IoT in Construction Market Size is projected to reach USD 29.72 Billion by 2030, growing at a CAGR of 14.2%: Straits Research

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New York, United States, Sept. 21, 2022 (GLOBE NEWSWIRE) — Internet of Things (IoT) has permeated virtually every significant industry and aspect of human life. Utilizing new technology in construction tasks such as plastering, bricklaying, and surveying, as well as in construction site management, asset tracking, labor tracking, and risk management, has significantly transformed the construction industry. The use of internet-connected devices, such as equipment monitoring sensors, smart wearables, building information modeling (BIM) software, RFID tagging & tracking, and others, has decreased resource waste, reduced the number of accidents and fatalities on construction sites, and enabled remote monitoring and data collection, thereby increasing productivity and optimizing financial resources.

The use of wearable technologies, for instance, has increased workplace happiness by 3.5% and construction site productivity by 8.5%. Examples include smart helmets, smart glasses, and other wearables with intelligence. Effective safety management on construction sites significantly influences the implementation of IoT technology in the construction industry. IoT-connected equipment, such as exoskeletons, sensors, and smartwatches, makes workers more resilient and monitors environmental, biological, and physical parameters, including temperature, blood pressure, heart rate, and location. As a result, the rise of IoT in the construction industry is driven by the use of connected devices to improve safety management on construction sites.

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Proper Safety Management on Construction Sites to Drive the Global IoT in Construction Market

The construction industry employs many people and requires them to work in hazardous conditions. The Occupational Safety and Health Administration (OSHA), a division of the U.S. Department of Labor, reports that more than 252,000 construction sites employ approximately 6.5 million people in the United States. The construction industry has a significantly higher fatality rate than the national average for all other U.S. industries. Inadequate protective equipment, trench collapse, falls, collapsed scaffolding, and repetitive motion injuries are common dangers on construction sites. Using smart wearables such as smart glasses, wearable sensors, safety vests, wearable exoskeletons, smart helmets, and others, IoT integration in the construction industry enables real-time safety monitoring on construction sites.

In addition, such wearable technology enables the measurement of respiration and heart rates and actively monitoring a worker’s physiological response to a specific work environment. In addition, approximately 83% of contractors believe that wearable technologies could improve site safety and reduce fatal injuries on the job site, including fall prevention, which accounts for about 30% of construction fatalities. Therefore, benefits such as microsleep prevention, fall prevention, smart monitoring of hazardous gases, and vital sign tracking, among others, may increase demand for IoT-based wearables on construction sites, thereby driving the expansion of IoT in the construction market.

Robotics in Construction to Create Global IoT in Construction Market Opportunities

Although robotics has been utilized in the construction industry for some time, there are currently only a small number of commercial robots on construction sites. Integrating robotic technology in the construction industry reduces the need for human labor in tasks such as bricklaying, plastering, surveying, and welding. In addition, robotic devices employ technologies such as artificial intelligence and the Internet of Things, making it easy to collect real-time data on-site without specialized equipment. Moreover, the ability of robots to be remotely monitored and controlled contributes to increased efficiency and decreased mortality. The market for IoT in construction is expected to expand as the demand for robotics in building construction rises.

Report Scope

Report Metric Details
Market Size USD 29.72 Billion by 2030
CAGR 14.2% (2020-2030)
Historical Data 2019-2020
Base Year 2021
Forecast Period 2022-2030
Forecast Units Value (USD Billion)
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered Application, End-User, Component, Region
Geographies Covered North America, Europe, Asia-Pacific, LAME and Rest of the World
Key Companies Profiled/Vendors Trimble Inc, Pillar Technologies Inc, Triax Technologies Inc, AOMS Technologies, Topcon Corporation, Hilti Corporation, Autodesk Inc, Oracle Corporation, Hexagon AB, CalAmp Corporation
Key Market Opportunities Robotics in Construction to Boost Market Opportunities
Key Market Drivers Proper Safety Management on Construction Sites to Aid Growth
Growing Efficiency and Productivity in Construction Areas to Drive Market

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Regional Insights

The Asia Pacific will command the market while expanding at a CAGR of 13.71% during the forecast period. As affluence and credit availability has increased in China and India, the two countries with the largest populations, people in this region have begun spending more on various goods, from necessities such as utilities to luxuries. Therefore, Asia-Pacific is a promising market for the production and development of hardware and software solutions based on the Internet of Things. Asia-Pacific is home to the world’s largest construction market.

Rapidly rising per capita income, the expansion of metropolitan areas, and the widespread adoption of new technology all contribute to the development of the construction industry. The infrastructure of emerging nations such as Myanmar, Thailand, the Philippines, and Vietnam, among others, is being improved with vigor. Thailand, for example, has unveiled its infrastructure plan for 2016 to 2020. It also intends to invest USD 58.5 billion in infrastructure improvements by 2025. In addition, the government of Myanmar has announced an investment of USD 26.8 billion in the National Transport Master Plan to create new roads, water, air, and rail infrastructure. China and South Korea have also been at the forefront of deploying 5G technology and associated IoT infrastructure with supporting smart city development and maximize productivity on construction sites. This drives the Asia-Pacific construction industry’s adoption of IoT in construction projects.

North America will likely grow at a CAGR of 13.11% and hold USD 6,768 million. North America is the second-largest IoT consumer in the construction industry due to the quick acceptance of new technology on American and Canadian building sites. Moreover, robust consumer spending on emerging technologies encourages Americans to utilize IoT-connected products. Since numerous corporations, including Autodesk, Inc., CalAmp Crop, Oracle Corporation, and others, have their headquarters in the United States, the cost of revolutionary new technology is relatively low in the region. All of these factors stimulate the market for Internet of Things (IoT) technology in North America, which fuels the growth of IoT in the construction industry.

Key Highlights

  • The global IoT in construction market size had a revenue holding of USD 8,996 million in 2021. It is expected to reach USD 29,720 million by 2030, growing at a CAGR of 14.2% during the forecast period (2022-2030).
  • Based on the application, the asset monitoring section is projected to advance at a CAGR of 14.37% and hold the largest market share.
  • Based on the end-user, the non-residential section is projected to advance at a CAGR of 13.5% and hold the largest market share.
  • Based on components, the hardware section is projected to advance at a CAGR of 13.58% and hold the largest market share.
  • Based on regional analysis, the Asia Pacific will command the market while expanding at a CAGR of 13.71% during the forecast period.

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Competitive Players in the Market

  • Trimble, Inc.
  • Pillar Technologies Inc.
  • Triax Technologies, Inc.
  • AOMS Technologies
  • Topcon Corporation
  • Hilti Corporation
  • Autodesk, Inc.
  • Oracle Corporation
  • Hexagon AB
  • CalAmp Corporation

Global IoT in Construction Market: Segmentation

By Application

  • Asset Monitoring
  • Predictive Maintenance
  • Fleet management
  • Wearables
  • Others

By End-User

  • Residential
  • Non-residential

By Component

  • Hardware
  • Software
  • Connectivity
  • Services

By Region

  • North America 
  • Europe
  • Asia Pacific
  • LAMEA

TABLE OF CONTENT

  1. Introduction
    1. Market Definition
    2. Market Scope
  2. Research Methodology
    1. Primary Research
    2. Research Methodology
    3. Assumptions & Exclusions
    4. Secondary Data Sources
  3. Market Overview
    1. Report Segmentation & Scope
    2. Value Chain Analysis: IoT in Construction Market
    3. Key Market Trends
      1. Drivers
      2. Restraints
      3. Opportunities
    4. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of Substitution
      4. Threat of New Entrants
      5. Competitive Rivalry
    5. Market Share Analysis
  4. Application Overview
    1. Introduction
      1. Market Size & Forecast
    2. Asset Monitoring
      1. Market Size & Forecast
    3. Predictive Maintenance
      1. Market Size & Forecast
  5. End-User Overview
    1. Introduction
      1. Market Size & Forecast
    2. Residential
      1. Market Size & Forecast
    3. Non-Residential
      1. Market Size & Forecast
  6. Regional Overview
    1. Introduction
      1. Market Size & Forecast
    2. America
      1. North America
      2. U.S.
        1. By Application
        2. By End-User
      3. Canada
        1. By Application
        2. By End-User
      4. Mexico
        1. By Application
        2. By End-User
      5. Latin America
        1. By Application
        2. By End-User
    3. Europe
      1. Market Size & Forecast
      2. Germany
        1. By Application
        2. By End-User
      3. France
        1. By Application
        2. By End-User
      4. U.K.
        1. By Application
        2. By End-User
      5. Italy
        1. By Application
        2. By End-User
      6. Spain
        1. By Application
        2. By End-User
      7. Rest of Europe
        1. By Application
        2. By End-User
    4. Asia Pacific
      1. Market Size & Forecast
      2. Japan
        1. By Application
        2. By End-User
      3. China
        1. By Application
        2. By End-User
      4. Australia
        1. By Application
        2. By End-User
      5. India
        1. By Application
        2. By End-User
      6. South Korea
        1. By Application
        2. By End-User
      7. Rest of Asia-Pacific
        1. By Application
        2. By End-User
    5. Middle East & Africa
      1. Market Size & Forecast
      2. Saudi Arabia
        1. By Application
        2. By End-User
      3. South Africa
        1. By Application
        2. By End-User
      4. Kuwait
        1. By Application
        2. By End-User
      5. Rest of Middle East & Africa
        1. By Application
        2. By End-User
  7. Company Profile
    1. Trimble Inc
      1. Company Overview
      2. Financial Performance
      3. Recent Developments
      4. Product Portfolio
    2. Pillar Technologies Inc
      1. Company Overview
      2. Financial Performance
      3. Recent Developments
      4. Product Portfolio
    3. Triax Technologies Inc
      1. Company Overview
      2. Financial Performance
      3. Recent Developments
      4. Product Portfolio
  8. Conclusion & Recommendation
  9. Acronyms & Abbreviations

Table of Content and Figure @ https://straitsresearch.com/report/iot-in-construction-market/toc

Market News

  • In 2022, Oracle and Microsoft Corp announced the release of Oracle Database Service for Microsoft Azure. Customers of Microsoft Azure can provision, manage, and manage enterprise-grade Oracle Database solutions in Oracle Cloud Infrastructure (OCI) using a familiar interface.
  • In 2022, Hexagon announced the release of the brand-new, next-generation Leica BLK360, which significantly increases reality capture by meeting two of the most sought-after requirements: speed and efficiency.

News Media

Global Home Insurance Market Worth USD 237.7 Billion By 2030

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