IoT in Construction Market by Offering (Hardware, Software, Services), Project Type (Commercial, Residential), Application (Remote Operations, Safety Management, Fleet Management, Predictive Maintenance, Others), and Region - Global Forecast to 2024
“The IoT in construction market is projected to register a CAGR of 16.5% between 2019 and 2024, in terms of value.”
The market size of Internet of Things (IoT) in construction is estimated at USD 7.8 billion in 2019 and is projected to reach USD 16.8 billion by 2024, at a CAGR of 16.5% between 2019 and 2024. IoT in construction is widely used in remote operations, fleet management, safety management, and predictive maintenance applications. There is significant demand for IoT in construction in the emerging economies, which is one of the major opportunities for the market. However, high initial cost of implementing IoT is one of the restraining factors in the market.
“Services segment is projected to register the highest during the forecast period.”
The market is segmented on the basis of offering as software, hardware, and services. The services segment is expected to register the highest CAGR during the forecast period. This high growth is attributed to the growing need for maintenance, repair, and support services for the deployed equipment and software. Moreover, increasing dependency on cloud services is one of the major reasons behind the growth of the services segment.
“Remote operations application is the largest segment in the overall IoT in construction market.”
The remote operations segment accounts for the largest share of the IoT in construction market. Growing usage of IoT for machine control, real-time monitoring of workers, construction sites, and machinery is responsible for the high market share of remote operations application.
IoT in construction market in APAC is projected to register the highest CAGR between 2019 and 2024.
The IoT in construction market in APAC is projected to register the highest CAGR during the forecast period. This growth can be attributed to the increasing demand for IoT in construction from China, Japan, and other Asian countries. There is rising digitization and a growing construction industry in China, which is a major contributor to the market in APAC.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews. The breakdown of primary interviews is as follows:
By Company Type: Tier 1 - 35%, Tier 2 - 25%, and Tier 3 - 40%
By Designation: C level - 30%, Director level - 25%, and Others - 45%
By Region: North America - 30%, Europe - 25%, APAC - 30%, and RoW - 15%
This report provides a comprehensive analysis of the key companies listed below:
Caterpillar Inc. (US)
Oracle Corporation (US)
CalAmp Corp. (US)
Losant IoT (US)
Giatec Scientific, Inc. (Canada)
Kore Wireless (US)
Trimble Inc. (US)
Autodesk Inc. (US)
This report covers the IoT in construction market and forecasts the size of the market till 2024. The report includes the segmentation of the market based on application, project type, offering, and region. The Porter’s Five Forces analysis and key market dynamics, such as drivers, restraints, challenges, and opportunities, influencing the growth of the IoT in construction market have been discussed in the report. The report also provides company profiles and competitive benchmarking of the major players operating in the market
Benefits of Buying the Report:
The report is expected to help market leaders/new entrants in the IoT in construction market in the following ways:
This report segments the IoT in construction market and provides the closest approximation of revenues for the overall market and its subsegments across different verticals and regions.
The report helps stakeholders understand the pulse of the market and provides information on key drivers, restraints, challenges, and opportunities of the IoT in construction market.
This report is also expected to help stakeholders understand their competitors and gain insights to augment their position in the IoT in construction market. The competitive landscape section includes the ecosystem of competitors and detailed information on new product developments, expansions, partnerships, and acquisitions.
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