Construction 4.0 Market Size By Component (Hardware, Software, Service), By Technology (Building Information Modeling, IoT, Artificial Intelligence), By Application (Project Management, Field Management, Risk Management, Asset Management), End User & Forecast 2023 – 2032

Report ID: GMI6058
   |
Published Date: June 2023
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Report Format: PDF

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Construction 4.0 Market Size

Construction 4.0 Market size was valued at USD 12.3 billion in 2022 and is estimated to register 16.9% CAGR from 2023 to 2032 owing to its ability to provide valuable insights for optimizing construction processes, improving safety, and enhancing decision-making. Construction 4.0 with its emphasis on automation, robotics, and digital tools, addresses these challenges by streamlining processes, reducing manual labor, and optimizing resource utilization. The need for increased productivity & efficiency has increased the adoption of Construction 4.0 practices.
 

Construction 4.0 Market

The rapid advancements in digital technologies including IoT and AI in constriction have led to new possibilities in the construction industry. These technologies have become more accessible, affordable, and capable, allowing construction companies to integrate them into their operations. Such technological advancements create opportunities for construction firms to leverage digital tools and transform their practices, which can propel the industry growth.
 

COVID-19 Impact

The COVID-19 pandemic led to project delays, supply chain disruptions, and financial uncertainties owing to disruptions in construction activities worldwide. The focus shifted toward the management of immediate concerns such as health & safety measures, workforce management, and financial stability. Stricter safety protocols and mandatory social distancing measures at construction sites increase the technological usage in construction 4.0 market, such as IoT sensors and AI-based devices, to monitor worker health, ensure compliance with safety guidelines, facilitate the real-time monitoring of construction sites, and reduce the need of physical presence to enhance safety.
 

Construction 4.0 Market Trends

Safety & risk management is critical in the construction industry, where there is a rising focus on leveraging technology to enhance safety protocols and improve risk mitigation strategies. IoT sensors, wearables, AI-based risk assessment, and predictive analytics enable the real-time monitoring of safety conditions, the early identification of potential hazards, and proactive risk management. This trend emphasizes the industry's commitment in creating safer working environments and reducing accidents.
 

Construction 4.0 Market Analysis

Global Construction 4.0 Market Size, By Component,

The software segment crossed around USD 4.4 billion revenue in the construction 4.0 market in 2022 and is expected to grow significantly over the forecast period. Software plays a crucial role in enabling & supporting construction 4.0 practices. The software component encompasses a range of solutions including project management software, the BIM software, scheduling & planning tools, collaboration platforms, and data analytics software. A substantial increase in the demand for software components can be attributed to the rapid espousal of digital technologies by the industry.
 

Global Construction 4.0 Market Share, By Application,

The project management sector is estimated to register 14.5% growth rate during 2023 to 2032. The development of project management in construction 4.0 is driven by the industry's increasing focus on efficiency, cost optimization, and improved project outcomes. Construction companies can streamline processes, reduce manual errors, enhance collaborations, and make data-driven decisions by leveraging digital project management solutions, thereby propelling the demand for project management applications in the construction 4.0 sector.
 

U.S Construction 4.0 Market Size

The North America construction 4.0 market accounted for largest share of over 30% in 2022. North America has been at the forefront of technological advancements in the construction industry. The region has witnessed the widespread accepatnce of construction design software and other digital technologies including machine learning algorithms, natural language processing, and data analytics platforms. These advancements have transformed construction processes, allowing for improved collaborations, data-driven decision-making, and enhanced project efficiency.
 

Sustainability and energy efficiency have also become significant priorities in the regional industry. Construction 4.0 practices enable the integration of sustainable design, energy-efficient systems, and green building materials. Construction 4.0 technologies play a crucial role in the region's focus on reducing carbon emissions and achieving sustainability goals by optimizing resource utilization and minimizing environmental impacts.
 

Construction 4.0 Market Share

The major companies operating in the construction 4.0 market include

  • ABB Ltd.
  • Autodesk Inc.
  • Hexagon AB
  • Hilti Corporation
  • Oracle Corporation
  • Topcon Corporation
  • Trimble, Inc.
  • Microsoft Corporation
  • Bentley Systems
  • IBM Corporation
  • NVIDIA Corporation
  • SAP SE
  • Schneider Electric
     

Construction 4.0 Industry News:

  • In January 2023, Topcon expanded its compact solutions line with the 2D-MC automated grade control system for compact track loaders. With this expansion, the company augmented its product line across North America. 2D-MC is a low-cost 2D machine control system that can be placed directly into the chosen grading attachments.
     

This market research report on construction 4.0 includes in-depth coverage of the industry, with estimates & forecast in terms of revenue (USD Million) from 2018 to 2032, for the following segments:

Market, By Component

  • Hardware
  • Software
  • Service

Market, By Technology

  • Internet of Things (IoT)
  • Building Information Modeling (BIM)
  • Artificial Intelligence (AI)
  • Others

Market, By Application

  • Project management
  • Asset management
  • Risk management
  • Field management

Market, By End Use

  • Residential
  • Commercial
  • Industrial
  • Public infrastructure

The above information is provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
  • Europe
    • UK
    • Germany
    • France
    • Italy
    • Spain
    • Netherlands
  • Asia Pacific
    • China
    • India
    • Japan
    • ANZ
    • South Korea
  • Latin America
    • Brazil
    • Mexico
    • Argentina
  • MEA
    • South Africa
    • UAE
    • Saudi Arabia

 

Authors: Preeti Wadhwani,
Frequently Asked Question(FAQ) :
How big is the construction 4.0 market?
The market size of construction 4.0 was worth USD 12.3 billion in 2022 and is projected to witness 16.9% CAGR during 2023 to 2032 owing to the increasing need for optimizing construction processes, improving safety, and enhancing decision-making.
Why is construction 4.0 software gaining prominence?
What is the worth of the construction 4.0 sector in North America?
Which are the major enterprises in the construction 4.0 industry?
Construction 4.0 Market Scope
  • Construction 4.0 Market Size
  • Construction 4.0 Market Trends
  • Construction 4.0 Market Analysis
  • Construction 4.0 Market Share
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    Base Year: 2022

    Companies covered: 15

    Tables & Figures: 325

    Countries covered: 19

    Pages: 300

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