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. lot is used in construction to keep track of the whereabouts, functionality, safety, and general condition of personnel, tools, and equipment.
The main types of IoT in construction are hardware, software, connectivity and services. IoT hardware consists of a variety of components, such as bridges, sensors, routers, and others, that perform crucial functions including activating systems, identifying support-specific objectives, and ensuring device security and communications. The various applications involved are machine control, site monitoring, fleet management, wearables, and others that are used by residential, and non-residential end users.
The global loT 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
The global loT 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 loT in construction market size is expected to reach $21.26 billion in 2027 at a CAGR of 15.6%.
The increasing demand for construction and infrastructure activities is expected to propel the growth of the IoT in the construction market going forward. Construction refers to an activity of putting together various elements to create a structure for a specific location, using a detailed design and plan. The IoT in the construction industry assists in developing a sustainable plan for employing recycled materials and using zero waste vocabulary. This can also assist in educating the labor force about the sustainable construction concept, as a result, increasing demand for construction activities increases the demand for IoT in construction. For instance, in June 2021, according to the Stats NZ Tauranga Aotearoa, a New Zealand-based government data agency, building activities increased by 3.7 percent in March 2021. Further, in 2021, residential activities rose 4.3 percent compared to 2020. Additionally, according to the U.S. Census Bureau, a principal agency of the U.S. Federal Statistical System, responsible for producing data about the American people and economy, the value of construction activities increased from $1,626.4 billion in 2021 to $1,792.9 billion in 2022 with a growth rate of 10.2 percent. Therefore, increasing demand for construction and infrastructure activities is driving the growth of the IoT in the construction market.
Major players in the lot in construction market are 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, and Kore Wireless Group.
Technological advancements are the key trends gaining popularity in IoT in the construction market. Major companies operating in IoT in construction are developing new technologies for strengthening the demand for the market. For example, in 2023, EarthCam, a US-based company that provides live streaming and time-lapse construction cameras launched IoT StreamCam 4K for retail interior construction. With the new IoT StreamCam 4K, one 4G LTE (long-term evolution) data connection may be shared by up to eight different low-power wireless devices. This affordable platform enables a variety of small, add-on cameras and IoT devices to record interior development and job site conditions. An efficient photo time clock that precisely records time-in and time-out can be made by connecting Door Cams to the platform, which will log visitors, track deliveries, and read basic QR codes. Flood, smoke, and glass-breakage alerts are just a few of the configurable IoT device alerts that are available.
In 2021, Siemens, Germany's largest industrial manufacturing firm and international conglomerate, acquired Wattsense for an undisclosed amount. With this acquisition, Together with Wattsense, we will hasten the adoption of IoT systems in a broader range of structures, enabling more people and organizations to take advantage of the systems' advantages in terms of sustainability, comfort, and affordability. Wattsense is a France-based hardware and software company that provides small and medium-sized buildings with an avant-garde, plug-and-play IoT management system.
North America was the largest region in the loT in construction market in 2022. Asia-Pacific is expected to be the fastest-growing region in the global loT in construction market report during the forecast period. The regions covered in the global loT in construction market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The countries covered in the loT in construction market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The IoT in the construction market consists of revenues earned by entities by providing safety, maintenance, resources management and budgeting, concrete curing, structural health monitoring, and waste management services. The market value includes the value of related goods sold by the service provider or included within the service offering. The IoT in the construction market also includes sales of sensors, processors, and gateways which are used for providing services. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The IoT in construction market research report is one of a series of new reports from The Business Research Company that provides IoT in construction market statistics, including IoT in construction industry global market size, regional shares, competitors with IoT in construction market share, detailed IoT in construction market segments, market trends, and opportunities, and any further data you may need to thrive in the IoT in construction industry. This IoT in construction market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.