Internet of Things in Construction Market Trends

  • Report ID: 2751
  • Published Date: Oct 18, 2024
  • Report Format: PDF, PPT

Internet of Things in Construction Market Trends

Growth Drivers

Rise in the Productivity and Maintenance at Construction Sites

In construction sector, it is mandatory to meet the deadlines and targets, in order to avoid budget increase. Internet of things leaves people with less labour work and enables more efficiency. Further, through IoT the adequate supply of materials is ensured as the supply unit is fitted with a suitable sensor which automatically decides the quantity and make orders automatically for the smoothness of the project.

In addition, it is important to manage the fuel and power consumption, as inactive management of them will impact the overall cost of the project. IoT gives real time information about the status of every asset, refuelling of the equipments and schedules of maintenance. Moreover, sensors can be used to monitor the issues regarding damage along with the expiration of the materials. These factors, allow the clients to focus on their core business and thus, driving the growth of the market over the forecast period.

Challenges

High Initial Cost of Implementing IOT in Construction Market

The price of Internet of Things is usually higher than the initial hardware and software implementation. In addition, with the greater functionality of IoT, companies have to pay higher price. For an IoT solution, vast amount of data is generated and invoicing of this data will cost to metered billing, thus affecting the pricing model. Moreover, hardware is most important parameter that decides the cost of production and more complex is the technology; more will be the cost of implementation. Therefore, high cost of IoT is predicted to act as a restraint towards the growth of market over the forecast period.

IoT in Construction Market: Key Insights

Base Year

2023

Forecast Year

2024-2036

CAGR

16.3%

Base Year Market Size (2023)

USD 11.58 billion

Forecast Year Market Size (2036)

USD 82.46 billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Browse Key Market Insights with Data Illustration:


Author Credits:  Shweta Patidar


  • Report ID: 2751
  • Published Date: Oct 18, 2024
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

In the year 2024, the industry size of IoT in construction is evaluated at USD 13.09 billion.

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.

North America industry is predicted to hold largest revenue share by 2036, on account of presence of multiple OEM’s grabbing the use of internet of things in the construction in the region.

The major players in the market are Caterpillar Inc., Construction Robotics, Oracle Corporation, CalAmp Corporation, Trimble Inc., Autodesk Inc., Giatec Scientific Inc., Sigfox, Cisco Systems Inc., Vinci SA, and others.
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