Growing Expansion of IoT Applications in the Construction Industry

Global
IoT in the
construction market is anticipated to grow at a significant CAGR of 15.5%
during the forecast period (2024-2031). The market growth is driven
by the rising applications of IoT in the construction market. The inclusion of
internet-connected devices in the construction industry is reducing operational
costs, enhancing productivity, and assisting efficient project management. The
introduction of smart technologies such as sensors, RFID tags, building information
modeling, augmented reality, and others use IoT to locate potential risks
on a construction site thereby avoiding accidents and fatalities, and waste of
time and money. IoT is also used in wearable devices in the construction
industry to monitor the health and safety of people by providing automatic
headcounts, identifying risks, and transmitting safety alters. 

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The global IoT in the construction market is segmented by component
(hardware, and software) by application (fleet management, predictive
management, safety management, and remote operations) by end-user (residential
and non-residential), and by geographies (North America, Europe,
Asia-Pacific, and Rest of the World).

Market Dynamics

·       
The remote operation segment is expected to grow
significantly during the forecast period, owing to the increasing adoption of
IoT in the application for real-time monitoring and machine control.
Furthermore, IoT in remote operations allows for transmitting data from
connected products, and other properties, reducing outages, enabling wearable
computing, and supporting operations in hazardous environments, which drives
segmental growth.

·       
Europe is anticipated to grow at a significant rate owing to
the rising construction projects in the region as a result of rapid
urbanization. Additionally, the increase in the urban population results in
infrastructure development, contributing towards regional market growth.

·       
North America is expected to hold a prominent share of the
global IoT construction market, attributed to the increasing penetration of
advanced technologies and IoT devices in the construction industry in the
region. In addition, the presence of key players in the market such as
Caterpillar, Oracle Corp., Giatec Corp., and others is projected to promote IoT
technology deployment in the construction industry contributing towards
market growth.

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The major players in the
global IoT in the construction market include Autodesk, Cisco Systems Inc.,
Oracle Inc., SAP SE, Trimble Inc., Kore, losant IoT, and others. The market
players are contributing significantly to the market growth, by the adoption of
various business strategies, such as collaborations, mergers and acquisitions,
product portfolio diversification, and more.

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