NEWARK, Del, July 12, 2023 (GLOBE NEWSWIRE) -- In 2023, the construction tech market is expected to be worth US$ 5,058.8 million. The market is expected to reach US$ 24,178.4 million by 2033, expanding at a 16.9% CAGR throughout the forecast period.
With the integration of digital tools and advanced techniques, construction tech is streamlining workflows, enhancing efficiency, and improving safety on construction sites. Building information modeling (BIM), allows for the creation of virtual 3D models of construction projects. BIM enables stakeholders to collaborate effectively, identify and resolve issues in the design phase, and optimize resource allocation. This technology reduces rework, improves accuracy, and accelerates project timelines.
The use of drones in construction has gained popularity. Drones provide aerial surveys, monitoring, and inspection of construction sites, enabling project managers to obtain real-time data and make informed decisions. They enhance site safety by reducing the need for workers to access hazardous areas manually.
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Robotics and automation have significantly impacted construction processes. Robots can perform repetitive tasks with precision, such as bricklaying, concrete pouring, and material transportation, reducing labor-intensive efforts. This automation increases productivity, lowers costs, and improves worker safety by reducing physical strain and exposure to hazardous environments.
The implementation of Internet of Things (IoT) devices and sensors in construction sites enables the collection of data on various parameters like temperature, humidity, and structural integrity. This data aids in predictive maintenance, early detection of issues, and efficient resource management. IoT devices also enhance worker safety by monitoring conditions and alerting for potential hazards.
Construction technology is transforming the industry by optimizing workflows, improving collaboration, increasing safety, and reducing costs, ultimately leading to faster and more efficient construction processes.
Key Takeaways from the Construction Tech Market:
- The construction tech industry in the United States is predicted to reach US$ 3,409.2 million by 2033, increasing at a 1% CAGR.
- The construction tech industry in the United Kingdom is estimated to reach a market share of US$ 1,789.2 million, expanding at a CAGR of 4% by 2033.
- During the forecast period, the construction tech industry in China is expected to reach a market share of US$ 2,683.8 million, securing an 8% CAGR.
- The construction tech industry in Japan is predicted to reach US$ 2,006.8 million by 2033, increasing at a 5% CAGR.
- South Korea's construction tech industry is predicted to achieve a market share of US$ 2,200.2 million, rising at 7% CAGR during the forecast period.
- The software segment is expected to dominate the construction tech industry. In 2023, software accounted for 1%.
- With a CAGR of 1% from 2022 to 2033, industrial construction is expected to dominate the construction tech industry.
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Key Players in the Construction Tech Industry:
- Autodesk
- Procore Technologies
- Trimble
- Bentley Systems
- Caterpillar Inc
How Does the Competition Look in the Construction Tech Market?
The construction tech industry has a highly competitive landscape. Several significant participants in this industry comprise Autodesk, Procore Technologies, Trimble, Bluebeam, Bentley Systems, Construct Connect, prologis, Rhumbix, and FieldLens (now part of WeWork), among other companies.
Large tech firms have also entered the industry, bringing their resources and expertise to bear on traditional construction procedures. These firms contribute significant financial support as well as technological prowess, allowing them to build cutting-edge solutions and gain a competitive advantage. Furthermore, construction-related businesses are investing in research and development to keep ahead of the competition.
The desire for increased production, lower costs, and higher safety drives competition in the construction technology market. Companies are working hard to create solutions that address these issues while also providing distinct value propositions. Some specialize in particular areas, such as BIM software, robots, or IoT devices, whereas others provide entire end-to-end solutions.
The demand for construction tech solutions continues to rise, competition is expected to intensify further, prompting companies to continuously innovate and refine their products and services to gain a competitive advantage. Furthermore, the major companies are increasing their presence in these areas by creating local manufacturing facilities and boosting their distribution networks. In order to achieve a competitive advantage, they are also focusing on providing cost-effective solutions to customers in these markets.
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Segmentation Analysis of the Construction Tech Market by Solution
By Solution:
- Software
- Building Information Modeling (BIM)
- Construction Automation
- Wearable Technologies
- Visual Technologies
- Services
- Integration & Deployment
- Consulting
- Support & Maintenance
By Deployment:
- On-Premise
- Cloud-Based
By Enterprise Size:
- Small Offices (1-9 employees)
- Small Enterprises (10-99 employees)
- Medium-sized Enterprise (100-499 employees)
- Large Enterprises (500-999 employees)
- Very Large Enterprises (1,000+ employees)
By End Use Industry:
- Residential Construction
- Commercial Construction
- Industrial Construction
- Infrastructure Construction
- Other
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- The Middle East & Africa
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