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IoT in Construction Market Trends

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

IoT in Construction Market Trends

The IoT market in construction is undergoing significant changes that are improving project management and execution. A major trend is the growing use of smart sensors and wearables. These IoT devices are installed on construction sites to monitor equipment performance, environmental conditions, and worker health. Smart sensors provide real-time data on temperature, humidity, and machinery status, which aids in better decision-making and proactive maintenance. Wearables also track workers' vitals and alert them to potential hazards or unsafe conditions, enhancing overall site safety and efficiency. For instance, October 2022, PERI, a leading manufacturer of formwork and scaffolding systems, digitized construction sites by implementing IoT solutions in collaboration with Deutsche Telekom and SYFIT. This initiative aims to enhance the management and tracking of formwork elements across various construction projects.
 

In the construction industry, the push for sustainability and effective energy management is fueling the adoption of IoT technologies. These technologies are instrumental in monitoring energy consumption, tracking waste, and ensuring adherence to environmental regulations. With the help of smart meters and sensors, construction firms gain real-time insights into energy usage and environmental impacts. This empowers them to adopt sustainable practices and curtail their carbon footprint. Such initiatives resonate with the industry's increasing focus on green building practices and environmental stewardship.

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.

IoT in Construction Market Scope

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Premium Report Details

  • Base Year: 2023
  • Companies covered: 20
  • Tables & Figures: 360
  • Countries covered: 25
  • Pages: 240
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