The market for IoT in construction is anticipated to record a CAGR of around 16% over the forecast period 2020-2028. The rise in the security and safety and improvement in productivity is driving the growth. IoT allocates more time to the owners and workers to interact among themselves and to generate new ideas for project improvement along with job site issues.
Further, IoT ensures adequate supply of materials along with workplace safety by monitoring the signs of risks associated with workers in real time. Based on application type, the market is segmented into remote operations, predictive maintenance, fleet management, safety management and others, out of which, the largest share in the market will be shown by remote operations segment on the account of growing construction sites and machinery along with real-time monitoring of workers. Moreover, wearable computing on-site can help the workers to access instructions in hands free mode.
Research Nester published a report titled “Internet of Things in construction market– Global Demand Analysis and Opportunity Outlook 2020-2028” which delivers detailed overview of the IoT in construction market in terms of market segmentation by product type, by application type, by project type, by end user and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
Based on the regional analysis, the market for IoT in construction is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The IoT in construction market in North America is estimated to dominate the market owing to the presence of multiple Original Equipment Manufacturers (OEMs) adopting the use of IoT. The Asia Pacific region is anticipated to have highest growth rate on the back of growing digitalization and growing construction industry in China, which is a major contributor to the market growth.
In construction sector, IoT provides with field sensors to prevent problems from happening and keeping the customers happy. Further, these sensors help to monitor the appropriate conditions for the work and handling issues along with the expiration of the materials. In order to avoid the budget increase, the construction sector needs to be efficient and smooth. However, sometimes with the human error, supply of materials gets delayed which affects the productivity. IoT automatically raise alarms for the supply of materials, thus enabling more readiness. These factors are anticipated to account for the growth in the market over the forecast period.
However, high cost for the implementation of Internet of Things for its greater functionality in the construction market is expected to operate as key restraint into the growth of IoT in construction market over the forecast period.