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Study finds increasing number of companies adopting IoT solutions to manage resources more effectively and improve productivity
November 13, 2024 | Staff Reporter | World | PropTech
The global market for Internet of Things (IoT) in the construction sector is poised for solid growth with the figure (estimated at $21.5 billion last year) projected to reach $61.7 billion by 2030, growing at a CAGR of 16.2%, according to a report by ResearchAndMarkets. This growth is driven by several factors, including the increasing demand for operational efficiency, advancements in connected devices, and the rising focus on worker safety.
As construction projects grow in scale and complexity, companies are adopting IoT solutions to manage resources more effectively, reduce waste, and improve productivity. Technological innovations such as AI-driven analytics and drone-based monitoring are also driving adoption by enabling real-time data collection and analysis, improving project outcomes, stated the report, which provides an in-depth analysis of market trends, drivers, and forecasts, helping businesses make informed business decisions.
According to the report, the market is expanding rapidly in regions such as North America and Europe, where smart city initiatives and infrastructure investments are driving demand for connected construction solutions.
Additionally, the growing emphasis on safety and compliance in the construction industry is pushing companies to invest in IoT devices that monitor environmental conditions, worker health, and equipment performance in real time.
Technological advancements in IoT sensors, drones, and AI-powered analytics are expanding the use cases for IoT in construction. Advanced sensors embedded in machinery and materials monitor usage, detect wear and tear, and optimize maintenance schedules, reducing downtime and extending equipment life.
Drones equipped with high-resolution cameras and IoT sensors are used for site surveys, progress monitoring, and safety inspections, providing detailed data and reducing the need for manual checks. AI-driven analytics platforms can process the vast amounts of data generated by IoT devices to predict project risks, optimize workflows, and reduce operational inefficiencies. These technological advancements are making construction sites more connected, safe, and efficient.
With the US market, estimated at $5.9 billion in 2023, and China, forecasted to grow at an impressive 15.4% CAGR to reach $9.3 billion by 2030, a dozen odd construction IoT companies are racing to grab a share from the lucrative market, said ResearchAndMarkets in its report.
The key players eyeing the US, China IoT market include: Autodesk; Caterpillar; Giatec Scientific Hitachi; Oracle Corporation; Pillar Technologies; Procore Technologies; Trimble and Wakecap.
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