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A recent report published by Infinium Global Research on IoT in construction market provides in-depth analysis of segments and sub-segments in the GCC as well as regional IoT in construction market. The study also highlights the impact of drivers, restraints, and macro indicators on the GCC and regional IoT in construction market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of GCC IoT in construction market. According to the report, the GCC IoT in construction market is projected to grow at a CAGR of 16% over the forecast period of 2021-2027.
The construction industry is one of the leading sectors in the GCC countries. As the technologies develop, the construction companies are adopting them to improve productivity. Technologies such as AI, IoT, and Big Data address various problems in the construction industry such as inefficiencies and low productivity. Advancements in IoT are driving its adoption in various industries such as construction. IoT is used for different applications in construction such as asset monitoring, safety management, fleet management, predictive maintenance, and others. IoT in construction helps in controlling operational costs, boosts productivity, and improves project management efficiencies. Activities in the construction industry such as plastering, bricklaying, surveying, construction site management, asset tracking, worker tracking, and risk management are enhanced with the help of IoT in construction.
The spread of the COVID-19 pandemic had a severe impact on the construction industry. The governments in GCC imposed nationwide lockdowns that compelled the businesses to reduce or shut down their operations. Several ongoing construction projects were abandoned and future projects were postponed during the pandemic. Moreover, shortage of labor and disrupted supply chains were some of the other issues faced by the construction industry over the period of pandemics. Such problems hampered the revenues of the industry and reduced the spending power of the construction companies. Thus, the demand and sale of IoT solutions for construction dropped significantly during the pandemic. Nevertheless, the market is expected to restore back to its normal state over the long term, as the construction projects restart post-covid.
The problems faced by the construction industry such as lower labor productivity and the labor shortage are majorly driving the market. Adoption of IoT and automation help in reducing human efforts, construction cost, and project time period, which in turn, improves the productivity of construction companies. Moreover, the increasing number of construction projects across the GCC countries due to rapid urbanization is further propelling the growth of the market. The growing urban population results in the expansion of the cities by constructing buildings on their outskirts. However, the higher installation cost of IoT-enabled devices in the construction industry is anticipated to majorly hamper the growth of the IoT in the construction market. Nevertheless, the adoption of advanced technologies such as AI and 5G in construction equipment is anticipated to boost the market in the future.
In terms of country, Saudi Arabia generated the highest revenue in the GCC IoT in the construction market. Saudi Arabia dominated the GCC IoT in the construction market and is expected to keep the dominant position over the forecast period. The dominance of Saudi Arabia is majorly attributed to the growing adoption of technically advanced products among the end-users. Moreover, rising commercialization and the progress in the construction industry in Saudi Arabia augments the growth of the IoT in the construction market in the country. Additionally, the UAE IoT in the construction market is estimated to grow at the highest CAGR over the forecast period. The adoption of IoT technology is expected to increase in the UAE over a short period due to the entry of several international manufacturers. Furthermore, the developing economies in GCC including Bahrain, Kuwait, and Oman are generating huge demand for the construction sector and IoT in construction.
The report on GCC IoT in construction market covers segments such as component, application, and end users. On the basis of component, the sub-markets include hardware, software, and services. On the basis of application, the sub-markets include asset monitoring, safety management, fleet management, predictive maintenance, and others. On the basis of end users, the sub-markets include residential, and commercial.
The report provides profiles of the companies in the market such as Smart IoT LLC, Wakecap Technologies, Trimble Solutions Middle East, Topcon Positioning Middle East and Africa FZE (TPMA), Hilti Emirates LLC, Autodesk Middle East, and Procore Technologies, Inc..
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of IoT in construction market. Moreover, the study highlights current market trends and provides forecast from 2021-2027. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.
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