Introduction of the Internet of Things in Construction Market Report

Construction is a process in the field of architecture and civil engineering that includes building or assembling of infrastructure. The various types of IoT based technologies are being implemented in the construction industry, such as the deployment of low power sensors to communicate effectively. The evolving idea of digital technology known as the internet of things (IoT) is progressively bringing advancements in the possibilities of smart construction across several areas of application. IoT is rapidly enhancing the construction sector and offering a transition from the traditional methods that were applied in construction.

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The significant factors propelling the growth of the Global Internet of Things in Construction Market include the continuous expansion of the construction industry as a result of accelerating population rate, followed by the rapid urbanization and growing per capita income across developing economies. The implementation of IoT in the construction industry has brought exceptional advantages to the industry such as increased safety, saving time & money, streamlined processing, enabled real-time reporting ability, enhanced lifespan of buildings, remote usage monitoring and other benefits. Simultaneously, the rapid technological advancements, several upcoming construction projects, and industry 4.0 are surging the demand for digital construction, which in turn, will have a positive impact on the growing demand of the market. Additionally, the heavy investment in the construction sector, especially in the emerging economies such as China and India, are the important factors bolstering the growth of the global IoT in construction market. On the other end of the spectrum, the high initial cost involved in the application of IoT in construction is the major factor which is likely to hamper the growth of the market.

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Based on the offering, the Software segment is expected to grow at a higher CAGR over the forecast period owing to the rising investments by several companies for the development of software, which has the ability to reflect several parameters. Furthermore, the accelerated adoption of analytics for enhancing the decision-making process will further surge the demand of the segment.

Based on the application, the Remote Operations segment is anticipated to increase at a higher CAGR during the forecast period due to the increasing adoption of IoT in this application for monitoring in real-time and for machine control. In addition to this, the use of IoT in remote operations permits to the delivery of data from the connected products and other assets which reduces the outages, permits wearable computing, enables the operation, and supports working in hazardous environments. All these factors will further energize the growth of the segment.

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Based on the region, North America is anticipated to grow at a higher compound annual growth rate during the forecast period owing to the high adoption of IoT in the construction industry by several OEMs and the presence of major key players having their operation in IoT in construction market. Moreover, the growing implementation of technological advancements in IoT and the surging number of construction projects are some of the other major factors fuelling the market growth in this region.

Various notable players operating in the market include Oracle Corporation, Caterpillar Inc., Trimble Inc., Autodesk Inc., Kore Wireless, Giatec Scientific Inc., Worldsensing, Sigfox, Losant IoT and Calamp Corp. among others.

Key Developments:

• • In 2020, Giatec Scientific Inc. launched its updated version of SmartRock product, which is a concrete sensor. This sensor comprises a wireless signal range, which is five times stronger than the previous version and is used for precise monitoring of concrete hardening and curing.
  • In 2018, Trimble Inc., SK Telecom and Hyundai entered into a partnership for the development of IoT construction solution that is implemented with AI and 5G. The companies ensure to offer such an IoT construction solution that enables the equipment to operate longer, enhances efficiency, and decreases costs.

The global IoT in construction market has been segmented on the basis of project type, offering, application, and region. Based on the project type, the market is segmented into residential and commercial. Based on the offering, the market is segmented into the hardware, software, and services. Based on the application, the market is segmented into remote operations, safety management, predictive maintenance, fleet management, and others.

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Key questions answered in this research report:

• • At what pace is the global IoT in construction market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in the global IoT in construction market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global IoT in construction market?
  • Which project type generated maximum revenues in 2019 and identify the most promising products during the forecast period?
  • What are the various application areas in the IoT in construction market, and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Market Segmentation:

Global IoT in Construction Market by Project Type

• • Residential
  • Commercial

Global IoT in Construction Market by Offering

• • Hardware
  • Software
  • Services

Global IoT in Construction Market by Application

• • Remote Operations
  • Safety Management
  • Predictive Maintenance
  • Fleet Management
  • Others

Global IoT in Construction Market by Region

• • North America IoT in Construction Market (Option 1: As a part of the free 25% customization)
    • North America IoT in Construction Market by Project Type
    • North America IoT in Construction Market by Offering
    • North America IoT in Construction Market by Application
    • United States of America (US) IoT in Construction Market All-Up
    • Canada IoT in Construction Market All-Up
  • Europe IoT in Construction Market (Option 2: As a part of the free 25% Customization)
    • Europe IoT in Construction Market by Project Type
    • Europe IoT in Construction Market by Offering
    • Europe IoT in Construction Market by Application
    • United Kingdom (UK) IoT in Construction Market All-Up
    • Germany IoT in Construction Market All-Up
    • France IoT in Construction Market All-Up
    • Spain IoT in Construction Market All-Up
    • Rest of Europe IoT in Construction Market All-Up
  • Asia-Pacific IoT in Construction Market (Option 3: As a part of the free 25% Customization)
    • Asia-Pacific IoT in Construction Market by Project Type
    • Asia-Pacific IoT in Construction Market by Offering
    • Asia-Pacific IoT in Construction Market by Application
    • China IoT in Construction Market All-Up
    • India IoT in Construction Market All-Up
    • Japan IoT in Construction Market All-Up
    • Rest of APAC IoT in Construction Market All-Up
  • RoW IoT in Construction Market (Option 4: As a part of the free 25% Customization)
    • RoW IoT in Construction Market by Project Type
    • RoW IoT in Construction Market by Offering
    • RoW IoT in Construction Market by Application
    • Brazil IoT in Construction Market All-Up
    • South Africa IoT in Construction Market All-Up
    • Saudi Arabia IoT in Construction Market All-Up
    • UAE IoT in Construction Market All-Up
    • Rest of world (remaining countries of the LAMEA region) IoT in Construction Market All-Up

Major Players Operating the IoT in Construction (Option 5: As a part of the free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Oracle Corporation
  • Caterpillar Inc.
  • Trimble Inc.
  • Autodesk Inc.
  • Kore Wireless
  • Giatec Scientific Inc.
  • Worldsensing
  • Sigfox
  • Losant IoT
  • Calamp Corp.