CHICAGO, Feb. 17, 2020 /PRNewswire/ -- According to the new market research report "IoT in Construction Market by Offering (Hardware, Software, Services), Project Type (Commercial, Residential), Application (Remote Operations, Safety Management, Fleet Management, Predictive Maintenance, Others), and Region - Global Forecast to 2024", published by MarketsandMarkets™, the IoT in Construction Market is projected to grow from USD 7.8 billion in 2019 to USD 16.8 billion by 2024, at a CAGR of 16.5% between 2019 and 2024.
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The growth of the IoT in construction market is primarily triggered by the growing need to avoid project delays through better productivity and safety.
The remote operations application segment is projected to register the highest CAGR during the forecast period.
The remote operations segment is the major application of IoT in construction in 2018. The use of IoT at the construction site for real-time monitoring, machine control, track workers, monitoring assets, and other purposes is responsible for the high market share of the remote operations segment.
The software segment is estimated to account for the major market share during the forecast period.
One of the major reasons behind the high market share of the software segment is the growing adoption of BIM across the globe. Additionally, continuous focus of the market players to develop software with multiple functionalities, such as visibility to employers about the location of their employees, their performance at site, and activities, are driving the demand for this segment.
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North America is estimated to be the largest market for IoT in construction in 2018.
North America was the largest IoT in construction market in 2018, and the trend is expected to remain the same. The North American region is segmented into the US and Canada. The high market share of the North American region is driven mainly by the presence of multiple construction OEMs, who are embracing the use of IoT in construction equipment and machinery. Additionally, growing investments in infrastructure and construction projects are also playing a major role in the growing adoption of IoT in the North American construction industry.
Key players operating in the IoT in construction market are Caterpillar Inc. (US), Oracle Corporation (US), Hitachi Ltd. (Japan), CalAmp Corp. (US), Sigfox (France), and Autodesk Inc. (US).
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