-- According to a new report published by Allied Market Research, titled, “IoT in Construction Market by Application, End User, and Components: Opportunity Analysis and Industry Forecast, 2020–2027,” the global IoT in construction market size is expected to reach $19,039.9 million in 2027 from $8,179.9 million in 2019, growing at a CAGR of 14.0% from 2020 to 2027. In 2019, Asia-Pacific dominated the market, in terms of revenue, accounting for a 45.6% share of the global market.
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IoT in construction aims at connecting construction sites with IoT technologies and solutions to obtain maximum productivities. IoT technologies such as smart wearables, sensors, RFID tags, building information modelling, augmented reality, and others assist in recognizing potential risks in construction projects as well as deliver enhanced productivities, efficient project management, and optimized use of resources. For instance, the adoption of new IoT in construction market trends such as wearable technologies including smart helmet, smart glasses, sensible wearables, and others have augmented workplace satisfaction by 3.5% and propelled productivity by 8.5% on construction sites.
Moreover, Asia-Pacific is the highest contributor in the market. China holds majority of the global share in consumption mainly due to high adoption rate for smart technologies in the country. Ministry of Industry and Information Technology in China issued the license for 5G connectivity in 2019. 5G network is highly efficient in interacting with building platforms and analyze data collected on construction sites regarding employee health, multi-dimensional security monitoring, AI functions, and others.
Covid-19 Impact Analysis on IoT in Construction Market
The COVID-19 pandemic has negatively affected the market mainly due to halt in international trade, prolonged lockdowns, and ceased construction processes. In addition, the major end-user companies located in countries such as the U.S., China, Germany, the UK, and others are also facing financial impacts due to halted production, which is likely to hinder the IoT in construction market growth during 2020.
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Key Players
The major players operating in the IoT in construction industry include Trimble, Inc., Pillar Technologies Inc., Triax Technologies, Inc., AOMS Technologies, Topcon Corporation, Hilti Csorporation, Autodesk, Inc., Oracle Corporation, Hexagon AB, and CalAmp Corporation.
Key Findings Of The Study
By application, the asset monitoring segment dominated the IoT in construction market share in 2019.
By end-user, the non-residential segment dominated the market during 2019.
Depending on component, the hardware segment garnered major share of the IoT in construction market in 2019.
Region wise, Asia-Pacific dominated the market in 2019.
LAMEA is expected to witness a high growth rate during the forecast period.
Scope of the Report:
By Application
Asset Monitoring
Predictive Maintenance
Fleet management
Wearables
Others
By End-User
Residential
Non-residential
By Components
Hardware
Software
Connectivity
Services
By Region
North America
Europe
Asia-Pacific
LAMEA
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Organization: Allied Market Research
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Phone: 18007925285
Website: https://www.alliedmarketresearch.com
Release ID: 89029201
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