The market size for the global Internet of Things (IoT) in construction market is projected to be value more than USD 17 billion in 2026. The market would be registering a CAGR of 16.5 per cent between 2019 and 2026. The growth of the global IoT in construction market is primarily motivated by the increasing demand to avoid project delays through better productivity and safety. Moreover, the increase in the global IoT in construction market could be attributed to the growing construction industry due to rapid urbanization in developing countries. The advent of Industry 4.0. is driving the need for digital construction and thereby increasing productivity and safety due to the use of IoT in construction market, amongst other factors.
With respect to the offering, the global IoT in construction market has been classified into three categories-hardware, software, and services. The software segment is estimated to have the largest market share in the overall global IoT in construction market. Continuous focus of the companies to develop software that reflects various parameters and increasing usage of analytics for better decision-making is driving the demand for the software segment. On the basis of application, the global IoT in construction market has been segmented into safety management, predictive maintenance, remote operations, fleet management, and others. In the IoT in construction market, remote operation is the largest segment in the overall market during the period of 2019 to 2026.
North America has the largest market share in the global IoT in construction market in 2019 and the trend is predicting it to remain the same. The North American region constitutes into the United States and Canada. Players operating in the global IoT in construction market with large market share include Oracle Corporation, Caterpillar Inc., and CalAmp Corp., and are headquartered in the region. There is growing investment in infrastructure and construction projects in the region, which is playing a major role in the growing adoption of IoT in the North American construction industry.
A recent report on the global IoT in construction market was published by Global Market Estimates Research and Consultants (GME) in February 2020. The report classifies the global IoT in construction market on the basis of several factors. On the basis of Project Type, the global IoT in construction market is segmented into commercial and residential. On the basis of Offering, the global IoT in construction market is segmented into hardware, software and services. On the basis of application, the global IoT in construction market is segmented into safety management, remote operations, predictive maintenance, fleet management and others. Lastly, on the basis of region, the global IoT in construction market is segmented into North America, Europe, Asia Pacific, Central & South America and Middle East & Africa. The countries covered include: U.S., Canada, Mexico, Germany, France, UK, Italy, Spain, China, India, Japan, South Korea, Australia, Brazil, Saudi Arabia, UAE, and South Africa among others.
Some of the key players operating in the IoT in construction market are Oracle Corporation, Trimble Inc, Autodesk Inc, Caterpillar Inc., Worldsensing, Giatec Scientific Inc., Losant IoT, Sigfox, Kore Wireless, and Calamp Corp among others.