Internet of Things (IoT) in Construction Market Size, Demand, Scope, Share, Growth, Applications, Types and Forecasts Report 2028
The global Internet of Things (IoT) in construction market size is expected to reach USD 26.79 Billion in 2028 and register a robust revenue CAGR over the forecast period, according to latest analysis by Emergen Research.
Steady market revenue growth rate can be
attributed to increasing adoption of Internet-connected device in the
construction industry to address common workplace concerns. The construction
industry is increasingly deploying IoT technology in order to overcome flat
productivity, more schedule overruns, decreased margins, and increasing
competition in the industry. Advancements within the fields of sensors
technology, embedded code, property tools, and machinery related to IoT in
construction industry offers preventive maintenance along with more advanced
benefits and operational features.
Predictive maintenance technologies are
increasingly being adopted in the construction industry to track the state or
status of heavy equipment and monitor fuel consumption of a machines and
vehicles in order to gain clear insights regarding overall performance and
efficiency. These factors are driving steady demand for IoT technology in the
construction industry. Rising need to ensure improved safety of workforce and
personnel and to enhance productivity is also resulting in increasing adoption
of wearables in the construction industry.
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Competitive Outlook:
The
global nternet of Things (IoT) in Construction market is highly consolidated
due to the presence of a large number of companies across this industry. These
companies are known to make hefty investments in research and development
projects. Also, they control a considerable portion of the overall market
share, thus limiting the entry of new players into the sector. The global nternet of Things (IoT) in
Construction market report studies the prudent tactics undertaken by the
leading market players, such as partnerships and collaborations, mergers &
acquisitions, new product launches, and joint ventures.
Key Players operating in the industry are:
Caterpillar Inc., Autodesk, Oracle Corporation, Trimble, KORE
Wireless Group, WorldSensing, Giatec Scientific Inc., Losant IoT, Sigfox, and
CalAmp.
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Key Highlights from
the Report
In June 2020, Caterpillar Inc. announced the acquisition of
selected assets and hired employees from Marble Robot, Inc., which is a San
Francisco, California-based company dealing in robot and autonomy technology
solutions.
The acquisition is part of the automation and automation strategy
of the company. With the help of the acquisition, the company can leverage the
deep expertise of the new team and bring scalable solutions to meet the
changing needs across the construction industry.
Software segment accounted for largest revenue share in 2020.
Rising investments by major players for development of software that helps in
monitoring construction site, enables remote equipment control and people
management, and to track exact location of personnel among workforce is
expected to drive revenue growth of this segment.
Regional Analysis
Covers:
North America (U.S., Canada)
Europe (U.K., Italy, Germany, France, Rest of EU)
Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East &
Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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Emergen Research has segmented the global Internet of
Things (IoT) in construction market on the basis of components, application,
end-use, and region:
Components Outlook (Revenue, USD Billion; 2018–2028)
Software
Hardware
Services
Application Outlook (Revenue, USD Billion; 2018–2028)
Fleet
Management
Predictive
Management
Safety
Management
Remote
operations
Others
End-use Outlook (Revenue, USD Billion; 2018–2028)
Residential
Commercial
Key Questions Answered by the Report:
Which region is expected to
dominate the market in the coming years?
What are the recent
technological and product advancements occurring in the market?
What are the key strategies
adopted by the prominent players in the Internet of Things (IoT) in
Construction market?
What are the key product types
and applications of the Internet of Things (IoT) in Construction industry?
What is the outcome of SWOT
analysis and Porter’s Five Forces analysis?
How is the competitive
landscape of the Internet of Things (IoT) in Construction market?
Who are the key players in the
industry?
What is the growth rate of the
industry over the coming years?
What will be the valuation of
the Internet of Things (IoT) in Construction Market by 2028?
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