The global IoT in construction market accounted for a value of USD 8.9 billion in 2019 and is projected to register growth at a CAGR of 13.5% during forecast period.
COVID-19 has impacted IoT construction market significantly. The adoption of IoT technology is declining due to global pandemic across construction market and investment in IoT technology is also decreasing. The supply chain of various equipments has been affected due to travel restriction. The construction activities have to halt due to lockdown. The growth of IoT in construction market is negatively affected due to spread of corona virus.
For more details, visit: Global IoT in Construction Market By Offering (Service, Software, Hardware), By Application (Remote Operations, Predictive Maintenance, Others), By End-Users (Residential, Commercial), By Region, Forecast & Opportunities to 2026
The IoT in construction market is growing due to growing need to complete projects without delays and with better safety and productivity. The internet of things is widely adopted in various industries, offices and household to make human activities easier. This increases adoption of IoT in construction industry and drives growth in IoT in construction market during forecast period.
On the basis of offering, the IoT in construction market is segmented into service, software and hardware. The software segment is estimated to dominate the market during forecast period. The focus to develop software that reflects various parameters in the dashboard is increasing and the use of analytics for better decision making is increasing. This drives growth in software segment during forecast period.
On the basis of application, the IoT in construction market is segmented into remote operations, predictive maintenance, safety management, fleet management and others. The remote operations segment is estimated to hold largest market share during forecast period. The remote operations application is increasing and the use of IoT for real-time monitoring and machine control increases the demand for remote operation segment. This drives growth in remote operations application during forecast period.
North America region is estimated to hold largest market share during forecast period. The adoption of IoT technologies in construction is rapidly increasing in this region. The multiple construction OEMs are utilizing the IoT in the construction sector rapidly in this region. The projects including use of IoT in construction are increasing in this region widely. The investment in this sector is widely increasing and this drives growth in North America region during forecast period.
The key market players in IoT in construction industry are Caterpillar Inc., Autodesk Inc., Oracle Corporation, Trimble Inc., Kore Wireless, Worldsensing, Giatec Scientific Inc., Losant IoT, Sigfox, Calamp Corp., Tenna, Hitachi Ltd., Longview IoT, Dronedeploy, IoT Factory, Iotim, Smartbarrel and Pillar Technologes.
- What are the expected industry trends over the next three to five years?
- Which of the IoT in construction application is likely to lead by 2026?
- Which of the end-user segments is expected to have the maximum potential to during the forecast period?
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- What are different organic and inorganic strategies implemented by companies to gain increased market share?