Increasing The global IoT in construction market is anticipated to grow at a CAGR of around 16.8% during the forecast period 2020 to 2027 and to reach around US$ 26.7Bn by 2027.

Market Dynamics

Rapid technological advancements in construction sector, increasing major players approach towards adoption of digital solution for remote operations, safety management, and fleet management are major factors expected to drive the growth of global IoT in construction market. In addition, increasing construction and reconstruction activities in developed and developing countries and government approach towards establishment of smart cities are factors expected to support the growth of IoT in construction market.

business development activities by major players in order to increase the customer base and enhance the product portfolio is another factor expected to augment the growth of IoT in construction market.

In 2020, CalAmp a provider of Internet of things (IoT) software applications, cloud services, data intelligence and telematics products and service decided to extend its agreement with Caterpillar Inc. in order to facilitate the company's continued expansion of connected assets, including the migration of several existing fleets to 4G LTE. This is expected to help the company to enhance the business in various end use industries and increase the customer base.

In 2020, Kryton International Inc. a global leader in concrete waterproofing, durability, and monitoring solutions launched Maturix Smart Concrete Sensors in the North America market. Maturix Smart Concrete technology runs on the Sigfox 0G network and provider data on real-time monitoring of structures. This product launch is expected to help the company to enhance the business.

In 2020, Hilti Corporation a global service provider of collection of concrete demolition power tools, accessories, software and services for construction professionals acquired Concrete Sensors. This acquisition is expected to help the company to strengthen its business in construction sector.

In 2017, CalAmp a provider of Internet of things (IoT) software applications, cloud services, data intelligence and telematics products and service launched AssetOutlook a next-generation telematics application to optimize construction operations for off-road equipment and on-road vehicles. This product launch is expected to help the company to enhance the product portfolio and increase the revenue share.

Factors such as high initial cost of the products and dependence on conventional methods are expected to hamper the growth of global IoT in construction market. In addition, lack of developed infrastructure in developing countries in order to adopt the advanced devices is expected to challenge the growth of IoT in construction market. High investment by major players for product development activities and rapidly changing infrastructure are factors expected to create new opportunities for players operating in the IoT in construction market. In addition, increasing agreements between regional and international players is expected to support the revenue transaction of target market.

Segment Analysis by Region

The market in North America is expected to account for major revenue share in the IoT in construction market due to increasing government spending on development of smart cities. In addition, presence of large number of players operating in the country and focus on introduction of smart solutions in order to attract new customers are other factors expected to boost the growth of IoT in construction market. Increasing merger & acquisition activities by major players in order to enhance the business and increase the revenue share are factors expected to support the growth of regional market.

Competitive Landscape                                                                                 

The global IoT in construction is highly competitive due to presence of large number of players and innovative product offerings. In addition, business expansion activities through partnerships and agreements are factors expected to further increase the competition.

Report coverage

Market	Global IoT in Construction Market
Analysis Period	2016 – 2027
Base Year	2019
Forecast Data	2020 – 2027
Market Stratification	Offering, Application, End Use and Geography
Regional Scope	North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
Report Coverage	Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis

IoT in Construction Market Segment Analysis, 2019

The global IoT in construction market is segmented into offering, application, and end use. The offering segment is bifurcated into hardware, software, and services. Among the offering the software segment is expected to account for significant revenue share in the target market. The application segment is divided into remote operations, safety management, fleet management, predictive maintenance, and others. Among the application the remote operations segment is expected to account for major revenue share in the target segment. The players profiled in the report are Caterpillar Inc., Autodesk Inc., Oracle Corporation, Trimble Inc., Kore Wireless, Worldsensing, Giatec Scientific Inc., Losant IoT, Sigfox, and Calamp Corp.

Market Segmentation

Market By Offering

Hardware

Software

Services

Market By Application

Remote Operations

Safety Management

Fleet Management

Predictive Maintenance

Others

Market By End Use

Commercial

Residential

Market By Region

North America

• U.S.
• Canada

Europe

• U.K.
• Germany
• France
• Spain
• Rest of Europe

Asia-Pacific

• China
• Japan
• India
• Australia
• South Korea
• Rest of Asia-Pacific

Latin America

• Brazil
• Mexico
• Rest of Latin America

Middle East & Africa

• GCC
• South Africa
• Rest of Middle East & Africa

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