IoT in the Construction Industry, Forecast to 2024 - Industry 4.0 Driving the Need for Digital Construction

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Feb 25, 2020, 12:00 ET

DUBLIN, Feb. 25, 2020 /PRNewswire/ -- The "IoT in Construction Market by Offering (Hardware, Software, Services), Project Type (Commercial, Residential), Application (Remote Operations, Safety Management, Fleet Management, Predictive Maintenance, Others), and Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.

The market size of Internet of Things (IoT) in construction is estimated at USD 7.8 billion in 2019 and is projected to reach USD 16.8 billion by 2024, rising at a CAGR of 16.5% between 2019 and 2024.

IoT in construction is widely used in remote operations, fleet management, safety management, and predictive maintenance applications. There is significant demand for IoT in construction in the emerging economies, which is one of the major opportunities for the market. However, high initial cost of implementing IoT is one of the restraining factors in the market.

Services segment is projected to register the highest during the forecast period.

The market is segmented on the basis of offering as software, hardware, and services. The services segment is expected to register the highest CAGR during the forecast period. This high growth is attributed to the growing need for maintenance, repair, and support services for the deployed equipment and software. Moreover, increasing dependency on cloud services is one of the major reasons behind the growth of the services segment.

Remote operations application is the largest segment in the overall IoT in construction market.

The remote operations segment accounts for the largest share of the IoT in construction market. Growing usage of IoT for machine control, real-time monitoring of workers, construction sites, and machinery is responsible for the high market share of remote operations application.

IoT in construction market in APAC is projected to register the highest CAGR between 2019 and 2024.

The IoT in construction market in APAC is projected to register the highest CAGR during the forecast period. This growth can be attributed to the increasing demand for IoT in construction from China, Japan, and other Asian countries. There is rising digitization and a growing construction industry in China, which is a major contributor to the market in APAC.

Key Topics Covered

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights
4.1 Attractive Growth Opportunities in the IoT in Construction Market
4.2 IoT in Construction Market, By Project Type
4.3 IoT in Construction Market, By Application and Country

5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Growing Construction Industry Due to Rapid Urbanization in Developing Countries
5.2.1.2 Increasing Productivity and Safety Due to the Use of IoT on the Construction Site
5.2.1.3 Industry 4.0 Driving the Need for Digital Construction
5.2.2 Restraints
5.2.2.1 High Initial Cost
5.2.3 Opportunities
5.2.3.1 Growing Focus of APAC on IoT
5.2.4 Challenges
5.2.4.1 Over-Dependence on Conventional Methods

6 IoT in Construction Market, By Project Type
6.1 Introduction
6.2 Commercial
6.2.1 Commercial is the Largest Project Type Segment
6.3 Residential
6.3.1 Growing Usage of IoT in Eth North America is Driving the Demand for the Residential Segment

7 IoT in Construction Market, By Offering
7.1 Introduction
7.2 Hardware
7.2.1 Presence of Multiple Sensor Manufacturers in North America Driving the Hardware Segment
7.3 Software
7.3.1 Growing Usage of Building Information Modelling (Bim) is Driving the Demand for Software Segment
7.4 Services
7.4.1 Services is the Fastest-Growing Segment

8 IoT in Construction Market, By Application
8.1 Introduction
8.2 Safety Management
8.2.1 Growing Number of Accidents in Workplace is Driving the Demand for IoT to Improve Safety
8.3 Remote Operations
8.3.1 Remote Operations is the Largest Segment in the IoT in Construction Market
8.4 Predictive Maintenance
8.4.1 Predictive Maintenance is the Fastest-Growing Segment
8.5 Fleet Management
8.5.1 North America is the Leading Market in Fleet Management
8.6 Others

9 Regional Analysis
9.1 Introduction
9.2 North America
9.3 Europe
9.4 APAC
9.5 Latin America
9.6 MEA

10 Competitive Landscape
10.1 Introduction
10.2 Competitive Leadership Mapping
10.2.1 Visionary Leaders
10.2.2 Dynamic Differentiators
10.2.3 Innovators
10.2.4 Emerging Companies
10.3 Strength of Product Portfolio
10.4 Business Strategy Excellence
10.5 Market Ranking
10.6 Competitive Scenario
10.6.1 New Product Developments/Launches
10.6.2 Expansions
10.6.3 Acquisitions
10.6.4 Partnerships

11 Company Profiles
11.1 Caterpillar Inc.
11.2 Autodesk Inc.
11.3 Oracle Corporation
11.4 Trimble Inc.
11.5 Kore Wireless
11.6 WorldSensing
11.7 Giatec Scientific Inc.
11.8 Losant IoT
11.9 Sigfox
11.10 Calamp Corp.
11.11 Other Players
11.11.1 Tenna
11.11.2 Hitachi Ltd.
11.11.3 Longview IoT
11.11.4 DroneDeploy
11.11.5 Wakecap Technologies
11.11.6 Pillar Technologies Inc.
11.11.7 IoT Factory
11.11.8 Iotium
11.11.9 Smartbarrel
11.11.10 Procore Technologies Inc.

For more information about this report visit https://www.researchandmarkets.com/r/fio579

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