IoT Revolutionizes Construction Industry, Market Set to Surge to $24.74 Billion by 2029

In a transformative wave, the Internet of Things (IoT) is reshaping the construction industry, propelling it into a new era of efficiency and safety. According to a recent report, the IoT in Construction Market, valued at $10.07 billion in 2022, is projected to reach an impressive $24.74 billion by 2029, boasting a remarkable Compound Annual Growth Rate (CAGR) of 13.7%.

Urbanization and IoT Synergy

As urbanization and population density continue to rise, the construction industry is emerging as a pivotal force in global development, contributing 13.2% to the global GDP by the end of 2022. The integration of IoT technologies into construction operations is proving to be a game-changer, enabling companies to enhance safety, performance, and sustainability. The utilization of smart technologies such as sensors, RFID tags, virtual reality, and building information modeling is revolutionizing risk identification, resource efficiency, and overall project management.

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IoT in Construction Market Report Scope and Research Methodology:

The growth of different segments in the IoT in Construction market helps to identify the key growth factors and develop strategies to target core application areas and fill the gaps in the target market.

The report provides an in-depth analysis of the IoT in Construction market, including meaningful insights, facts, historical data, and statistically supported and industry-validated market statistics. It also includes estimates based on an appropriate set of assumptions and methodologies. A bottom-up approach was used to estimate the IoT in Construction market size.

Key players in the IoT in Construction industry were identified through secondary research, and their market revenues were determined through primary and secondary research. The report also covers mergers and acquisitions, strategic alliances, joint ventures, and partnerships happening in the IoT in Construction market by region, by investment, and their strategic intent.

IoT in Construction Market Regional Insights:

The global IoT in Construction market is divided into five regions: Europe, North America, Asia-Pacific, the Middle East and Africa, and Latin America. The report provides regional analysis with the IoT in Construction market size of each region.

The country-level analysis examines a variety of market factors that are expected to influence current and future IoT in Construction market trends, as well as changes in market regulations at the country level. Some of the key factors used to forecast the IoT in Construction market situation in each country include consumption, production location and volume, import/export analysis, pricing analysis, raw material prices, and upstream and downstream value chain analysis.

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IoT in Construction Market Segmentation:

Because more businesses are investing in the creation of software that can represent a range of parameters, the software segment is anticipated to grow at a faster CAGR during the forecast period. Additionally, the growing use of analytics to enhance decision-making will increase demand in the segment.

In July 2022, American company Triax Technologies introduced its Intrinsically Safe (IS) version of its Internet of Things solution, designed for use on building sites. The IS version is accessible on the Proximity Trace hardware devices, which include touch tracing and social distancing technologies on construction sites, and the Spot-r network during the COVID-19 pandemic.

The Remote Operations segment is anticipated to grow at a CAGR during the forecast period due to the growing adoption of IoT in the application for real-time monitoring and machine control. Moreover, wearable computing, fewer outages, safer operations in hazardous environments, and the transmission of data from connected products and other properties are all made possible by the use of IoT in remote operations. These two elements would support the segment's growth.

IoT in Construction Market Key Players are:

1. Caterpillar Inc.
2. Sigfox
3. Oracle
4. CalAmp Corp
5. Losant IoT
6. Giatec Scientific, Inc.
7. WorldSensing
8. Kore Wireless
9. Trimble Inc.
10. Autodesk Inc
11. Triax technologies
12. Trimble, Inc.
13. Pillar Technologies Inc.
14. AOMS Technologies
15. Topcon Corporation
16. Hilti Corporation

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Key Questions answered in the IoT in Construction Market Report are: 

  • What is the forecast period?
  • What is the expected IoT in Construction market size by the end of the forecast period?
  • What are the IoT in Construction market segments?
  • Which segment in the IoT in Construction market is expected to grow rapidly during the forecast period?
  • Which are the prominent players in the IoT in Construction market?
  • What key trends are expected to emerge in the IoT in Construction market during the forecast period?

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