Evolve Business Intelligence has published a research report on the Global IoT in Construction Market, 2024–2034. The global IoT in Construction Market is projected to exhibit a CAGR of around 14.51% during the forecast period of 2024 to 2034.
Evolve Business Intelligence has recognized the following companies as the key players in the global IoT in Construction Market: Caterpillar, Sigfox, Oracle, CalAmp, Losant IoT, Giatec Scientific, WorldSensing, Kore Wireless, Trimble and Autodesk.
Market Highlights
The Global IoT in Construction Market is projected to be valued at USD 20.82 Billion by 2034, recording a CAGR of around 14.51% during the forecast period. The IoT in Construction Market refers to the use of Internet of Things (IoT) technologies in the construction industry to enhance operational efficiency, safety, and project management. IoT in construction involves integrating sensors, smart devices, and connected systems to monitor various aspects of construction projects in real-time. These technologies help in tracking equipment, monitoring building conditions, managing materials, ensuring worker safety, and optimizing energy usage.
This market is driven by the increasing adoption of smart technologies to streamline construction processes, reduce costs, and improve safety standards. As technology continues to advance, we can expect to see even more innovative applications of IoT in construction.
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Segmental Analysis
The global IoT in Construction Market has been segmented based on Project Type, Application and Offering.
Based on Project Type, the IoT in Construction Market is segmented into Commercial and Residential. The Commercial segment is anticipated to dominate the market.
Based on Application, the global IoT in Construction Market has been divided into Remote Operations, Safety Management, Fleet Management and Others. The Fleet Management segment is anticipated to dominate the market.
Based on Offering, the global IoT in Construction Market has been divided into Hardware, Software and Services. The Software segment is anticipated to dominate the market.
Regional Analysis
The IoT in Construction Market is divided into five regions: North America, Europe, Asia-Pacific, South America, and the Middle East, & Africa. North America is a leader in IoT adoption due to advanced technological infrastructure and a strong focus on innovation. High adoption of advanced technologies, significant investment in smart cities, and robust infrastructure projects. The presence of major IoT technology providers and a focus on improving construction safety and efficiency are key drivers. Europe is witnessing a steady increase in IoT adoption in the construction sector, driven by a focus on sustainable construction practices and smart cities. The Asia-Pacific region is experiencing the fastest growth in the IoT in construction market, fueled by rapid urbanization and infrastructure development. Rapid urbanization, large-scale infrastructure projects, and increasing government investments in smart cities and green buildings. Countries like China and India are key markets with substantial growth potential. Latin America is an emerging market for IoT in construction, with increasing interest in adopting digital technologies to improve efficiency and safety. Growing urbanization and infrastructure development, along with increasing investment in smart infrastructure and construction technologies. The Middle East and Africa region is showing growing potential for IoT adoption in construction, driven by mega-projects and a focus on modernization and Economic fluctuations and infrastructure development challenges in some countries.
