IoT in Construction Market: —
Global IoT in Construction Market is valued approximately USD 7.8 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 16.5% over the forecast period 2020-2027. IoT in construction is extensively used in safety management, fleet management, predictive maintenance applications, and remote operations. Using a variety of IoT technologies, such as LIDAR (Light Detection and Ranging) and GNSS (Global Navigation Satellite System), machine control, automatically modifies heavy construction equipment to perfectly grade, drill or pile large areas. The IoT is mainly used in the construction sector to streamline processes, increase workers safety, and reduce waste, which leads to save time and money. In the construction sector, the IoT is often referred as telematics. The IoT or telematics, allows the engineers to keep up to date on critical assessment information about their equipment, including the speed of idling, GPS tracking, and tire pressure. Therefore, these factors are strengthening the market growth around the world. Furthermore, growing construction industry due to rapid urbanization in developing countries, along with increasing productivity and safety with the advent of IoT on the construction site are the few other factors accelerating the adoption IoT in construction industry. According to the International Construction Market Survey, the growth rate of construction industry globally in 2017 was estimated nearly 3.5% and it grew to almost 3.9% in 2018. Similarly, as per the report of the European Construction Industry Federation (FIEC) 2017, it is estimated that construction activity in entire Europe grew by 2.2% in 2016 (that reaches approximately USD 1,418 billion) compared to 2015, which holds about USD 1385 billion. This, in turn, is expected to create a higher demand for IoT in construction sector. The outbreak of COVID-19 having a massive impact on construction projects as several countries are under lockdown, therefore the work is expected to halt for short-term. Also, the contractors have to face disruption in supply chains, shortage of material and subcontractors, as well as the termination of contracts to control expenses, due to which the demand for IoT-enabled construction equipment is declined and have major negative impact on the market growth. However, high initial cost of deploying IoT-enabled construction equipment impedes the growth of the market over the forecast period of 2020-2027.
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The regional analysis of global IoT in Construction market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the leading/significant region across the world in terms of market share owing to the rising investment in infrastructure and construction projects, followed by the presence of significant number of market players, such as Oracle Corporation, Caterpillar Inc., and more in the region. Whereas, Asia-Pacific is also anticipated to exhibit highest growth rate / CAGR over the forecast period 2020-2027. Factors such as rising construction projects in the countries, and increasing digitalization would create lucrative growth prospects for the IoT in Construction market across Asia-Pacific region.
Major market player included in this report are:
KORE Wireless Group
Giatec Scientific Inc.
Losant IoT, Inc.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Project Type:
Furthermore, years considered for the study are as follows:
Historical year – 2017, 2018
Base year – 2019
Forecast period – 2020 to 2027
Target Audience of the Global IoT in Construction Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers
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