A recent report published by Infinium Global Research on IoT in Construction Market provides in-depth analysis of segments and sub-segments in the global as well as regional IoT in Construction Market. The study also highlights the impact of drivers, restraints, and macro indicators on the global 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 global IoT in Construction Market. According to the report, the global IoT in Construction Market is projected to grow at a CAGR of 16% over the forecast period of 2021-2027, growing from nearly USD 8.6 billion in 2020 to about USD 24 billion in 2027.

Market Insight

Construction is one of the largest contributors to the global economy. Advanced technologies are been adopted rapidly over the past few years. Technologies such as AI, IoT, and Big Data deal with the inefficiencies and low productivity in the construction industry. Developments in IoT are expanding their application in sectors such as construction. IoT in construction is used in various applications such as asset monitoring, safety management, fleet management, predictive maintenance, and others. IoT in construction reduces operational costs, enhances productivity, and improves project management efficiencies. Construction activities such as plastering, bricklaying, surveying, construction site management, asset tracking, worker tracking, and risk management are optimized with the help of IoT in construction.  

The outbreak of the COVID-19 pandemic affected the technology industry fairly positively. Many governments in the world imposed lockdowns across their respective jurisdiction that compelled the citizens to stay inside their homes. Consumers avoided visiting outdoors and adopted modern technologies to carry out various day-to-day functions. Similar to the consumers, industries such as construction also adopted modern technologies to automate their business functions and improve productivity. IoT is one of the technologies used by the construction industry to automate business functions. IoT in construction helped end-users to address problems during the pandemic such as labor shortage, disrupted supply chain, and inventory management. However, demand for IoT from the construction industry dropped significantly as many construction projects were abandoned or postponed and during the pandemic. This, in turn, hampered the growth of the IoT in the construction market over the period of pandemics. Nevertheless, the market is expected to bounce back over the long term, as the construction projects restart.

The adoption of IoT in the construction sector owing to lower labor productivity and the labor shortage is majorly driving the market. IoT and automation assists in reducing human efforts, construction cost, and project time period, which in turn, increases productivity in the construction industry. Moreover, growing construction projects across the developing regions due to rapid urbanization is augmenting the growth of the market. The rise in the urban population leads to the expansion of the cities by constructing buildings on the outskirts of cities. However, the higher installation cost of IoT technology in the construction industry is one of the major restraining factors for the market. The installation cost of the IoT solutions is higher compared to the wages of the manual workforce. Nevertheless, technological progress in construction equipment is anticipated to boost the market in the future.

In terms of geography, North America generated the highest revenue in the global IoT in the construction market. North America dominated the global IoT in the construction market and is expected to maintain the leading position over the forecast period. The dominance of North America is attributed to the early adoption of technically advanced products among the end-users. Moreover, growing commercialization and the progress in the construction industry in North America support the growth of the IoT in the construction market in the region. Additionally, the Asia Pacific IoT in the construction market is expected to grow at the highest CAGR over the forecast period. The adoption of IoT technology is anticipated to increase in the Asia Pacific over a short period due to the ongoing development by Chinese and Japanese manufactures. Furthermore, the developing economies in the region including India, Japan, and China are generating huge demand for the construction sector and IoT in construction.

Segment Covered

The report on global 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.

Companies Profiled:

The report provides profiles of the companies in the market such as Autodesk, Inc., Oracle Corporation, KORE Wireless Group, Triax Technologies, Inc., Topcon Corporation, Giatec Scientific Inc., Procore Technologies, Inc., Pillar Technologies Inc., Sigfox S.A., and Carnegie Technologies (Longview IoT).

Report Highlights:

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.