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Increasing adoption of Internet-connected devices in the construction industry and rising need to ensure safety of workforce and enhance productivity
Market Size – USD 8.52 Billion in 2020, Market Growth – at a CAGR of 15.5%, Market Trends – Increasing utilization of wireless concrete maturity sensors”
— Emerging Research
VANCOUVER, BC, CANADA, June 2, 2022 /EINPresswire.com/ — The global Internet of Things (IoT) in construction market size is expected to reach USD 26.79 Billion in 2028 and register a robust revenue CAGR over the forecast period, according to latest analysis by Emerging Research.
Steady market revenue growth rate can be attributed to increasing adoption of Internet-connected device in the construction industry to address common workplace concerns. The construction industry is increasingly deploying IoT technology in order to overcome flat productivity, more schedule overruns, decreased margins, and increasing competition in the industry. Advancements within the fields of sensors technology, embedded code, property tools, and machinery related to IoT in construction industry offers preventive maintenance along with more advanced benefits and operational features.
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Predictive maintenance technologies are increasingly being adopted in the construction industry to track the state or status of heavy equipment and monitor fuel consumption of a machines and vehicles in order to gain clear insights regarding overall performance and efficiency. These factors are driving steady demand for IoT technology in the construction industry. Rising need to ensure improved safety of workforce and personnel and to enhance productivity is also resulting in increasing adoption of wearables in the construction industry.
Competitive Outlook:
The global nternet of Things (IoT) in Construction market is highly consolidated due to the presence of a large number of companies across this industry. These companies are known to make hefty investments in research and development projects. Also, they control a considerable portion of the overall market share, thus limiting the entry of new players into the sector. The global nternet of Things (IoT) in Construction market report studies the prudent tactics undertaken by the leading market players, such as partnerships and collaborations, mergers & acquisitions, new product launches, and joint ventures.
Key players operating in the industry are:
Caterpillar Inc., Autodesk, Oracle Corporation, Trimble, KORE Wireless Group, WorldSensing, Giatec Scientific Inc., Losant IoT, Sigfox, and CalAmp.
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Key highlights from the report
In June 2020, Caterpillar Inc. announced the acquisition of selected assets and hired employees from Marble Robot, Inc., which is a San Francisco, California-based company dealing in robot and autonomy technology solutions.
The acquisition is part of the automation and automation strategy of the company. With the help of the acquisition, the company can leverage the deep expertise of the new team and bring scalable solutions to meet the changing needs across the construction industry.
Software segment accounted for largest revenue share in 2020. Rising investments by major players for development of software that helps in monitoring construction site, enables remote equipment control and people management, and to track exact location of personnel among workforce is expected to drive revenue growth of this segment.
Regional Analysis Covers:
North America (US, Canada)
Europe (UK, Italy, Germany, France, Rest of EU)
Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East & Africa (Saudi Arabia, UAE, South Africa, Rest of MEA)
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Emergen Research has segmented the global Internet of Things (IoT) in construction market on the basis of components, application, end-use, and region:
Components Outlook (Revenue, USD Billion; 2018-2028)
software
hardware
services
Application Outlook (Revenue, USD Billion; 2018-2028)
Fleet management
predictive management
safety management
Remote operations
Others
End-use Outlook (Revenue, USD Billion; 2018-2028)
residential
Commercial
Key Questions Answered by the Report:
Which region is expected to dominate the market in the coming years?
What are the recent technological and product advancements occurring in the market?
What are the key strategies adopted by the prominent players in the Internet of Things (IoT) in Construction market?
What are the key product types and applications of the Internet of Things (IoT) in Construction industry?
What is the outcome of SWOT analysis and Porter’s Five Forces analysis?
How is the competitive landscape of the Internet of Things (IoT) in the construction market?
Who are the key players in the industry?
What is the growth rate of the industry over the coming years?
What will be the valuation of the Internet of Things (IoT) in Construction Market by 2028?
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At Emerging Research, we believe in advancing with technology. We are growing market research and strategy consulting company with an exhaustive knowledge base of cutting-edge and potentially market-disrupting technologies that are predicted to become more prevalent in the coming decade.
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June 02, 2022, 07:08 GMT
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