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The latest report by IMARC, titled “ IoTinConstructionMarket:GlobalIndustryTrends,Share,Size,Growth,OpportunityandForecast20 23-2028
” finds that the global IoT in construction market size reached US$ 9.8 Billion in 2022. IoT in construction refers to the use of internet-connected devices and equipment to maximize efficiency in construction projects. It enables optimal utilization of available resources with technological planning at minimal risks and costs. It also assists in automating hazard detection, monitoring the safety of construction sites, controlling machinery with greater precision, and optimizing fleet management.
Besides this, it aids businesses in tracking employee movements and equipping workers with wearable technologies to ensure higher efficacy and productivity. As a result, IoT in construction is rapidly gaining traction across the globe to enhance safety, performance, resource management, budgeting, structural health monitoring, and waste management.
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The increasing penetration of automation in the construction industry, coupled with rapid digitization, represents the primary factor driving the market growth. Moreover, the rising instances of fatal and non-fatal injuries among construction workers have accelerated product adoption rates. In addition, there has been a substantial shift from traditional concrete curing methods toward IoT devices as they enable data recording and concrete curing operations to occur automatically, thereby saving time and effort. These devices also monitor air temperature, humidity, wind speed, and concrete temperature and moisture content and comprise water pumps for spraying curing water when required. Along with this, the growing usage of IoT devices in various construction activities, such as construction site management, plastering, surveying, bricklaying, asset tracking, worker tracking, and risk management, has augmented product demand. Furthermore, there is a rise in the adoption of smart wearables, including safety vests, wearable sensors, and smart helmets and glasses, for vital sign tracking, monitoring hazardous gases, and fall prevention. In line with this, the development of advanced software that displays numerous parameters on the dashboard and the surging use of analytics for better decision-making have propelled market growth. Other factors, including the ongoing construction activities, increasing utilization of unmanned aerial vehicles (UAVs) and autonomous vehicles for the monitoring and surveillance of construction projects, growing safety concerns, and technological advancements, are also creating a favorable market outlook. Looking forward, IMARC Group expects the market value to reach US$ 20.9 Billion by 2028, expanding at a CAGR of 12.7% during 2023-2028.
Looking forward, the market value is projected to reach a strong growth during the forecast period (2023-2028).
MarketSummary:
BreakupbyComponents:
• Hardware
• Software
• Services
BreakupbyApplication:
• Asset Monitoring
• Predictive Maintenance
• Fleet management
• Wearables
• Others
BreakupbyEndUser:
• Residential
• Non-Residential
BreakupbyRegion:
• North America
• United States
• Canada
• Asia-Pacific
• China
• Japan
• India
• South Korea
• Australia
• Indonesia
• Others
• Europe
• Germany
• France
• United Kingdom
• Italy
• Spain
• Russia
• Others
• Latin America
• Brazil
• Mexico
• Others
• Middle East and Africa
CompetitiveLandscapewithKeyPlayers:
CalAmp
Ferrovial S.A.
Giatec Scientific Inc.
Hilti Corporation
International Business Machines Corporation
Oracle Corporation
Procore Technologies Inc.
Sigfox
Topcon Corporation
Trimble Inc.
• WakeCap Technologies.
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