Construction 4.0 Market size was valued at USD 14.61 billion in 2023 and is expected to exceed USD 121.55 billion by 2036, expanding at over 17.7% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of construction 4.0 is evaluated at USD 16.68 billion. The growth of the market can be attributed to the increasing urban population across the globe coupled with rise in commercial and residential activities and escalating demand to reduce human errors. According to the World Bank, 55.272 percent of the total population in the world belonged to urban areas in 2018, which rose up to 56.15 percent in the year 2020. Along with these, growing investments for infrastructural development in developing nations, and accelerating need for employee safety and automation in the construction industry are also expected to drive market growth in the forthcoming years. Furthermore, surge in advancements in technologies such as artificial intelligence, IoT, sensors and drones, is projected to offer abundant opportunities for the market growth in the near future.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
17.7% |
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Base Year Market Size (2023) |
USD 14.61 billion |
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Forecast Year Market Size (2036) |
USD 121.55 billion |
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Regional Scope |
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The market is segmented by technology into IoT, industrial robots, artificial intelligence, and others, out of which, the IoT segment is anticipated to hold the largest share and witness the highest growth in the global construction 4.0 market on account of the high potential of IoT to reduce different types of accidents and its effectiveness to collect job site data in a more efficient and affordable way. Additionally, on the basis of solution, the segment for software is evaluated to observe a significant CAGR over the forecast period in view of the growing deployment of construction 4.0 software in developed economies as it helps to decrease schedule risk, save time, maintain accuracy and avoid repetitive work at construction sites.
Our in-depth analysis of the global construction 4.0 market includes the following segments
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By Solution
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By Technology |
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By Application
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On the basis of geographical analysis, the global construction 4.0 market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa. Asia Pacific is expected to dominate majority revenue share by 2036, on the back of increasing demand for construction 4.0 in emerging economies such as India, Vietnam and Indonesia, and rising government expenditure on infrastructural activities. In addition, growing number of projects for smart cities is also assessed to boost the market growth in the region. For instance, in India, more than 2000 projects worth 5 billion USD were completed under the smart city initiative of the country. About 4,500 projects amounting for about USD 20 billion are ongoing as of now. Moreover, the construction 4.0 market in North America is projected to acquire the largest share by the end of 2030, which can be ascribed to the high adoption of technologies in construction sector and strong presence of prominent market players in the region. Also, increasing adoption of industry 4.0 technologies amongst the organizations is also expected to contribute to the growth of the market in North America.
Author Credits: Shweta Patidar
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