loT In Construction Global Market Is Expected To Grow At A Rate Of More Than 15% Through 2023 – 2027
20 Jun, 2023
The global IoT in construction market size is expected to grow from $10.16 billion in 2022 to $11.90 billion in 2023 at a compound annual growth rate (CAGR) of 17.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global IoT in construction market size is expected to reach $21.26 billion in 2027 at a CAGR of 15.6%.
Global loT In Construction Market Key Driver
The increasing demand for building and infrastructure activities is likely to drive the expansion of IoT in the construction market in the future. Construction is the action of putting together diverse elements to construct a structure for a specific site, using a thorough design and plan. The Internet of Things (IoT) in the building business aids in the development of a sustainable plan for using recycled resources and zero waste jargon. This can also help to educate the labour force about the notion of sustainable construction, which boosts the need for IoT in construction.
Get a sample of the global IoT in construction market reportGlobal loT In Construction Market Segments
The global IoT in construction market is segmented:
1) By Type: Hardware, Software, Connectivity, Services
2) By Application: Machine Control, Site Monitoring, Fleet Management, Wearables, Other Applications
3) By End User: Residential, Non-Residential
4) By Geography: The regions covered in the IoT in construction market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa. Among these regions, North America accounts for the largest share in the global IoT in construction market.
Major loT In Construction Industry Players
Trimble Inc., Pillar Technologies Inc., Triax Technologies, Brickeye, Hilti Corporation, Topcon Corporation, Autodesk Inc., Oracle Corporation, Hexagon Metrology AB, Sigfox, Caterpillar Inc., Losant IoT, Giatec Scientific Inc., WorldSensing, Kore Wireless Group
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loT In Construction Market Overview
IoT in construction refers to internet-connected tools and equipment that are utilized to increase effectiveness and efficiency during construction projects. IoT (Internet of Things) keeps an eye on materials, personnel, and machinery, saves man-hours, and ensures that the building project continues on schedule. IoT is used in construction to keep track of the whereabouts, functionality, safety, and general condition of personnel, tools, and equipment.
loT In Construction Global Market Report 2023 provides data on the global IoT in construction market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The IoT in construction market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.