Recent Research Explores the Global IoT in Construction Market 2030

 Infinium Global Research’s recent report on the “IoT in Construction Market (Component (Hardware, Software, and Services), Application (Asset Monitoring, Safety Management, Fleet Management, Predictive Maintenance, and Others), End User (Automotive, Chemicals and material, Electrical and Electronics, Food and beverages, Machinery equipment, and Others): Global Industry Analysis, Trends, Size, Share and Forecasts to 2030” provides a comprehensive outline of the factors responsible for the growth of the market.

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The Internet of Things (IoT) has led to the transformation of many industrial sectors. IoT uses a network of sensors to collect crucial operational data from equipment and devices across the work floor and give valuable insights into the operations. IoT in construction helps in automating the construction site and monitoring the activities and inventory in real time. It improves the productivity of the construction site by reducing errors, managing inventory, and predicting maintenance. The construction industry is inclining towards automating various activities. The growing trend of automation across the construction industry is majorly driving global IoT in the construction market. Furthermore, the increasing construction activities in developing regions are augmenting the demand for IoT in construction. Rapid urbanization, along with the exploding population in the developing regions is driving the growth of the construction industry. In addition, technological advancements in construction equipment are anticipated to propel the growth of IoT in construction market in the future.

Furthermore, the concerns over the spread of coronavirus have severely affected the IoT in construction market. The pandemic hampered production and demand in the construction sector. Many construction companies paused their projects, which collaterally damaged the supply chain and the industry as a whole. Moreover, the rise in the adoption of IoT solutions is completely dependent on the growth of construction projects. During the pandemic crisis, many construction projects were abandoned. Broadly, the major factors disrupting the construction industry were, namely, supply chain disruption, a shutdown of construction sites, and a decrease in demand amidst lockdown in many countries. Thus, the adoption of IoT solutions was also affected negatively during the pandemic. Nevertheless, as the pandemic crisis came under control the construction industry was restored to its pre-pandemic position, driving the growth of IoT in construction market.

Growing Demand for Predictive Maintenance is Anticipated Boost the Growth of IoT in Construction Market

Based on application, global IoT in construction market is categorized into asset monitoring, safety management, fleet management, predictive maintenance, and others. Among the applications, the predictive maintenance segment is expected to grow at a rapid rate over the forecast period due to the growing demand for high productivity and high efficiency. IoT systems are dependent on numerous sensors, and autonomous machines to collect data and power artificial intelligence and predictive analytics.

The insights provided by artificial intelligence and predictive analytics are leveraged to make preventive alterations that minimize the maintenance period and cost of maintenance. This saves the time and resources of the OEMs as well as customers. Predictive maintenance improves the overall efficiency of the equipment and enables root cause analysis to detect issues before failure. It uses condition-monitoring equipment to assess the real-time performance of an asset.

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IoT in Construction Market to Register Several Mergers and Acquisitions over the Forecast Years

The key market players in IoT in construction market are Autodesk, Oracle, KORE Wireless, Triax Technologies, Topcon, Giatec Scientific, Procore Technologies, Pillar Technologies, Sigfox, and Carnegie Technologies. With the growing focus on strong and advanced networking capabilities companies are witnessing a record number of partnership deals. For instance, In November 2021, Sellen Construction and Versatile partnered to boost predictive planning and improve efficiency. This partnership is expected to boost the presence of Versatile across the construction equipment industry.

Similarly, Sensera Systems partnered with PCL Construction for the supply of intelligent jobsite monitoring solutions. The partnership is anticipated to consolidate PCL's leadership in the smart construction space. Infinium Global Research’s recent report on the global IoT in construction market is an encompassment of such recent developments in the global marketplace. The report delivers insights into the leading players that have contributed greatly to the growth of the market and also estimates the impact of product innovations, similar to that of the aforementioned product on the global market.

 North America Region to Generate Highest Revenue in the Global IoT in Construction Market

Among the regions, North America accounted for the largest share of the global IoT in the construction market due to the continued American leadership in IoT technology. The U.S. is one of the early adaptors of technologies such as AI and IoT across various industrial sectors. Moreover, government initiatives and programs continue to make the United States the leader in the IoT in construction sector. Moreover, Asia Pacific IoT in construction market is expected to grow at the fastest rate due to the growing adoption of IoT technology in the industrial construction operations in China and India. Furthermore, the presence of large construction industries in India and China will be a key factor driving the adoption of IoT technology in this region. The IoT in the construction market in the Asia Pacific region is expected to post the highest compound annual growth over the forecast period.

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Reasons to Buy this Report:

=> Comprehensive analysis of global as well as regional markets of iot in construction.

=> Complete coverage of all the product types and application segments to analyze the trends, developments, and forecast of market size up to 2030.

=> Comprehensive analysis of the companies operating in this market. The company profile includes an analysis of the product portfolio, revenue, SWOT analysis, and the latest developments of the company. 

 => Infinium Global Research- Growth Matrix presents an analysis of the product segments and geographies that market players should focus on to invest, consolidate, expand, and/or diversify.