Global IoT in Construction Market Overview 2023-2028
The global IoT in construction market size reached US$ 9.8 Billion in 2022. Looking forward, IMARC Group expects the market to reach a value of US$ 20.9 Billion by 2028, exhibiting a growth rate (CAGR) of 12.7% during 2023-2028.
The term “Internet of Things (IoT) in construction” refers to a sophisticated network of interconnected devices, machinery, and sensors that seamlessly gather and exchange data via the internet. This comprehensive system encompasses a wide range of components, including environmental sensors that track variables such as temperature, humidity, and air quality, as well as proximity sensors designed to avert accidents by detecting the presence of workers or obstacles in a machine’s path. Additionally, IoT in construction encompasses wearable devices engineered to enhance worker safety by monitoring vital signs and issuing alerts during emergencies. The primary objective of IoT in construction is to enable real-time monitoring, data analysis, and communication among various elements within a construction project. This is achieved by deploying sensors to capture data from machinery, tools, and materials, ensuring a continuous flow of information. Furthermore, IoT facilitates seamless communication between these devices, enabling the efficient transmission of data. This collected data is subsequently processed to extract valuable insights that support informed decision-making. One of the most significant advantages of IoT in construction is its ability to enhance safety by promptly alerting workers and supervisors to potential hazards in real-time. Moreover, it contributes to improved efficiency by optimizing resource allocation and reducing downtime. By automating data collection, IoT technology reduces errors and enhances the accuracy of information, thereby facilitating better decision-making processes. It also plays a vital role in maintaining construction quality by detecting issues early on, allowing for timely corrections.
Global IoT in Construction Market Trends and Drivers:
Currently, the construction industry is experiencing a surge in demand for Internet of Things (IoT) technology. This demand is driven by its potential to significantly reduce environmental impact through the optimization of energy usage and waste reduction, making it a crucial factor for market growth. Furthermore, the increasing adoption of IoT solutions to enhance construction project efficiency and safety is also contributing to this market expansion. Another key driver is the integration of Building Information Modeling (BIM) with IoT technology. This integration enables the creation of digital representations of physical structures, leading to improved building management and maintenance practices, which is positively shaping the market outlook. Additionally, the construction of smart buildings is on the rise. These smart structures have the capability to monitor and control various systems, such as lighting and security, in real time, further fueling market growth. Moreover, there is a growing emphasis on sustainable construction, with IoT solutions playing a vital role in monitoring and reducing energy consumption, waste generation, and carbon emissions within construction projects, strengthening the market’s position.
Global IoT in Construction Market 2023-2028 Analysis and Segmentation:
Top Key Players covered in this report are: Autodesk Inc., CalAmp, Ferrovial S.A., Giatec Scientific Inc., Hilti Corporation, International Business Machines Corporation, Oracle Corporation, Procore Technologies Inc., Sigfox, Topcon Corporation, Trimble Inc. and WakeCap Technologies.
The report segmented the market on the basis of region, components, application and end user.
- Asset Monitoring
- Predictive Maintenance
- Fleet management
End User Insights:
- North America
- United States
- South Korea
- United Kingdom
- Latin America
- Middle East and Africa
Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023- 2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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