IoT In Construction Industry Market Analysis, Trends, and Forecasts 2024

24/set/2020 11:33:04 Ethan Smith Contatta l'autore

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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.

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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.

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.

In the vendor profile section, for companies that are privately held, the financial information and revenue of segments will be limited.

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The key players offering IoT solutions in construction industry globally include:

  • Cisco
  • Caterpillar
  • Sigfox
  • Wipro
  • DroneDeploy
  • 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)

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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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