(EMAILWIRE.COM, July 22, 2023 ) The report “IoT in Construction Market by Offering (Hardware, Software, Services), Project Type (Commercial, Residential), Application (Remote Operations, Safety Management, Fleet Management, Predictive Maintenance, Others), and Region – Global Forecast to 2027″, size is projected to grow from USD 12,364.7 million in 2022 to USD 26,534.7 million by 2027, at a CAGR of 16.5% during the forecast period. The increase in safety concerns and productivity at construction site, rapid urbanization in developing countries are the most significant factors projected to drive the growth of the IoT in construction market.
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Commercial Projects type segment to continue dominating IoT in construction market, in terms of value and volume.
Exceptional improvements in productivity are witnessed in the commercial construction segment with the implementation of IoT. For example, survey work that used to involve at least two workers to cover several hundred points every day while progressing just a couple of meters at a time is now completed in less than an hour by the use of drones and loT. The 3D survey data acquired from the drones have very high accuracy related to territory measurement. There are also advantages from a safety standpoint, which is highly beneficial for the construction sector. loT tracks workers and triggers safety alarm when they enter into a danger zone. It is a possibility that the cost of a construction project may increase due to external factors such as humidity levels and density. However, with the use of IoT, the project can be managed seamlessly, and the cost associated with the project can also be controlled. Leading player in the market, Giatec Scientific Inc. (Canada), has served many construction companies with its products. In a major bridge construction project in the US and 350,000 square foot transit facility for the city of Edmonton in Canada, the company helped adopt loT.
Software offering segment to be dominating the the global IoT in construction market, in terms of value and volume
The I0T in construction market, in terms of offering, is segmented as hardware, software, and services, where the software segment accounts for the largest market share and services is the fastest-growing segment. Companies offer a wide range of software solutions to the construction industry that helps in tracking loT devices and extract the collected data. Some of these solutions provide information such as the location of their employees and their performance at the site, which helps the project managers or contractors to increase productivity at the job site. For instance, the US-based technology giant Oracle Corporation offers Oracle Primavera that provides numerous benefits to the employer and assists them in better decision-making. One of the major reasons behind the high market share of the software segment is the growing adoption of Building Information Model (BIM) across the globe.
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Remote operations application to be dominating the IoT in construction market during the forecast period
Factors such as poor site coordination, improper planning, shortage of labors, and slow decision-making process result in the frequent delay of projects in the construction industry. The use of loT at the construction site will help resolve these problems. IoT keeps the site connected between workers, equipment, and machinery and helps the project manager in real-time monitoring of the construction site. Real-time monitoring helps managers track labor hours & location and the progress of the project, saves fuel & energy cost, and avoids project delays.
APAC to be the fastest-growing country in the IoT in construction market during the forecast period
APAC is one of the emerging and fastest-growing markets for IoT in construction. This growth can be attributed to the rising investments in the infrastructure and construction domains. China, Japan, and South Korea have considerable demand for loT. This is owing to the increasing development of infrastructure and construction industries in the region. Several countries including China, Japan, South Korea and many other countries are finding increase in urbanization, which is driving the construction and infrastructure industry which in turn is driving the implementation of IoT in construction industries.
Increasing adoption of BIM in commercial and residential projects is one of the major reasons behind the growth of the market in the region. With the use of BIM and IoT in infrastructure projects, such as roads, tunnels, and bridges, the overall cost of the project is reduced. The sustainable economic growth of the country and growing focus toward technological innovation are expected to provide high growth opportunities to the market.
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Some of the key players in the global IoT in construction market are such as Caterpillar Inc. (US), Oracle Corporation (US), Hitachi Ltd. (Japan), CalAmp Corp. (US), Sigfox (France), and Autodesk Inc. (US).
Caterpillar Inc. (US) is an established company in the global IoT in construction market. The company has a strong market presence in North America and Europe. As a part of its growth strategy, the company is more inclined toward implementing partnership. In February 2018, the company made a deal with AT&T for supplying IoT connectivity and management services across the companys international markets.
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