The Global IoT in Construction Market Size valued for USD 10.8 Billion in 2021 and is anticipated to reach USD 42.9 Billion by 2030 with a CAGR of 16.6% from 2022 to 2030.

The phrase "IoT in Construction" has only recently been coined, and it simply refers to the use of modern internet software and technological tools during the construction process in order to maximize project effectiveness.

The Internet of Things (IoT) is a potent tool for changing industries, streamlining procedures, and increasing return on investment. Construction is one of the sectors that is ready for change, and IoT technology holds great promise for improving productivity, operational efficiency, and safety on the job site. Companies can enhance worksite visibility in real-time at all phases of construction projects, including post-construction operations, by implementing IoT sensors and devices.

IoT has demonstrated the ability to increase and improve efficiency, but it has also had a significant positive impact on health and safety concerns that, in the past, weren't handled properly. The definition of safety in this industry has changed thanks to the use of cutting-edge technology like lit hardhats and responsive clothing. Given the harsh conditions on construction sites today, the welfare of the field personnel is given a lot of consideration, but there is no doubt that the use of smart technologies has greatly enhanced the quality of life for workers.

IoT in Construction Market Dynamics

The Global Construction Survey states that 76% of construction business operators include adopting new technology in their strategic plan or vision. Additionally, various IoT implementations are involved. Companies using IoT solutions can effectively address typical workplace obstacles and reap numerous benefits because the construction industry is changing quickly. After all, IoT enables these businesses to be more sensitive to the changing demands of the sector.

The construction industry's ongoing growth as a result of the world's population growth, followed by urbanization's quickening pace and rising per capita income in developing nations, are the key factors driving the growth of the global internet of things in construction market. The adoption of IoT in the construction sector has brought the sector exceptional benefits, including improved safety, time and cost savings, streamlined processing, real-time reporting capability, longer building lifespan, remote usage monitoring, and other advantages.

The Internet of Things (IoT) is a potent tool for changing industries, streamlining procedures, and increasing return on investment. Construction is one of the sectors that is ready for change, and IoT technology holds great promise for improving productivity, operational efficiency, and safety on the job site. Companies can enhance worksite visibility in real-time at all phases of construction projects, including post-construction operations, by implementing IoT sensors and devices.

Despite the fact that robotics has been used in the construction sector for some time, there are currently very few commercial robots present on job sites. By incorporating robotic technology, the demand for human labor in jobs like bricklaying, plastering, surveying, and welding is reduced. Furthermore, robotic devices use cutting-edge innovations like artificial intelligence and the Internet of Things, which facilitate on-site real-time data collection without the need for specialized equipment.

IoT in Construction Market Insights

Offering, application, and end-use are the three segments of the market for IoT in construction. Based on the Offering, the market is segmented into three categories: hardware, software, and services. The application segment covers safety management, remote operations, predictive maintenance, fleet management, and others. Furthermore, the end-use segment is bifurcated into commercial and residential.

Global IoT in Construction Market Geographical Competition

Based on regional analysis, the IoT in construction market is split into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Due to rising government spending on the creation of smart cities, the market in North America is anticipated to account for a significant revenue share in the IoT in construction market. The presence of numerous players operating in the nation and the emphasis on introducing smart solutions in order to draw in new clients are additional factors anticipated to foster the growth of IoT in the construction market. The expansion of the regional market is anticipated to be supported by major players' increasing merger and acquisition activities in an effort to grow their businesses and increase their revenue share.

Global IoT in Construction Industry Segment Analysis

IoT in Construction Market By Offering

·         Hardware

·         Software

·         Services

IoT in Construction Market By Application

·         Remote Operations

·         Safety Management

·         Fleet Management

·         Predictive Maintenance

·         Others

IoT in Construction Market By End-Use

·         Commercial

·         Residential

IoT in Construction Market Leading Companies

The players profiled in the report are Autodesk Inc., Caterpillar Inc., Calamp Corp., Giatec Scientific Inc., Kore Wireless, Losant IoT, Oracle Corporation, Sigfox, Trimble Inc., and Worldsensing.

IoT in Construction Market Regions