Internet of Things in Construction Market Size

IoT in Construction Market size was valued at USD 11.58 billion in 2023 and is set to exceed USD 82.46 billion by 2036, registering over 16.3% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of IoT in construction is evaluated at USD 13.09 billion.

The key factors expected to drive the growth of the market include safety & security concerns, increase in the productivity at construction site along with a significant demand for IoT in construction. In order to overcome challenges related to safety and theft at the construction site, human security agents are not sufficient to monitor the huge construction sites. With the help of IoT, the sensors will easily notify the current location of the lost material and it will update the risks associated with the work and the workers. Further, with real time IoT data, every worker will get updated about the job site issues and will be able to prevent the situations that can lead to an incident.