According to a new report published by Allied Market Research, titled, “IoT in Construction Market by Application, End User, and Components: Opportunity Analysis and Industry Forecast, 2020–2027,” the global IoT in construction market size is expected to reach $19,039.9 million in 2027 from $8,179.9 million in 2019, growing at a CAGR of 14.0% from 2020 to 2027. In 2019, Asia-Pacific dominated the market, in terms of revenue, accounting for 45.6% share of the global market.
IoT in construction aims at connecting construction sites with IoT technologies and solutions to obtain maximum productivities. IoT technologies such as smart wearables, sensors, RFID tags, building information modelling, augmented reality, and others assist in recognizing potential risks in construction projects as well as deliver enhanced productivities, efficient project management, and optimized use of resources. For instance, the adoption of new IoT in construction market trends such as wearable technologies including smart helmet, smart glasses, sensible wearables, and others have augmented workplace satisfaction by 3.5% and propelled productivity by 8.5% on construction sites.
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Moreover, Asia-Pacific is the highest contributor in the market. China holds majority of the global share in consumption mainly due to high adoption rate for smart technologies in the country. Ministry of Industry and Information Technology in China issued the license for 5G connectivity in 2019. 5G network is highly efficient in interacting with building platforms and analyze data collected on construction sites regarding employee health, multi-dimensional security monitoring, AI functions, and others.
According to application, fleet management highly contributed in the IoT in construction market due to development in sensor technologies in the industry. Conservation of resources through reducing fuel wastage, eliminating equipment downtime, real-time equipment health monitoring boosts the demand for fleet management technologies in the construction industry.
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The COVID-19 pandemic has negatively affected the market mainly due to halt in international trade, prolonged lockdowns, and ceased construction processes. In addition, the major end-user companies located in countries such as the U.S., China, Germany, the UK, and others are also facing financial impacts due to halted production, which is likely to hinder the IoT in construction market growth during 2020.
The global IoT in construction market is segmented on the basis of application, end user, component, and region. Based on application, the market is fragmented into machine control, site monitoring, fleet management, wearables, and others. According to end user, the global market is categorized into residential and non-residential. By component, the market is classified into hardware, software, connectivity, and services.
The global IoT in construction market is analyzed across North America (the U.S., Canada, and Mexico), Europe (the UK, Germany, France, Italy, and rest of Europe), Asia-Pacific (China, India, Japan, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa). Asia-Pacific is expected to hold the largest market share throughout the study period, and LAMEA is expected to grow at the fastest rate.
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Key Findings Of The Study
- By application, the asset monitoring segment dominated the IoT in construction market share in 2019.
- By end user, the non-residential segment dominated the market during 2019.
- Depending on component, the hardware segment garnered major share of the IoT in construction market in 2019.
- Region wise, Asia-Pacific dominated the market in 2019.
- LAMEA is expected to witness a high growth rate during the forecast period.
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