IoT in construction industry is expected to witness a CAGR of 35.98% to reach $73.35 billion by 2024
Bangalore, India, January 9, 2019: With its recently published study “IoT in Construction Industry – Global Drivers, Restraints, Opportunities, Trends, and Forecast up to 2024”, Infoholic Research forecasts that the global market for IoT in construction industry will continue to grow due to the increasing number of application areas within the construction sector in developing countries.
Construction industry is one of the industries where IoT and digitalization are facing sluggish growth. However, features including data storage, remote access, and office-field data exchange are not new to the construction industry. The industry is gaining attention among major IoT solution providers and is expected to witness increasing investments in IoT during the forecast period. This trend is expected to continue during the forecast period 2018–2024, fueling the market growth at a CAGR of 35.98% to reach $73.35 billion by 2024.
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Americas is the largest contributor within the global IoT market in construction industry. The extent of adoption of IoT enabled devices is high in US and Canada. In Americas, the growth of IoT in construction sector is mainly attributed to the increasing use of IoT in modular construction and prefabricated building. Modular construction helps the construction companies to build smarter and greener buildings quickly. Companies can construct new buildings in half the time required as well as result in less wastage of resources compared to traditional methods.
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Hardware accounted for a major share of the global IoT market in construction industry. By product type, the hardware part of IoT includes mainly devices, routers and gateways, and processors. Devices include sensors, transceivers, cameras, actuators, displays, drones, robots, wearables, and mobile devices.
“Some of the major areas where IoT could be deployed in construction industry are remote support and operation, equipment servicing, fleet management, fuel savings, and for BIM (building information modeling). With the implementation of IoT systems, the construction companies can save time and cost,” said Arjun Das, Senior Research Analyst, Infoholic Research.
Key insights of the report include
Major Application Areas
- Remote operations
- Fleet management
Industry outlook – Market trends, drivers, restraints, and opportunities
Ms. Sunanda Ganguli
Infoholic Research LLP