The global IoT in construction market size is expected to reach $19,039.8 million in 2027, from $8,179.9 million in 2019, growing at a CAGR of 14.0% from 2020 to 2027. The Internet of Things (IoT) has penetrated in nearly all major industries as well as the human way of living. It has also been transforming the construction industry significantly with the integration of new technologies not only in construction activities such as plastering, bricklaying, surveying, and others, but also in construction site management, asset tracking, worker tracking, and risk management. The inclusion of internet connected devices such as equipment monitoring sensors, smart wearables, building information modelling (BIM) software, RFID tagging & tracking, and others have made it possible to reduce the wastage of resources, decreasing the number of accidents and fatalities occurring on construction sites, as well as remote monitoring and data collection, which has resulted in surged productivity and optimization of monetary resources. For instance, the adoption of wearable technologies such as smart helmet, smart glasses, sensible wearables, and others has augmented workplace satisfaction by 3.5% and propelled productivity by 8.5% on construction sites.
Efficient safety management on construction sites is a major driving factor for implementation of IoT technologies in the construction industry. The industry is one of the major employers of human resources. These workers are constantly prone to accidents on sites due to falling objects, fatigue, working on dangerous areas, and others. Use of IoT connected devices such as exoskeletons, sensors, smart watches, and others assist in increasing endurance of a worker, and track biological, physical, and environmental conditions such as temperature, blood pressure, heart rate, location, and others. Thus, efficient safety management on construction sites due to use of connected devices is driving the growth of IoT in construction market. Moreover, augmented productivities and proper resource management also boost the growth of the IoT in construction market. Use of sensors, radio-frequency Identification (RFID) tags, and others help in obtaining real-time data regarding inventory, workers, and on-site activities, which reduce operational downtime and optimize resource planning using digital platforms such as building information modelling (BIM). For instance, according to the study conducted by the construction equipment company Caterpillar, Inc. based in the U.S., the use of IoT technology in the earthmoving activity on site can result in 40% reduction in fuel consumption, 36% decline in total manhours, and 40% reduction in project phase duration. Hence, the advantage of bolstered productivity on construction sites drive the growth of IoT in construction industry.
However, rise in concerns regarding cyber security is hindering the penetration of IoT technologies in the construction industry. Confidentiality and data integrity are an important part of construction projects and centralized data collection possesses' risks of data theft and monetary damages to not only construction companies but also the customers. Hence, security threats in connected devices is likely to restrain the growth of the IoT in construction market.
On the contrary, better resource management and waste optimization is likely to create opportunities for propelling the growth of the market in the near future. Data-driven decision-making at the planning stage of construction projects is likely to anticipate better management of resources; thereby, improving project efficiency.
The global IoT in construction market is segmented on the basis of application, end user, component, and region. Based on application, the IoT in construction market is fragmented into asset monitoring, predictive maintenance, fleet management, wearables, and others. According to end user, the global IoT in construction market is categorized into residential and non-residential. By component, the market is classified into hardware, software, connectivity, and services.
The global IoT in construction market is analyzed across North America (the U.S., Canada, and Mexico), Europe (the UK, Germany, France, and rest of Europe), Asia-Pacific (China, Japan, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa). Asia-Pacific is expected to hold the largest market share throughout the study period, and LAMEA is expected to grow at the fastest rate.
COMPETITION ANALYSIS
The key market players profiled in the report include Trimble, Inc., Pillar Technologies Inc., Triax Technologies, Inc., AOMS Technologies, Topcon Corporation, Hilti Corporation, Autodesk, Inc., Oracle Corporation, Hexagon AB, and CalAmp Corporation.
Many competitors in the IoT in construction market adopted product launch as their key developmental strategy to expand their geographical foothold and upgrade their product technologies. For instance, in July 2020, the company Triax Technologies based in the U.S. launched the Intrinsically Safe (IS) variant of its IoT solution for application on construction sites. The IS version is available Spot-r network and Proximity Trace hardware products which offer contact tracing and social distancing technologies on construction sites during the COVID-19 pandemic. Similarly, in September 2017, the company Autodesk, Inc. based in the U.S. launched Fusion 360 software platform, which combines data from CAM, CAD, and CAE on cloud. The product is especially designed for streamlining service operations and enabling predictive maintenance in industrial applications.
KEY BENEFITS FOR STAKEHOLDERS
? The report provides an extensive analysis of the current and emerging global IoT in construction market trends and dynamics.
? In-depth analysis of the market is conducted by constructing market estimations for the key market segments between 2019 and 2027.
? Extensive analysis of the market is conducted by following key product positioning and monitoring of the top competitors within the market framework.
? A comprehensive IoT in construction market opportunity analysis of all the countries is also provided in the report.
? The global IoT in construction market forecast analysis from 2020 to 2027 is included in the report.
? The key players within the market are profiled in this report and their strategies are analyzed thoroughly, which help understand the competitive outlook of the industry.


GLOBAL IOT IN CONSTRUCTION MARKET SEGMENTS
BY APPLICATION
- Asset Monitoring
- Predictive Maintenance
- Fleet management
- Wearables
- Others
BY END USER
- Residential
- Non-residential
BY COMPONENTS
- Hardware
- Software
- Connectivity
- Services
BY REGION
- North America
o U.S.
o Canada
o Mexico
- Europe
o Germany
o The UK
o France
o Rest of Europe
- Asia-Pacific
o China
o Japan
o South Korea
o Rest of Asia-Pacific
- LAMEA
o Latin America
o Middle East
o Africa
KEY PLAYERS
- Trimble, Inc.
- Pillar Technologies Inc.
- Triax Technologies, Inc.
- AOMS Technologies
- Topcon Corporation
- Hilti Corporation
- Autodesk, Inc.
- Oracle Corporation
- Hexagon AB
- CalAmp Corporation