IoT Revolutionizing Construction Industry, Projected to Reach $24.74 Billion by 2029
In a groundbreaking development, the Internet of Things (IoT) is reshaping the landscape of the construction industry, propelling its market value from $10.07 billion in 2022 to an estimated $24.74 billion by 2029, boasting a remarkable Compound Annual Growth Rate (CAGR) of 13.7%.
Transforming Safety, Performance, and Sustainability
As urbanization and population density soar, the construction sector, constituting 13.2% of the global GDP in 2022, takes center stage in global development. The integration of IoT technology is revolutionizing construction operations, offering innovative solutions to enhance safety, performance, and sustainability.
Smart technologies such as sensors, RFID tags, building information modeling, and virtual reality are now pivotal in identifying potential hazards, reducing resource requirements, preventing injuries, and optimizing time and cost efficiency on construction sites.
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IoT in Construction Market Scope:
India Eyewear market report is an ultimate guideline for business development and provides the user with ins and outs of the industry whether a user is an investor, business owner, or wants to start a business in the same industry.
Analysis in the report is conducted using widely used and trusted tools such as SWOT, and PESTLE analysis, which gives an analysis of the impacts such as political, social-cultural, economic, technological, and environmental impacts, also can build strategic planning and management using this analysis.
The report is designed in such a manner that it provides the readers the appropriate and up-to-date market data in graphical and tabular forms.
IoT in Construction Market Segmentation:
by Offering
Hardware
Software
Services
Because more businesses are investing in the creation of software that can represent a range of parameters, the software segment is anticipated to grow at a faster CAGR during the forecast period. Additionally, the growing use of analytics to enhance decision-making will increase demand in the segment.
by Project Type
Commercial
Residential
by Application
Remote Operations
Safety Management
Fleet Management
Predictive Maintenance
Others
The Remote Operations segment is anticipated to grow at a CAGR during the forecast period due to the growing adoption of IoT in the application for real-time monitoring and machine control. Moreover, wearable computing, fewer outages, safer operations in hazardous environments, and the transmission of data from connected products and other properties are all made possible by the use of IoT in remote operations. These two elements would support the segment’s growth.
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IoT in Construction Market Major Players:
1. Caterpillar Inc.
2. Sigfox
3. Oracle
4. CalAmp Corp
5. Losant IoT
6. Giatec Scientific, Inc.
7. WorldSensing
8. Kore Wireless
9. Trimble Inc.
10. Autodesk Inc
11. Triax technologies
12. Trimble, Inc.
13. Pillar Technologies Inc.
14. AOMS Technologies
15. Topcon Corporation
16. Hilti Corporation
IoT in Construction Market Regional Analysis:
As IoT in Construction Market tends to rapid growth within the forecast period, the MMR report is structured to support that volatility with a regional analysis of the market.
Regional market analysis helps to understand the regional potential of the industry with detailed data that shows the traditional way of business, regional opportunities, trading chains, challenges and others.
This report is the ultimate guide for a new player in the industry to know the regional market competition, challenges, and advantages, to build their strategies and plans accordingly.
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Key Questions answered in the IoT in Construction Market Report are:
- What is IoT in Construction Market?
- What is the forecast period of the IoT in Construction Market?
- What is the competitive scenario of the IoT in Construction Market?
- Which region held the largest market share in the IoT in Construction Market?
- What are the opportunities for the IoT in Construction Market?
- What factors are affecting the IoT in Construction Market growth?
- Who are the key players of the IoT in Construction Market?
- Which company held the largest share in the IoT in Construction Market?
- What will be the CAGR of the IoT in Construction Market during the forecast period?
- What key trends are likely to emerge in the IoT in Construction Market in the coming years?
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