Global IoT in Construction Market Size to witness 16.5% CAGR over 2020-2027

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Nov 04, 2020 (Market Insight Reports) — Selbyville, Delaware, According to the report titled ‘Global IoT in Construction Market Size study, by Offering (Hardware, Software, Services), by Project Type (Commercial, Residential), by Application (Safety Management, Remote Operations, Predictive Maintenance, Fleet Management, Others) and Regional Forecasts 2020-2027’, available with Market Study Report LLC, global IoT in construction market was worth USD 7.8 billion in 2019 and is expected to grow with a CAGR of 16.5% during 2020-2027.

Growing construction sector owing to rapid urbanization in developing economies, and rising productivity & safety with advent of IoT on construction site are primarily driving the growth of global IoT in construction market.

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Notably, extensive usage of IoT is seen in remote operations, predictive maintenance applications, fleet management, and safety management. IoT technologies like machine control, global navigation satellite system (GNSS), and light detection & ranging (LIDAR), automate modification in heavy construction equipment in order to drill, grade, or pile large areas.

Moreover, usage of IoT in construction sector results in smooth processes, reduced waste, and high worker safety, which in turn saves money and time, thereby propelling global IoT in construction market expansion. IoT or telematics enables engineers to stay updated with essential evaluation information about their equipment, including idling speed, GPS monitoring, and tyre pressure. These factors are, thus, strengthening the growth of IoT in construction market around the world.

Meanwhile, Asia Pacific IoT in construction industry is anticipated to register decent growth over the analysis period, on account of numerous construction projects along with rapid digitalization across the region.

Major players impacting global IoT in construction market trends are Hitachi Ltd., CalAmp Corp., Losant IoT, Giatec Scientific Inc., WorldSensing S.L., KORE Wireless Group, Oracle Corporation, Trimble Inc., Autodesk Inc., and Caterpillar Inc.

With many countries under lockdown amidst COVID-19 pandemic, the work is anticipated to halt for short term, which in turn will negatively impact construction projects. In addition, manufacturers are facing instability in supply chains, material shortages and dearth of subcontractors, as well as undertaking termination of contracts in order to manage expenses, as a result of which, demand for IoT-enabled construction equipment has plunged, with a severe negative effect on market development.

Besides, hefty initial cost of IoT-enabled construction equipment deployment is likely to act as a restraining factor for global IoT in construction industry over the estimated timeframe.

Citing the regional landscape, worldwide IoT in construction market sphere is segmented into North America, Europe, Latin America, Asia Pacific, and Rest of the World. The report cites that North America presently accounts for significant market share and is reckoned to grow further over the 2020-2027. The regional growth is credited to increasing investment in infrastructure development and construction projects, coupled with concentration of leading organizations.

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