Efficient safety management on construction sites, surge in productivity, and labor shortage drive the growth of the global IoT in Construction Market in BFSI
PORTLAND, Ore., Nov. 4, 2020 — (PRNewswire) — Allied Market Research published a report, titled, "IoT in Construction Market by Application (Machine Control, Site Monitoring, Fleet Management, Wearables, and Others), End User (Residential and Non-residential), and Component (Hardware, Software, Connectivity, and Services): Global Opportunity Analysis and Industry Forecast, 2020–2027" According to the report, the global IoT in Construction market generated $ 8.17 billion in 2019, and is expected to generate $19.03 billion by 2027, witnessing a CAGR of 14.0 % from 2020 to 2027.
Drivers, restraints, and opportunities
Efficient safety management on construction sites, surge in productivity, and labor shortage drive the growth of the global IoT in Construction Market. However, rise in security threats in connected devices hinders the market growth. On the other hand, robotics in construction and resource and waste optimization would offer new opportunities throughout the forecast period.
COVID-19 Scenario-
- The halt in international trade and prolonged lockdowns have negatively impacted the IoT in construction market.
- In addition, the construction processes all over the world were put on hold. This has been another major issue that affected the market.
- However, various countries are implementing relaxations on the regulations to maintain economic status, thereby allowing the industries to proceed further.
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The asset monitoring segment to maintain its lead status during the forecast period-
Based on application, the asset monitoring segment accounted for the largest market share in 2019, holding nearly one-third of the total share of the global IoT in Construction Market in BFSI, and is projected to maintain its lead status throughout the forecast period. This is due to high expenditure on sensors and technologies for asset management. However, the wearable segment is estimated to portray the highest CAGR of 19.1% from 2020 to 2027, owing to increasing awareness for smart wearable to promote risk management on construction sites.
The hardware segment to maintain its dominance by 2027-
Based on component, the hardware segment held the highest market share, contributing to more than one-third of the total market share of the global IoT in Construction Market in 2019, and is expected to maintain its dominance by 2027. This is due to high price of technology related to IoT embedded products. However, the connectivity segment is estimated to witness the largest CAGR of 15.8% during the forecast period, owing to government initiatives for development of connectivity infrastructure.
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Asia-Pacific, followed by North America, would lead the trail throughout the forecast period-
Based on region, Asia-Pacific, followed by North America, accounted for the highest contribution in terms of revenue of the global IoT in Construction Market in BFSI, contributing to more than two-fifths of the total share in 2019, and will maintain its leadership status throughout the forecast period. This is due to increased expenses on manufacturing infrastructure in countries such as China, India, Indonesia, and others. However, LAMEA is projected to grow at the highest CAGR of 16.9% from 2020 to 2027, owing to Rise in infrastructure development due to surged public private partnerships (PPPs).
Leading market players
- Topcon Corporation
- Hilti Corporation
- Autodesk, Inc.
- Oracle Corporation
- Hexagon AB
- CalAmp Corporation
- Trimble, Inc.
- Pillar Technologies Inc.
- Triax Technologies, Inc.
- AOMS Technologies
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