| Source: Emergen Research
Vancouver, Oct. 19, 2023 (GLOBE NEWSWIRE) — The global Internet of Things (IoT) in construction market size is expected to reach USD 47.68 Billion in 2032 and register a steady CAGR over the forecast period, according to latest analysis by Emergen Research. This robust market revenue growth can be attributed to rapid urbanization and growth in the construction industry in developing countries. Increasing investment for deployment of smart technologies such as building information modeling, sensors, Radio Frequency Identification (RFID) tags, drones, and augmented reality in construction and infrastructure projects in developed countries is expected to boost growth of IoT technology in the construction industry.
Ability of Building Information Modelling software to build a digital model of a project based in real-time maintenance and construction data is contributing significantly to deployment in the construction industry. Rising need to reduce project costs is driving demand for IoT devices as these help site managers keep track of daily expenses and monitor resource-efficiency of construction by tracking assets and supply. Stringent government regulations regarding waste management at construction sites is also boosting utilization of IoT solutions in the construction industry, some of which include sensor-based tools that are used for monitoring on-site trash levels.
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Emergence of Artificial Intelligence (AI) and Machine Learning (ML) is expected to play a significant role in the construction industry owing ability to leverage generated data, which can then be transformed into tangible insights that are perfectly suited to the industry. Construction companies are increasingly utilizing AI and ML to analyze information on stock levels, schedules, and project-specific data such as weather or other natural occurrences, which help in making better and well-informed decisions and prevent in making mistakes in future.
Advanced technologies provide more accurate insights regarding the number of workers and other resources engaged in projects, which also helps to minimize costs and waste volumes generated and ensures projects are more efficient and cost-efficient.
Scope of Research
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MAJOR COMPANIES and Competitive Landscape
The global IoT in construction market is consolidated with a limited number of players accounting for majority market revenue. Companies are focusing on strategic expansions into untapped markets and on research and development initiatives to develop more advanced IoT technology for application in the construction industry in order to secure and maintain a robust position in the rapidly growing market. Some prominent players operating in the global Internet of Things (IoT) in construction market are:
Strategic development
In August 2020, CalAmp, which is a global technology solutions pioneer transforming the mobile connected economy, announced the extension of its relationship with Caterpillar Inc. in order to facilitate the company’s continued expansion of connected assets, which include the migration of existing fleets to 4G LTE. CalAmp is expected to support the construction and industrial customers of Caterpillar by delivering 4G devices, which includes replacement devices in order to accelerate the migration of connected assets of Caterpillar to more ubiquitous connectivity, including LTE.
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Some Key Highlights From the Report
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Emergen Research has segmented the global Internet of Things (IoT) in construction market on the basis of components, application, end-use, and region:
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