Wilmington, Delaware, Oct. 30, 2023 (GLOBE NEWSWIRE) -- Global IoT in Construction Market is valued at US$ 14.2 billion in 2023 and is expected to grow at a significant CAGR of over 15.8% over the forecast period of 2023-2030, according to the published market report by RationalStat
Market Definition, Market Scope, and Report Overview
IoT (Internet of Things) is increasingly transforming the construction industry by introducing smart, connected technologies and data-driven solutions to enhance efficiency, safety, and productivity. IoT sensors and devices are used to monitor various aspects of construction sites in real-time. This includes tracking equipment and machinery location, usage, and performance.
As Internet of Things (IoT) solutions gain widespread adoption within the construction sector, they are significantly influencing the strategic direction of the construction industry. IoT technology empowers all stakeholders to gain real-time insights into each phase of the development lifecycle, encompassing planning, progress assessment, post-construction evaluation, and ongoing operational performance of structures. However, the cost element of the adoption of IoT in construction is a key challenge for the market.
- According to a deep-dive market assessment by RationalStat, the global IoT in construction market has been analyzed on the basis of market segments, including components, applications, project types, and geography/regions (including North America, Latin America, Western Europe, Eastern Europe, Middle East & Africa, and Asia Pacific). The report also offers global and regional market sizing for the historical period of 2019-2022 and the forecast period of 2023-2030.
- Market intelligence for the global IoT in construction market covers market sizes on the basis of market value (US$/EUR Million) and volume (Units) by various products/services/equipment, demand assessment across the key regions, customer sentiments, price points, cost structures, margin analysis across the value chain, financial assessments, historical and forecast data, key developments across the industry, import-export data, trade overview, components market by leading companies, etc.
- In addition, the long-term sector and products/services 10-year outlook and its implications on the global IoT in construction market. It also includes the industry's current state – Production Levels, Capacity Utilization, Tech quotient, etc. Key information will be manufacturing capacity by country, installed base, import volumes, market size, key players, market size, dynamics, market data, insights, etc.
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Global IoT in Construction Market: Segmental and Market Share Analysis
- On the basis of components, the software is expected to take up the major portion of the IoT in construction market, primarily due to the wide adoption of software including analytics for better decision-making.
Report Synopsis
| Report Metrics | Details |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Base Year Market Size | US$ 14.2 billion |
| Market Size Forecast | US$ 39.4 billion |
| Growth Rate | 15.8% |
| Key Market Drivers |
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| Companies Profiled |
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Competition Analysis and Market Structure
These players adopt various strategies in order to reinforce their market share and gain a competitive edge over other competitors in the market. Mergers & acquisitions, partnerships and collaborations, and product launches are some of the strategies followed by industry players. Some of the key developments in the global IoT in construction market include,
- In September 2023, Trimble partnered with Kyivstar. The partnership involves providing GNSS correction services intended for construction, agriculture, and other commercial operations. The service would be available in an annual subscription form.
- In November 2022, Caterpillar launched the Cat Productivity platform, a cloud-based system developed to collect and analyze machine data, which is expected to boost machine productivity and performance.
Some of the prominent players and suppliers operating and contributing significantly to the global IoT in construction market growth include Trimble, Caterpillar, Bentley Systems, Incorporated, Procore Technologies, Inc., Autodesk, Inc., PCL Constructors Inc, Oracle Corporation, Hilti, Sigfox, Losant, Suffolk, and KORE Wirelesss, among others.
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RationalStat has segmented the global IoT in construction market based on component, application, project type, and region
- Global IoT in Construction Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Component
- Software
- Hardware
- Services
- Global IoT in Construction Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Application
- Tools & Equipment Tracking
- Predictive Maintenance
- Monitoring
- Safety & Resource Management
- Others
- Global IoT in Construction Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Project Type
- Commercial
- Residential
- Industrial
- Global IoT in Construction Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Region
- North America IoT in Construction Market
- US
- Canada
- Latin America IoT in Construction Market
- Brazil
- Mexico
- Rest of Latin America
- Western Europe IoT in Construction Market
- Germany
- UK
- France
- Spain
- Italy
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe IoT in Construction Market
- Russia
- Poland
- Hungary
- Other CIS Countries
- Rest of Eastern Europe
- Asia Pacific IoT in Construction Market
- China
- Japan
- India
- South Korea
- Australia
- ASEAN
- Indonesia
- Thailand
- Philippines
- Vietnam
- Malaysia
- Rest of ASEAN
- Rest of Asia Pacific
- Middle East & Africa IoT in Construction Market
- GCC
- Saudi Arabia (KSA)
- United Arab Emirates (UAE)
- Rest of the GCC
- South Africa
- Nigeria
- Turkey
- Rest of the Middle East & Africa
- GCC
- North America IoT in Construction Market
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Key Questions Answered in the IoT in Construction Report:
- What will be the market value of the global IoT in construction market by 2030?
- What is the market size of the global IoT in construction market?
- What are the market drivers of the global IoT in construction market?
- What are the key trends in the global IoT in construction market?
- Which is the leading region in the global IoT in construction market?
- What are the major companies operating in the global IoT in construction market?
- What are the market shares by key segments in the global IoT in construction market?
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Research Methodology
RationalStat has developed a state-of-the-art research methodology to crunch numbers and provide the best possible real-time insights to clients. We combine a varied range of industry experience, data analytics, and experts’ viewpoint to create a research methodology for market sizing and forecasting.
RationalStat combines a mix of secondary sources as well as primary research to assess the market size and develop a forecast. Key steps involved in accurately deriving the market numbers are:
- Defining the problem by understanding the type of market and data required by the client.
- Data gathering and collection through relevant paid databases, publicly available sources, company reports, annual reports, surveys, and interviews.
- Formulating a hypothesis to create market numbers, forecasts, influencing factors, and their relevance.
- Evaluating and analyzing the data by referring to data sources utilized and leveraged.
- Validating, interpreting, and finalizing the data by combining the details gathered from primary and secondary sources with the help of experienced analysts.
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About RationalStat LLC
RationalStat is an end-to-end global market intelligence and consulting company that provides comprehensive market research reports, customized strategy, and consulting studies. The company has sales offices in India, Mexico, and the US to support global and diversified businesses. The company has over 80 consultants and industry experts, developing more than 850 market research and industry reports for its report store annually.
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