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IoT in Construction Market Share

Report ID: GMI11358
Published Date: Sep 2024
Report Format: PDF

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IoT in Construction Market Share

Caterpillar and Constructible hold a market share of around 19% in the IoT in Construction industry in 2023. Constructible and Caterpillar have taken strategic actions to strengthen their presence in the global market. Constructible focuses on creating advanced IoT solutions for project management, integrating these with Building Information Modeling (BIM) to improve project visibility and coordination. Caterpillar, a leading construction equipment manufacturer, has incorporated IoT technologies into its machinery through the Cat Connect suite. This suite provides real-time data on equipment performance, location, and maintenance needs, optimizing operations and decision-making. Additionally, Caterpillar offers extensive customer training and support to ensure clients fully benefit from its IoT technologies.

The competitive landscape is dynamic, featuring both established and emerging players contributing to growth and development of this market. The IoT landscape in the construction market features key players such as Trimble and Topcon Positioning Systems, which provide specialized solutions for equipment tracking and site management. Emerging companies like Procore and OpenSpace offer niche products, including construction management software and site documentation tools. These firms compete through innovation, strategic partnerships, and strong customer support, driving the growth and adoption of IoT technologies in the construction sector.

IoT in Construction Market Companies

Major players operating in the IoT in construction industry are:

Autodesk
CalAmp
Caterpillar
Giatec
Hexagon AB
Hilti
Kreo
Losant IoT
Oracle
Rider Levett Bucknall (rlb)

Authors: Preeti Wadhwani, Aishvarya Ambekar

Frequently Asked Questions (FAQ) :

The market size of IoT in construction was worth over USD 14.8 billion in 2023 and is estimated to register over14.1% CAGR between 2024 and 2032, owing to the growing adoption of smart equipment and machinery, transforming how construction projects are managed and executed.

The software segment held over 49% of the market share in 2023 and is expected to cross USD 26.8 billion by 2032, as it offers real-time monitoring, predictive analytics, and seamless integration with other systems, helping to optimize operations, enhance project management, and improve decision-making.

In 2023, North America IoT in Construction market accounted for a revenue share of around 34% and will continue to grow through 2032, as the region is a centre for innovation and research, with significant investments driving the development of advanced construction IoT technologies.

Autodesk, CalAmp, Caterpillar, Giatec, Hexagon AB, Hilti, Kreo, Losant IoT, and Oracle among others.