the remote operations segment to grow.
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For a better understanding of the market adoption of the IoT in the construction industry, the market is analyzed based on its worldwide presence in the countries such as North America (The United States, Canada, and the Rest of North America), Europe (Germany, The United Kingdom, France, Italy, Spain, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. North America captured a prominent share of the market in 2020. The high adoption of IoT in the construction industry by several OEMs and the presence of major key players having their operation in IoT in construction market are some of the factors driving the market growth in North America. Moreover, increasing implementation of IoT technological advancements and rising construction projects are some of the other key factors driving the market growth in the region.
Some of the major players operating in the market include Caterpillar Inc., Oracle Corporation, Hitachi Ltd., CalAmp Corp., Autodesk Inc., Trimble Inc., Hexagon AB, Topcon Corporation, WakeCap Technologies, and KORE Group Holdings Inc.
Global IoT in Construction Market Segmentation
Market Insight, by Offering
Market Insights, by Application
Market Insights, by Project Type
Market Insight, by Region
Top Company Profiles
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