IoT in Construction Market Size, Share, Competitive Landscape and Trend Analysis Report

WILMINGTON, DELAWARE, UNITED STATES, May 3, 2024 /EINPresswire.com/ -- Allied Market Research has released a new report on the “IoT in Construction Market.” According to the report analysis, it is expected that by 2031, the global market will reach $44.2 billion, a notable increase from its value of $11.2 billion in 2021. This growth is fueled by a stunning compound annual growth rate (CAGR) of 14.6% over the forecast period. This research report provides a quantitative and qualitative analysis of the global IoT in construction industry between 2021 and 2031, which will help major market players to increase their market share and maintain competitiveness in the sector. Furthermore, the research study consists of various aspects including recent trends, key developments, pricing factors, estimations, regional analysis, segmentation, and competitive scenario.

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In addition, the research report highlights the market dynamics of the global IoT in construction market, including drivers, restraints, and potential opportunities. Porter's Five Forces analysis or SWOT analysis provides valuable insights into the level of competition in the sector and the dynamic power of buyers and suppliers, facilitating a thorough understanding of the market growth prospects. This assists stakeholders, businesses, investors, and new competitors in making informed decisions and achieving their business goals.

The IoT in construction market refers to the utilization of Internet of Things (IoT) technologies in the construction industry to enhance productivity, safety, and efficiency at construction sites. This encompasses the integration of sensors, devices, and data analytics for monitoring and managing various aspects of construction projects, including equipment usage, job site conditions, worker safety, and environmental impact. The adoption of IoT in construction is experiencing rapid growth as companies increasingly embrace technology to streamline operations and enhance project outcomes.

Market Dynamics:

The global IoT in construction industry report discusses factors influencing market growth. Factors such as shortages of labor on construction sites, effective safety supervision at construction sites, and improved effectiveness and productivity on construction sites boost the growth of the global IoT in construction industry. However, rising security risks in internet-connected devices restrain the market growth to some extent. On the contrary, automation technology used in construction, efficient use of resources and reduced waste offer lucrative growth opportunities for the global IoT in construction industry in the coming years.

Competitive Landscape:

The research report explores the key industry players in the global IoT in construction market, along with their innovative strategies to stay ahead in competitiveness. These strategies include the formation of partnerships, making acquisitions, expanding their geographical reach, launching new offerings, and entering joint ventures. Some of the prominent market players in the global IoT in construction sector are:

Trimble, Inc.

Topcon Corporation

Triax Technologies, Inc.

Hilti Corporation

Hexagon AB

CalAmp Corporation

Pillar Technologies, Inc.

Autodesk, Inc.

Advanced Opto-Mechanical Systems and Technologies Inc.

Oracle Corporation

Trends in the IoT in Construction Market:

Smart equipment and machinery

IoT technology enables construction firms to monitor and manage their heavy machinery and equipment remotely. These sensors, installed in the machines, collect data on fuel consumption, performance, maintenance needs, and other metrics, promoting proactive maintenance and improved operational efficiency.

Safety monitoring

IoT devices enhance construction site safety by monitoring environmental conditions such as air quality, temperature, and humidity. Wearable sensors are capable of monitoring workers' vital signs and detecting potential risks, preventing accidents, and improving safety standards.

Building management systems (BMS)

IoT is increasingly being adopted for building management systems to enhance energy efficiency and manage HVAC systems, lighting, and other operations. These systems improve efficiency and reduce costs by automatically adjusting settings based on factors such as occupancy levels, weather conditions, and more.

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David Correa
Allied Market Research
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