IoT in Construction Market Report - (Growth by 2031)
The IoT in Construction Market is expected to register a CAGR of 15.4% from 2024 to 2031, with a market size expanding from US$ XX million in 2024 to US$ XX Million by 2031.
The report is segmented by Component (Solution, Services), Application (Machine Control, Site Monitoring, Staff Monitoring, Fleet Management, Others) . The global analysis is further broken-down at regional level and major countries. The Report Offers the Value in USD for the above analysis and segments.
Purpose of the ReportThe report IoT in Construction Market by The Insight Partners aims to describe the present landscape and future growth, top driving factors, challenges, and opportunities. This will provide insights to various business stakeholders, such as:
- Technology Providers/Manufacturers: To understand the evolving market dynamics and know the potential growth opportunities, enabling them to make informed strategic decisions.
- Investors: To conduct a comprehensive trend analysis regarding the market growth rate, market financial projections, and opportunities that exist across the value chain.
- Regulatory bodies: To regulate policies and police activities in the market with the aim of minimizing abuse, preserving investor trust and confidence, and upholding the integrity and stability of the market.
IoT in Construction Market Segmentation
Component- Solution
- Services
- Machine Control
- Site Monitoring
- Staff Monitoring
- Fleet Management
Strategic Insights
IoT in Construction Market Growth Drivers- Increased Demand for Efficiency in Operations and Reduced Cost: The construction industry is always under the pressure to improve efficiency of operations and reduce costs. Technologies, such as sensors, real-time monitoring of data, and predictive analytics, in IoT are being used for optimization of processes in construction. Downtime and waste reduction will be provided by IoT solutions to understand the performance of machinery, material usage, and productivity of workers to make the construction firms operational with fewer overheads and ultimately reduced project cost.
- Improved Safety and Risk Management: There is a need for safe operations in construction, wherein the workers are subjected to several hazardous conditions. This can be made possible with the monitoring of environmental conditions, health conditions, and location, through IoT-enabled devices, such as wearables (like smart helmets or vests), and sensors. All this creates the possibility to avoid any kind of accident, meets safety standards, and reduces risk factors by giving out alerts related to any dangers.
- Smart Construction Equipment and Machinery: Construction is increasingly going towards employing IoT-enabled machinery and equipment for construction purposes. Through the IoT sensors placed inside equipment, real-time data concerning the performance, fuel usage, and maintenance required, or whether the operation is performed with an optimal efficiency can be availed. It ensures that machinery has a lower rate of downtime and performs optimally. Smart machinery helps trace the asset utilization to provide an improved allocation of resources and proper cost management.
- Integration with Building Information Modeling (BIM): The integration of IoT technologies with Building Information Modeling (BIM) is becoming a key trend in the construction industry. Sensors placed throughout construction sites or embedded in building materials provide real-time data that can be incorporated into BIM systems, enhancing the accuracy of construction plans, allowing for dynamic monitoring of the construction process, and providing valuable insights for future maintenance or building upgrades.
- Smart Construction Site Management: IoT has vast opportunities in smart construction site management. By using IoT-enabled devices, contractors can track the construction progress, monitor the inventory, and ensure timely delivery of materials. Real-time tracking of tools and equipment minimizes loss or theft, enhancing the efficiency of on-site operations. Moreover, IoT systems can manage worker schedules, optimize workflows, and provide real-time alerts for any delay, keeping projects on track.
- Real-Time Project Tracking: IoT solutions allow for real-time monitoring of construction projects through sensors and connected devices. Project managers can track progress, monitor material usage, and ensure tasks are on schedule, improving efficiency, reducing delays, and providing accurate data for timely decision-making.
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the IoT in Construction Market, providing a holistic landscape.
- Expert Analysis: The report is compiled based on the in-depth understanding of industry experts and analysts.
- Up-to-date Information: The report assures business relevance due to its coverage of recent information and data trends.
- Customization Options: This report can be customized to cater to specific client requirements and suit the business strategies aptly.
The research report on the IoT in Construction Market can, therefore, help spearhead the trail of decoding and understanding the industry scenario and growth prospects. Although there can be a few valid concerns, the overall benefits of this report tend to outweigh the disadvantages.
REGIONAL FRAMEWORK
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- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Request discounts available for Start-Ups & Universities
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
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to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
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to country scope.
Frequently Asked Questions
Key players in the IoT in construction market include DroneDeploy, Inc, EquipmentShare.com, Inc, IOT Factory, Orange Business Services, Pillar Technologies Inc., Rapidsoft Technologies Pvt Ltd., Sigfox, Triax Technologies, Inc., Trimble Inc, and Unearth Labs
Some of the customization options available based on the request are an additional 3–5 company profiles and country-specific analysis of 3–5 countries of your choice. Customizations are to be requested/discussed before making final order confirmation# as our team would review the same and check the feasibility
Smart Construction Equipment and Machinery is likely to remain a key trend in the market.
The major factors driving the IoT in construction market are:
1. Increased Demand for Efficiency in Operations and Reduced Cost.
2.Improved Safety and Risk Management
The IoT in construction market is estimated to witness a US$ XX Million by 2031
1.INTRODUCTION
1.1.SCOPE OF THE STUDY
1.2.THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3.MARKET SEGMENTATION
1.3.1IoT In Construction Market - By Component
1.3.2IoT In Construction Market - By Application
1.3.3IoT In Construction Market - By Region
1.3.3.1By Country
2.KEY TAKEAWAYS
3.RESEARCH METHODOLOGY
4.IOT IN CONSTRUCTION MARKET LANDSCAPE
4.1.OVERVIEW
4.2.PEST ANALYSIS
4.2.1North America - Pest Analysis
4.2.2Europe - Pest Analysis
4.2.3Asia-Pacific - Pest Analysis
4.2.4Middle East and Africa - Pest Analysis
4.2.5South and Central America - Pest Analysis
4.3.ECOSYSTEM ANALYSIS
4.4.EXPERT OPINIONS
5.IOT IN CONSTRUCTION MARKET - KEY MARKET DYNAMICS
5.1.KEY MARKET DRIVERS
5.2.KEY MARKET RESTRAINTS
5.3.KEY MARKET OPPORTUNITIES
5.4.FUTURE TRENDS
5.5.IMPACT ANALYSIS OF DRIVERS AND RESTRAINTS
6.IOT IN CONSTRUCTION MARKET - GLOBAL MARKET ANALYSIS
6.1.IOT IN CONSTRUCTION - GLOBAL MARKET OVERVIEW
6.2.IOT IN CONSTRUCTION - GLOBAL MARKET AND FORECAST TO 2028
6.3.MARKET POSITIONING/MARKET SHARE
7.IOT IN CONSTRUCTION MARKET - REVENUE AND FORECASTS TO 2028 - COMPONENT
7.1.OVERVIEW
7.2.COMPONENT MARKET FORECASTS AND ANALYSIS
7.3.SOLUTION
7.3.1.Overview
7.3.2.Solution Market Forecast and Analysis
7.4.SERVICES
7.4.1.Overview
7.4.2.Services Market Forecast and Analysis
8.IOT IN CONSTRUCTION MARKET - REVENUE AND FORECASTS TO 2028 - APPLICATION
8.1.OVERVIEW
8.2.APPLICATION MARKET FORECASTS AND ANALYSIS
8.3.MACHINE CONTROL
8.3.1.Overview
8.3.2.Machine Control Market Forecast and Analysis
8.4.SITE MONITORING
8.4.1.Overview
8.4.2.Site Monitoring Market Forecast and Analysis
8.5.STAFF MONITORING
8.5.1.Overview
8.5.2.Staff Monitoring Market Forecast and Analysis
8.6.FLEET MANAGEMENT
8.6.1.Overview
8.6.2.Fleet Management Market Forecast and Analysis
8.7.OTHERS
8.7.1.Overview
8.7.2.Others Market Forecast and Analysis
9.IOT IN CONSTRUCTION MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
9.1.NORTH AMERICA
9.1.1North America IoT In Construction Market Overview
9.1.2North America IoT In Construction Market Forecasts and Analysis
9.1.3North America IoT In Construction Market Forecasts and Analysis - By Component
9.1.4North America IoT In Construction Market Forecasts and Analysis - By Application
9.1.5North America IoT In Construction Market Forecasts and Analysis - By Countries
9.1.5.1United States IoT In Construction Market
9.1.5.1.1United States IoT In Construction Market by Component
9.1.5.1.2United States IoT In Construction Market by Application
9.1.5.2Canada IoT In Construction Market
9.1.5.2.1Canada IoT In Construction Market by Component
9.1.5.2.2Canada IoT In Construction Market by Application
9.1.5.3Mexico IoT In Construction Market
9.1.5.3.1Mexico IoT In Construction Market by Component
9.1.5.3.2Mexico IoT In Construction Market by Application
9.2.EUROPE
9.2.1Europe IoT In Construction Market Overview
9.2.2Europe IoT In Construction Market Forecasts and Analysis
9.2.3Europe IoT In Construction Market Forecasts and Analysis - By Component
9.2.4Europe IoT In Construction Market Forecasts and Analysis - By Application
9.2.5Europe IoT In Construction Market Forecasts and Analysis - By Countries
9.2.5.1Germany IoT In Construction Market
9.2.5.1.1Germany IoT In Construction Market by Component
9.2.5.1.2Germany IoT In Construction Market by Application
9.2.5.2France IoT In Construction Market
9.2.5.2.1France IoT In Construction Market by Component
9.2.5.2.2France IoT In Construction Market by Application
9.2.5.3Italy IoT In Construction Market
9.2.5.3.1Italy IoT In Construction Market by Component
9.2.5.3.2Italy IoT In Construction Market by Application
9.2.5.4United Kingdom IoT In Construction Market
9.2.5.4.1United Kingdom IoT In Construction Market by Component
9.2.5.4.2United Kingdom IoT In Construction Market by Application
9.2.5.5Russia IoT In Construction Market
9.2.5.5.1Russia IoT In Construction Market by Component
9.2.5.5.2Russia IoT In Construction Market by Application
9.2.5.6Rest of Europe IoT In Construction Market
9.2.5.6.1Rest of Europe IoT In Construction Market by Component
9.2.5.6.2Rest of Europe IoT In Construction Market by Application
9.3.ASIA-PACIFIC
9.3.1Asia-Pacific IoT In Construction Market Overview
9.3.2Asia-Pacific IoT In Construction Market Forecasts and Analysis
9.3.3Asia-Pacific IoT In Construction Market Forecasts and Analysis - By Component
9.3.4Asia-Pacific IoT In Construction Market Forecasts and Analysis - By Application
9.3.5Asia-Pacific IoT In Construction Market Forecasts and Analysis - By Countries
9.3.5.1Australia IoT In Construction Market
9.3.5.1.1Australia IoT In Construction Market by Component
9.3.5.1.2Australia IoT In Construction Market by Application
9.3.5.2China IoT In Construction Market
9.3.5.2.1China IoT In Construction Market by Component
9.3.5.2.2China IoT In Construction Market by Application
9.3.5.3India IoT In Construction Market
9.3.5.3.1India IoT In Construction Market by Component
9.3.5.3.2India IoT In Construction Market by Application
9.3.5.4Japan IoT In Construction Market
9.3.5.4.1Japan IoT In Construction Market by Component
9.3.5.4.2Japan IoT In Construction Market by Application
9.3.5.5South Korea IoT In Construction Market
9.3.5.5.1South Korea IoT In Construction Market by Component
9.3.5.5.2South Korea IoT In Construction Market by Application
9.3.5.6Rest of Asia-Pacific IoT In Construction Market
9.3.5.6.1Rest of Asia-Pacific IoT In Construction Market by Component
9.3.5.6.2Rest of Asia-Pacific IoT In Construction Market by Application
9.4.MIDDLE EAST AND AFRICA
9.4.1Middle East and Africa IoT In Construction Market Overview
9.4.2Middle East and Africa IoT In Construction Market Forecasts and Analysis
9.4.3Middle East and Africa IoT In Construction Market Forecasts and Analysis - By Component
9.4.4Middle East and Africa IoT In Construction Market Forecasts and Analysis - By Application
9.4.5Middle East and Africa IoT In Construction Market Forecasts and Analysis - By Countries
9.4.5.1South Africa IoT In Construction Market
9.4.5.1.1South Africa IoT In Construction Market by Component
9.4.5.1.2South Africa IoT In Construction Market by Application
9.4.5.2Saudi Arabia IoT In Construction Market
9.4.5.2.1Saudi Arabia IoT In Construction Market by Component
9.4.5.2.2Saudi Arabia IoT In Construction Market by Application
9.4.5.3U.A.E IoT In Construction Market
9.4.5.3.1U.A.E IoT In Construction Market by Component
9.4.5.3.2U.A.E IoT In Construction Market by Application
9.4.5.4Rest of Middle East and Africa IoT In Construction Market
9.4.5.4.1Rest of Middle East and Africa IoT In Construction Market by Component
9.4.5.4.2Rest of Middle East and Africa IoT In Construction Market by Application
9.5.SOUTH AND CENTRAL AMERICA
9.5.1South and Central America IoT In Construction Market Overview
9.5.2South and Central America IoT In Construction Market Forecasts and Analysis
9.5.3South and Central America IoT In Construction Market Forecasts and Analysis - By Component
9.5.4South and Central America IoT In Construction Market Forecasts and Analysis - By Application
9.5.5South and Central America IoT In Construction Market Forecasts and Analysis - By Countries
9.5.5.1Brazil IoT In Construction Market
9.5.5.1.1Brazil IoT In Construction Market by Component
9.5.5.1.2Brazil IoT In Construction Market by Application
9.5.5.2Argentina IoT In Construction Market
9.5.5.2.1Argentina IoT In Construction Market by Component
9.5.5.2.2Argentina IoT In Construction Market by Application
9.5.5.3Rest of South and Central America IoT In Construction Market
9.5.5.3.1Rest of South and Central America IoT In Construction Market by Component
9.5.5.3.2Rest of South and Central America IoT In Construction Market by Application
10.INDUSTRY LANDSCAPE
10.1.MERGERS AND ACQUISITIONS
10.2.AGREEMENTS, COLLABORATIONS AND JOIN VENTURES
10.3.NEW PRODUCT LAUNCHES
10.4.EXPANSIONS AND OTHER STRATEGIC DEVELOPMENTS
11.IOT IN CONSTRUCTION MARKET, KEY COMPANY PROFILES
11.1.DRONEDEPLOY, INC.
11.1.1.Key Facts
11.1.2.Business Description
11.1.3.Products and Services
11.1.4.Financial Overview
11.1.5.SWOT Analysis
11.1.6.Key Developments
11.2.EQUIPMENTSHARE.COM, INC.
11.2.1.Key Facts
11.2.2.Business Description
11.2.3.Products and Services
11.2.4.Financial Overview
11.2.5.SWOT Analysis
11.2.6.Key Developments
11.3.IOT FACTORY
11.3.1.Key Facts
11.3.2.Business Description
11.3.3.Products and Services
11.3.4.Financial Overview
11.3.5.SWOT Analysis
11.3.6.Key Developments
11.4.ORANGE BUSINESS SERVICES
11.4.1.Key Facts
11.4.2.Business Description
11.4.3.Products and Services
11.4.4.Financial Overview
11.4.5.SWOT Analysis
11.4.6.Key Developments
11.5.PILLAR TECHNOLOGIES INC.
11.5.1.Key Facts
11.5.2.Business Description
11.5.3.Products and Services
11.5.4.Financial Overview
11.5.5.SWOT Analysis
11.5.6.Key Developments
11.6.RAPIDSOFT TECHNOLOGIES PVT. LTD.
11.6.1.Key Facts
11.6.2.Business Description
11.6.3.Products and Services
11.6.4.Financial Overview
11.6.5.SWOT Analysis
11.6.6.Key Developments
11.7.SIGFOX
11.7.1.Key Facts
11.7.2.Business Description
11.7.3.Products and Services
11.7.4.Financial Overview
11.7.5.SWOT Analysis
11.7.6.Key Developments
11.8.TRIAX TECHNOLOGIES, INC.
11.8.1.Key Facts
11.8.2.Business Description
11.8.3.Products and Services
11.8.4.Financial Overview
11.8.5.SWOT Analysis
11.8.6.Key Developments
11.9.TRIMBLE INC.
11.9.1.Key Facts
11.9.2.Business Description
11.9.3.Products and Services
11.9.4.Financial Overview
11.9.5.SWOT Analysis
11.9.6.Key Developments
11.10.UNEARTH LABS
11.10.1.Key Facts
11.10.2.Business Description
11.10.3.Products and Services
11.10.4.Financial Overview
11.10.5.SWOT Analysis
11.10.6.Key Developments
12.APPENDIX
12.1.ABOUT THE INSIGHT PARTNERS
12.2.GLOSSARY OF TERMS
1. DroneDeploy, Inc.
2. EquipmentShare.com, Inc.
3. IOT Factory
4. Orange Business Services
5. Pillar Technologies Inc.
6. Rapidsoft Technologies Pvt. Ltd.
7. Sigfox
8. Triax Technologies, Inc.
9. Trimble Inc.
10. Unearth Labs
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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