Market Overview:
The Internet of Things (IoT) in Construction Market size is expected to grow from USD 12.3 Billion in 2022 to USD 41.91 Billion by 2030, at a CAGR of 16.56% during the forecast period.
The Internet of Things (IoT) in Construction refers to the implementation of IoT solutions in various activities within the Construction Industry. At its core, IoT in Construction involves connecting equipment, materials, and staff to a central server, enabling real-time and remote monitoring and regulation. This technology is revolutionizing the construction sector, catering to evolving changes and demands of the industry. Construction companies are increasingly adopting IoT to enhance operational efficiency, productivity, management, handling, maintenance, security, and safety.
By utilizing Internet software, connected sensors and actuators, and other IoT tools, the construction industry gains significant benefits. Construction time is reduced, resources are effectively utilized, waste management improves, and employee safety is enhanced. IoT solutions offered by prominent companies are driving advancements in the IoT in Construction Market. With IoT's transformative impact on the construction sector, companies can experience greater revenue generation opportunities.
Top Key Players for Internet of Things (IoT) in Construction Market:
Autodesk Inc (US), Losant IoT (US), HMS Networks (Sweden), Pillar Technologies Inc. (US), Oracle Corporation (US), Sigfox (France), Hexagon AB (Sweden), CalAmp (US), Topcon Corporation (Japan), WorldSensing (Spain), Hilti Corp (Liechtenstein), Buildings IOT (US), Trimble Inc. (US), Arkance Systems (France), Brickeye (Canada), Kore Wireless (US) and Other Major Players.
Market Dynamics and Factors for Internet of Things (IoT) in Construction Market:
Drivers:
Adoption of IoT On Construction Sites To Enhance Productivity And Safety
The increasing use of IoT on construction sites drives market growth by enhancing productivity and safety. IoT's interconnectivity and real-time monitoring enable efficient project supervision, prompt issue detection, and quick problem-solving. By reducing downtime and preventing machine failure, IoT optimizes machinery movement and progress reporting. This level of control and coordination improves overall productivity, minimizes delays, and ensures a safer work environment, making IoT adoption essential for construction companies.
Opportunities:
Rising Adoption of IoT Solutions Along Coupled with The Advancements
The rising adoption of IoT solutions presents a significant opportunity in the turbines market. As market giants focus on advancing and utilizing IoT technology, it facilitates better monitoring, control, and optimization of turbine operations. IoT-enabled turbines offer enhanced efficiency, predictive maintenance, and real-time data insights, driving the growth of the market. The integration of IoT in turbine technology improves performance, reduces downtime, and meets the demand for sustainable and smart energy solutions.
Segmentation Analysis of the Internet of Things (IoT) in Construction Market:
By Solution, software solutions dominate as a powerful tool for driving digital transformation in the construction industry. With IoT's potential for increasing productivity, enhancing operational efficiency, and ensuring on-site safety through sensor and device deployment, construction companies are increasingly adopting IoT software. The Global Construction Survey highlights that 76% of construction businesses prioritize new tech adoption, including various IoT implementations, to address workplace challenges.
By Application, Remote Operations dominate as a powerful use of IoT for enhancing construction site operations and safety. By leveraging IoT-connected surveillance cameras and measurement sensors, companies can remotely control and adjust machinery, track employees' movement and progress in real-time, and coordinate building activities more efficiently.
By Solution
- Hardware
- Software
- Services
By Application
- Remote Operations
- Machine Control
- Safety Management
- Predictive Maintenance
- Fleet Management
- Others
By Project Type
- Residential
- Non-residential
Regional Analysis of the Internet of Things (IoT) in Construction Market:
North America dominates the Internet of Things (IoT) in Construction Market, with significant growth projected due to the presence of tech giants like Autodesk, CalAmp, and Oracle in the US and Canada. The region's quick adoption of revolutionary technologies and higher income levels makes it the second-largest IoT consumer. Additionally, Asia Pacific, with high-tech hubs like China, Singapore, and India, is expected to witness the highest CAGR during the forecast period, driven by rising per capita income and widespread technology adoption in the construction industry.
Key Industry Development:
In May 2022, US-based Buildings IOT launched its UK operations to serve the unique needs of building stakeholders in Europe and to support the UK Government to reach its goals to decarbonize buildings and help advance Net-Zero initiatives. Buildings IOT will market its IOT Jetstream smart building platform for building owners, managers, investors, contractors, and systems integrators in the UK and across Europe.
In October 2021, Siemens Smart Infrastructure completed the acquisition of France-based Wattsense, a hardware and software company to boost IoT systems for small and medium buildings. Wattsense offers an innovative, plug-and-play IoT management system for small and mid-size buildings and also optimizes the technical management with a leading IoT solution that combines simplicity and interoperability, which will help in expanding Siemens’ building products portfolio.
