Pune, Oct. 02, 2024 (GLOBE NEWSWIRE) -- IoT in Construction Market Size Analysis:
“The report of SNS Insider states that the Iot In Construction Market is expected to reach USD 50.4 billion by 2032, growing at a CAGR of 15.8% over the forecast period of 2024-2032.”
As construction companies adopt advanced technologies, IoT is increasingly being leveraged to improve operational efficiency, enhance safety measures, and minimize costs. IoT enables the use of sensors integrated within connected devices to automate, monitor, and control data flow, thereby improving decision-making processes. With construction companies recognizing the potential benefits of IoT in terms of operational efficiency and enhanced safety, the IoT in Construction market is poised for significant growth as organizations strive for greater productivity and safety standards.
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Major Players Analysis Listed in this Report are:
- Trimble Inc. (Trimble Connect, SiteVision)
- Hexagon AB (HxGN SmartNet, Leica ConX)
- Topcon Corporation (MAGNET Enterprise, Sitelink3D)
- Autodesk, Inc. (BIM 360, AutoCAD)
- Oracle Corporation (Oracle Aconex, Oracle Primavera)
- Siemens AG (MindSphere, Building X)
- Caterpillar Inc. (Cat Connect, Cat VisionLink)
- Procore Technologies, Inc. (Procore Construction Platform, Procore Analytics)
- Komatsu Ltd. (KomConnect, Smart Construction Dashboard)
- Hitachi Construction Machinery Co., Ltd. (ConSite, Solution Linkage)
- Hilti Corporation (ON!Track, Hilti PROFIS Engineering)
- ABB Group (ABB Ability, Smart Buildings)
- Schneider Electric (EcoStruxure, Building Advisor)
- Dassault Systèmes (3DEXPERIENCE, SIMULIA)
- Bentley Systems, Inc. (SYNCHRO, ProjectWise)
- Rockwell Automation, Inc. (FactoryTalk, Arena Simulation Software)
- Microsoft Corporation (Azure IoT, Azure Digital Twins)
- Johnson Controls International plc (Metasys, OpenBlue)
- FARO Technologies, Inc. (FARO As-Built, FARO Focus Laser Scanner)
- PlanGrid (Autodesk) (PlanGrid, Autodesk Build) and others
Market Drivers for IoT in Construction Growth
Increased demand for productivity, safety, and cost reduction is driving the market, as IoT enables real-time location and management of resources, machinery, and construction sites, thereby shortening project timelines and minimizing risks. In addition, the demand for IoT in construction is driven by the need for automation, safety, and monitoring of workers, as well as effective resource management enabled by intelligent data analysis. Furthermore, the market is driven by the increasing popularity of smart cities and infrastructure projects, in which IoT can guarantee efficiency. In addition, given the increasing role of AI, machine learning, and big data in the construction sector, the demand for the IoT in construction is further growing. These technologies enable construction companies to draw inferences from the amounts of data generated by IoT devices. Overall, the growing emphasis of the construction sector on predictive maintenance, monitoring, and resource management is anticipated to drive market growth.
IoT in Construction Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 13.5 Billion |
| Market Size by 2032 | USD 50.4 Billion |
| CAGR | CAGR of 15.8% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe [Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]). Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
| Key Growth Drivers | •IoT devices automate real-time monitoring of construction processes, which leads to better resource management and reduced project delays •IoT-based wearable devices and sensors ensure worker safety, these technologies reduce onsite accidents by identifying hazards early. |
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Segment Analysis
By Component
The hardware segment dominated the IoT in Construction market, accounting for 55% of the total revenue share. The segment is expected to maintain its leading position as construction companies continue to invest in sensors, RFID tags, and wearable devices for real-time monitoring. These devices play a key role in tracking the location of equipment, managing site conditions, and ensuring worker safety. The demand for ruggedized and durable IoT hardware suitable for harsh construction environments drives the growth of the hardware segment.
By end Use
In 2023, the commercial segment accounted for the largest share of the IoT in Construction market, contributing 68% of the total market share. The commercial construction sector including office buildings, retail centers, and industrial spaces has increasingly adopted IoT solutions to improve operational efficiency, manage energy usage, and ensure site safety. The need for real-time data monitoring, asset tracking, and predictive maintenance in complex commercial construction accounts for the higher demand for IoT technologies in the given segment. Moreover, with the evolution of smart buildings and increased automation of commercial infrastructure, companies are increasingly using IoT systems for optimizing energy consumption, reducing costs, and effective building management. With the growing construction of smart offices and commercial spaces across regions, the commercial segment is predicted to maintain its dominant position throughout the forecast period.
IoT in Construction Market Segmentation:
By Component
- Hardware
- Software
- Services
By Application
- Asset Monitoring
- Fleet Management
- Predictive Maintenance
- Remote Operations
- Safety
- Wearables
- Others
By End-use
- Commercial
- Residential
Regional Analysis
In 2023, North America remained the leading consumer of the IoT in Construction products. The region’s leadership is driven by the early application of the IoT approaches and large financial investment into smart infrastructure programs. The U.S. is a prominent market because of the inclusion on part of the country’s largest construction works. Moreover, many of the most successful IoT companies such as Cisco, Honeywell, and Oracle are U.S.-based businesses and have substantial market shares in the country.
Asia-Pacific is projected to be the fastest-growing region due to rapid urbanization, infrastructure construction, and government investment into smart city projects. China, India, and Japan are among the leading early adopters of the IoT in Construction to address the challenges of large-scale construction. Favorable conditions for IoT implementation are the local boom of the startup industry, increasing demand for real-time information, and governmental directivity to smart construction.
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Recent Developments
- In 2023, Trimble launched a new suite of IoT-enabled solutions aimed at enhancing project management and worker safety across construction sites.
- In 2023, Caterpillar introduced IoT-based predictive maintenance technology for heavy machinery, helping companies reduce downtime and improve equipment lifespan.
- Siemens announced an expansion of its IoT portfolio with solutions designed specifically for the construction industry, offering real-time data insights and predictive analytics for large-scale projects.
Table of Contents – Major Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
6. Competitive Landscape
7. IoT In Construction Market Segmentation, By Component
8. IoT In Construction Market Segmentation, By Application
9. IoT In Construction Market Segmentation, By End-use
10. Regional Analysis
11. Company Profiles
12. Use Cases and Best Practices
13. Conclusion
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