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The SNS Insider report highlights the promising trajectory of the IoT in construction market , estimating a market size of USD 14.25 billion in 2023, with a projected growth at a CAGR of 16.4% to reach USD 48.2 billion by 2031.
Growing Demand Fueled by Infrastructure Boom and Safety Concerns
Several factors contribute to the escalating demand for IoT in construction. Governments in regions like India, China, and Malaysia are actively investing in infrastructure development and the creation of smart cities. The Asia Pacific (APAC) region is anticipated to capture a significant share, contributing nearly 60% to the global market by 2025. This surge in infrastructure projects will propel the adoption of IoT solutions for improved monitoring and management.
Furthermore, the growing emphasis on worker safety plays a crucial role. Stringent regulations are being enforced in various Asian countries, penalizing violators who disregard safety protocols. IoT-powered solutions offer advanced safety features, creating a lucrative opportunity for the APAC IoT in construction market.
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Major The Key Players of IoT In Construction Market
Oracle Corporation, Hexagon AB, Trimble, Inc., Hilti Corporation, CalAmp Corporation, Advanced Opto-Mechanical Systems and Technologies Inc., Pillar Technologies, Inc., WorldSensing, Autodesk, Inc., Triax Technologies, Inc. Topcon Corporation, and others
Segmentation Analysis
The IoT in construction market is segmented into hardware, software, and services. Software is expected to hold the dominant position throughout the forecast period. Construction companies are increasingly seeking software solutions that translate collected data into insightful dashboards, enabling data-driven decision-making for improved project outcomes.
On the application front, remote operations currently lead the market. The extensive utilization of IoT for real-time monitoring and machine control has significantly contributed to this segment's dominance.
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Key Market Segments
By Application
Remote Operations Safety Management Fleet Management Predictive Maintenance Others
By Offering
Hardware Software Services
By End-use
Impact of Geopolitical Tensions and Economic Slowdown
Geopolitical tensions and economic sanctions can trigger global economic instability, impacting construction projects. When faced with economic uncertainty, construction companies might delay or cancel IoT-related projects due to budgetary constraints. Additionally, geopolitical events can lead to changes in regulations and trade policies that affect the IoT in construction landscape.
The ongoing Russia-Ukraine war has triggered geopolitical instability, deterring construction companies from long-term project investments. This can lead to delays, cancellations, and ultimately hinder the adoption of IoT solutions. Additionally, infrastructure damage due to conflict presents challenges in deploying and maintaining IoT devices in affected areas. However, the war might also create a demand for resilient infrastructure, potentially driving the adoption of IoT solutions that enhance project adaptability.
Economic slowdowns can also dampen market growth. Investors might become more cautious, leading to a potential drop in capital inflow into construction-related IoT startups and projects, particularly in regions experiencing economic turbulence.
Regional Development
North America is currently the Dominating in the IoT in construction market, and this trend is anticipated to continue. The widespread acceptance of IoT technology by construction OEMs in the region significantly contributes to its dominance.
Europe is projected to witness the highest CAGR during the forecast period due to significant technological advancements and a resurgence in residential construction. Additionally, Europe is expected to exhibit the largest incremental potential.
The Asia Pacific market is expected to register substantial growth, driven by the widespread adoption of cutting-edge technologies. Rapid urbanization and a booming construction industry in countries like China, India, Japan, and Singapore will further fuel the adoption of IoT in construction.
Future Growth
The future of the IoT in construction market appears bright, with continuous advancements in technology and increasing awareness of its benefits. As construction companies become more data-driven and prioritize worker safety, the demand for IoT solutions is bound to escalate.
Recent Development
In February 2021: Oracle launched a suite of AI-powered solutions for the construction industry, designed to analyze project data and aid in risk detection and informed decision-making. In May 2022: Giatec Scientific Inc. partnered with Heidelberg Cement to implement Giatec's advanced technology, revolutionizing the concrete industry and strengthening Heidelberg Cement's digital offerings. This collaboration not only expanded their global presence but also solidified their position in over 50 countries.
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Key Takeaways
The increasing focus on safety regulations and the need for enhanced efficiency are key drivers propelling market growth. The software segment dominates as construction companies seek data-driven solutions for informed decision-making. The Asia Pacific region presents a lucrative opportunity due to significant infrastructure development and growing safety concerns. Geopolitical tensions and economic slowdowns can impact market growth through project delays and investor hesitancy. The future of the IoT in construction market is promising, fueled by technological advancements and a growing focus on data-driven construction practices.
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