In a recent published report, Kenneth Research has updated the market report for IoT in Construction Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for IoT in Construction Market products.
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Moreover, increase in ICT spending around the globe for hardware, software, services, new technologies and telecom among others is also anticipated to contribute to the growth of the market in the coming years. The spending on new technologies recorded around USD 0.6 million in 2018 and is further estimated to reach close to USD 1.3 million by 2023. The total ICT spending around the globe further recorded close to USD 5 million in 2019 and is further projected to touch USD 6 million by 2023.
The IoT in Construction Market is expected to grow with a significant CAGR during the forecast period, i.e. 2021-2024, on the back of growing internet penetration around the world along with the rising adoption of smartphone. The statistics by the GSMA Intelligence stated that the total unique mobile subscribers as on May 2020 around the world was 5.24 billion.
“Final Report will add the analysis of the impact of COVID-19 on this industry.”
IoT in Construction Industry
The market research report provides a detailed market segmentation analysis of the IoT in Construction market by products (Hardware, Software, Services), by applications (Safety, MRO, Remote operations, Fleet management) and by region (Americas, EMEA, APAC). This market research report identifies many companies which includes Cisco, Caterpillar, Sigfox, Wipro, DroneDeploy, DAQRI, among others in IoT in the construction market.
Overview of IoT in the Construction Market
Infoholic Research’s report predicts, the global IoT in construction industry will grow at a CAGR of 35.98% during the forecast period 2017–2024.
There are several industries where IoT can be of great influence and construction industry is one among them. 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.
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The IoT in Construction Market report answers the following questions:
What is the aim of the report?
- The IoT in Construction Market report presents the estimated IoT in Construction Market size of IoT in Construction Market by the end of forecast period. Additionally, the historical and current IoT in Construction Market size is also examined in the report.
- Based on various indicators, the Year on Year growth (%) and compound annual growth rate (CAGR) for the given forecast period is offered.
- An overview of the IoT in Construction Market based on geographical scope, IoT in Construction Market segmentation and financial performance of key players is presented in the report.
- The report presents current trends in the industry and future scope of the IoT in Construction Market in North America, Asia Pacific, Europe, Latin America and Middle East and Africa.
- The various parameters accelerating the growth of the IoT in Construction Market are incorporated in the research report.
- The report analyzes growth rate, IoT in Construction Market size and valuation of the IoT in Construction Market during the forecast period.
Global IoT market in construction industry is categorized based on the presence of diversified small and large vendors. As large players such as Cisco and Caterpillar are increasing their footprint, small vendors are competing with them in the global market by maintaining competitive pricing and customized product offering. By entering into alliances and strategic partnerships with other players in the market, the global vendors are expected to grow further during the forecast period.
Competitive Analysis and Key Vendors
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.
The report comprises of analysis of vendor profile, which includes financial status, business units, key business priorities, SWOT, business strategies, and views. The report covers the competitive landscape, which includes M&A, joint ventures & collaborations, and competitor comparison analysis.
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In the vendor profile section, for companies that are privately held, the financial information and revenue of segments will be limited.
The key players offering IoT solutions in construction industry globally include:
• Cisco
• Caterpillar
• Sigfox
• Wipro
• DroneDeploy
• DAQRI
• Construction Robotics
• Atlas RFID Solutions
• Pillar Technologies
• Losant
• Trimble Group
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.
The IoT in Construction Industry is categorized based on three Segments – Products, Applications, and Regions.
IoT in Construction Industry Market by Products
• Hardware
• Software
• Services
IoT in Construction Industry Market by Applications
• Safety
• MRO
• Remote operations
• Fleet management
IoT in Construction Industry Market by Regions
• Americas (Americas include North America and Latin America)
• EMEA (EMEA includes Europe, Middle East and Africa)
• APAC (APAC include East Asia, South Asia, Southeast Asia, and Oceania)
Benefits
The aim of this report is to define, describe, and forecast the IoT in construction market on the basis of segments, which include products, applications, and regions. In addition, it helps venture capitalists in understanding the companies better and make well-informed decisions. It is primarily designed to provide the company’s executives with strategically substantial competitor information, data analysis, and insights about the market, development, and implementation of an effective marketing plan.
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Table of Contents
1 Executive Summary 10
2 Industry Outlook 12
2.1 Industry Snapshot 12
2.1.1 Industry Overview 12
2.1.2 Industry Trends 13
3 Market Snapshot 14
3.1 Total Addressable Market 14
3.2 Segment Addressable Market 14
3.2.1 PEST Analysis 17
3.2.2 Porter’s Five Force Analysis 18
4 Market Characteristics 19
4.1 Market Evolution 19
4.2 Market Segmentation 20
4.3 Market Dynamics 20
4.3.1 Drivers 21
4.3.1.1 Cost reduction in construction industry 21
4.3.1.2 Growing need for data analytics in construction industry 22
4.3.2 Restraints 22
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