IoT in Construction Market to record $46.3 Bn by 2032, Says Global Market Insights Inc.

Selbyville, Delaware,, Oct. 15, 2024 (GLOBE NEWSWIRE) —

The IoT in construction market is predicted to cross USD 46.3 billion by 2032, as reported in a research study by Global Market Insights Inc. IoT technologies enable continuous monitoring of construction sites, equipment, and environmental conditions, providing valuable data for project management and enhancing efficiency. Additionally, the push for smart buildings encourages the integration of IoT solutions that optimize energy usage, improve safety, and streamline operations. As stakeholders prioritize sustainability and innovation, the adoption of IoT technologies in construction will continue to expand, fostering sizable market growth.

The IoT in construction market from the software segment witnessed a 49% share in 2023 and will reach 26.8% CAGR through 2032 due to its critical role in data management, analysis, and integration. As construction projects generate vast amounts of data from various IoT devices, robust software solutions are essential for processing this information and providing actionable insights. These software applications facilitate real-time monitoring, predictive maintenance, and project management, enhancing overall efficiency and decision-making. As the construction industry increasingly embraces digital transformation, the demand for sophisticated IoT software solutions will continue to drive significant market growth.

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The IoT in construction market from the project management segment accumulated 26% share in 2023, attributed to its pivotal role in enhancing efficiency and coordination. IoT technologies provide real-time data and insights, enabling project managers to monitor progress, track resources, and manage schedules more effectively. By integrating IoT solutions, construction firms can identify potential issues before they escalate, streamline communication among stakeholders, and improve overall project outcomes. As the industry increasingly relies on data-driven strategies, the project management segment will continue to see substantial growth and adoption.

North America IoT in construction market upheld 34% share in 2023, driven by the region’s advanced infrastructure, ample investments in smart technologies, and a growing emphasis on efficiency and safety in construction projects. Furthermore, the adoption of IoT solutions is facilitated by a strong presence of tech companies and a supportive regulatory environment. This combination of technological advancement and investment creates a robust market landscape, positioning North America as a crucial contributor in the IoT in construction industry.

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Partial chapters of report table of contents (TOC):

Chapter 1   Methodology & Scope

1.1    Market scope & definition

1.2    Research design

1.2.1    Research approach

1.2.2    Data collection methods

1.3    Base estimates & calculations

1.3.1    Base year calculation

1.3.2    Key trends for market estimation

1.4    Forecast model

1.5    Primary research and validation

1.5.1    Primary sources

1.5.2    Data mining sources

Chapter 2   Executive Summary

2.1    Industry 360⁰ synopsis, 2021 – 2032

Chapter 3   IoT in Construction Market Insights

3.1    Industry ecosystem analysis

3.2    Supplier landscape

3.2.1    IoT device manufacturers

3.2.2    Software providers

3.2.3    Cloud service providers

3.2.4    System integrators

3.2.5    End-users

3.3    Profit margin analysis

3.4    End-user & innovation landscape

3.5    Patent analysis

3.6    Key news & initiatives

3.7    Regulatory landscape

3.8    Impact forces

3.8.1    Growth drivers

3.8.1.1    Support in data driven decision making

3.8.1.2    Improves safety at the construction site

3.8.1.3    Growing adoption of smart equipment and machinery

3.8.1.4    Increasing demand for smart buildings

3.8.2    Industry pitfalls & challenges

3.8.2.1    Integration issues with existing systems

3.8.2.2    High initial costs

3.9    Growth potential analysis

3.10    Porter’s analysis

3.11    PESTEL analysis

Browse more construction tech industry reports @ https://www.gminsights.com/industry-reports/construction-tech/79

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About Global Market Insights Inc.

Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.

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