Global IoT in the construction market is anticipated to grow at a significant CAGR of 15.5% during the forecast period (2024-2031). The market growth is driven by the rising applications of IoT in the construction market. The inclusion of internet-connected devices in the construction industry is reducing operational costs, enhancing productivity, and assisting efficient project management. The introduction of smart technologies such as sensors, RFID tags, building information modeling, augmented reality, and others use IoT to locate potential risks on a construction site thereby avoiding accidents and fatalities, and waste of time and money. IoT is also used in wearable devices in the construction industry to monitor the health and safety of people by providing automatic headcounts, identifying risks, and transmitting safety alters.
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The global IoT in the construction market is segmented by component (hardware, and software) by application (fleet management, predictive management, safety management, and remote operations) by end-user (residential and non-residential), and by geographies (North America, Europe, Asia-Pacific, and Rest of the World).
Market Dynamics
- The remote operation segment is expected to grow significantly during the forecast period, owing to the increasing adoption of IoT in the application for real-time monitoring and machine control. Furthermore, IoT in remote operations allows for transmitting data from connected products, and other properties, reducing outages, enabling wearable computing, and supporting operations in hazardous environments, which drives segmental growth.
- Europe is anticipated to grow at a significant rate owing to the rising construction projects in the region as a result of rapid urbanization. Additionally, the increase in the urban population results in infrastructure development, contributing towards regional market growth.
- North America is expected to hold a prominent share of the global IoT construction market, attributed to the increasing penetration of advanced technologies and IoT devices in the construction industry in the region. In addition, the presence of key players in the market such as Caterpillar, Oracle Corp., Giatec Corp., and others is projected to promote IoT technology deployment in the construction industry contributing towards market growth.
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The major players in the global IoT in the construction market include Autodesk, Cisco Systems Inc., Oracle Inc., SAP SE, Trimble Inc., Kore, losant IoT, and others. The market players are contributing significantly to the market growth, by the adoption of various business strategies, such as collaborations, mergers and acquisitions, product portfolio diversification, and more.
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