IoT in Construction Market Projected to Exceed $61.7 Billion by 2030

DUBLIN, Oct. 25, 2024 (GLOBE NEWSWIRE) -- The "Internet of Things (IoT) in Construction - Global Strategic Business Report" has been added to ResearchAndMarkets.com’s offerings, revealing significant growth in the sector.

The global market for IoT in construction, valued at approximately $21.5 billion in 2023, is expected to soar to $61.7 billion by 2030, growing at a compound annual growth rate (CAGR) of 16.2%. This detailed report analyzes market trends, drivers, and forecasts, providing essential insights for informed business decisions.

Market Expansion and Drivers

The IoT construction market is experiencing rapid growth, particularly in North America and Europe, driven by smart city initiatives and infrastructure investments that increase demand for connected solutions. Key factors fueling this growth include:

• Rising demand for operational efficiency
• Advancements in connected devices
• Increased focus on worker safety

As construction projects become more complex, companies are turning to IoT solutions to better manage resources, reduce waste, and enhance productivity. Innovations like AI-driven analytics and drone monitoring are facilitating real-time data collection and improving project outcomes.

Additionally, heightened safety and compliance standards are motivating investments in IoT devices that monitor environmental conditions, worker health, and equipment performance in real time.

Technological Innovations

Technological advancements in IoT sensors, drones, and AI-powered analytics are broadening the applications of IoT in construction. Advanced sensors in machinery and materials help monitor usage, detect wear, and optimize maintenance schedules, which reduces downtime. Drones equipped with high-resolution cameras and IoT sensors are utilized for site surveys, progress tracking, and safety inspections, significantly improving data collection and reducing manual checks.

AI analytics platforms can process the extensive data generated by IoT devices, predicting project risks and optimizing workflows to minimize operational inefficiencies. These innovations are making construction sites more connected, safe, and efficient.

Key Insights

Market Growth

‍The Software Component segment is projected to reach $31.3 billion by 2030, growing at a 17% CAGR, while the Hardware Component segment is expected to grow at a 16% CAGR.

Regional Analysis

‍The U.S. market was estimated at $5.9 billion in 2023, with China anticipated to grow at a remarkable 15.4% CAGR, reaching $9.3 billion by 2030.

Why Purchase This Report?

Detailed Market Analysis

‍Comprehensive insights into the IoT construction market across major regions and segments.

Competitive Insights

‍Overview of the competitive landscape, including major players in various geographies.

Future Trends

‍ Key trends and drivers shaping the future of the IoT construction market.

Actionable Insights

‍Identifies new revenue opportunities and aids in strategic decision-making.

Key Questions Answered

• How will the IoT in construction market evolve by 2030?
• What are the primary drivers and constraints affecting the market?
• Which segments are expected to experience the most growth?
• How will market shares shift across different regions and segments by 2030?
• Who are the leading players, and what are their prospects?

Report Features

Comprehensive Market Data‍

Independent analysis of annual sales and market forecasts from 2023 to 2030.

In-Depth Regional Analysis

‍ Insights into key markets including the U.S., China, Japan, Canada, and Europe.

Company Profiles

‍Coverage of major companies in the IoT in construction market, including Autodesk, Calamp, Caterpillar, and more.

Complimentary Updates

‍Free report updates for one year to keep you informed on market developments.

For further details, visit ResearchAndMarkets.com.