Internet Of Things In Construction Market Trends, Latest Techniques, Key Segments And Geography Forecasts Till 2028
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Increasing adoption of Internet-connected devices in the construction industry and rising need to ensure safety of workforce and enhance productivity
VANCOUVER, BC, CANADA, May 10, 2023 /EINPresswire.com/ -- The global Internet of Things (IoT) in construction market size is expected to reach USD 26.79 Billion in 2028 and register a robust revenue CAGR over the forecast period, according to latest analysis by Emergen Research. Steady market revenue growth rate can be attributed to increasing adoption of Internet-connected device in the construction industry to address common workplace concerns. The construction industry is increasingly deploying IoT technology in order to overcome flat productivity, more schedule overruns, decreased margins, and increasing competition in the industry. Advancements within the fields of sensors technology, embedded code, property tools, and machinery related to IoT in construction industry offers preventive maintenance along with more advanced benefits and operational features.
The Internet of Things (IoT) in Construction Market reports aims to convey a reasonable understanding of the business which has been analyzed by using primary and secondary research strategies. The major purpose of this Internet of Things (IoT) in Construction Market report is to provide an in-depth view and strategic analysis of the parent industry. The report examines each segment as well as their respective sub-segments present in the market in an all-inclusive manner. The report provides a deep insight into the industry parameters by evaluating the growth of the market, share, volume, projected industry trends, and the different variations in prices for the forecasted year.
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The report offers a comprehensive overview of the competitive landscape and covers company profiles, production and manufacturing capacity, product portfolio, expansion strategies, and business initiatives such as mergers and acquisitions, joint ventures, collaborations, partnerships, and product launches and brand promotions among others.
Prominent Players Analyzed in the Report:
Caterpillar Inc., Autodesk, Oracle Corporation, Trimble, KORE Wireless Group, WorldSensing, Giatec Scientific Inc., Losant IoT, Sigfox, and CalAmp.
Some Key Highlights from the Report
In June 2020, Caterpillar Inc. announced the acquisition of selected assets and hired employees from Marble Robot, Inc., which is a San Francisco, California-based company dealing in robot and autonomy technology solutions. The acquisition is part of the automation and automation strategy of the company. With the help of the acquisition, the company can leverage the deep expertise of the new team and bring scalable solutions to meet the changing needs across the construction industry.
Software segment accounted for largest revenue share in 2020. Rising investments by major players for development of software that helps in monitoring construction site, enables remote equipment control and people management, and to track exact location of personnel among workforce is expected to drive revenue growth of this segment.
Remote operations segment revenue is expected to expand at a rapid CAGR during the forecast period. Rising adoption of IoT-empowered remote equipment control to facilitate better efficiency and monitoring of construction progress in areas not accessible by human workforce or personnel is expected to further boost revenue growth of the remote operations segment.
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Furthermore, the report divides the Internet of Things (IoT) in Construction market into key segments and sub-segments to offer an analysis of the product type and application spectrum of the industry. It also offers predictions about the segments expected to show significant growth during the projected timeline.
Emergen Research has segmented the global Internet of Things (IoT) in construction market on the basis of components, application, end-use, and region:
Components Outlook (Revenue, USD Billion; 2018–2028)
Software
Hardware
Services
Application Outlook (Revenue, USD Billion; 2018–2028)
Fleet Management
Predictive Management
Safety Management
Remote operations
Others
End-use Outlook (Revenue, USD Billion; 2018–2028)
Residential
Commercial
The study delivers real answers for questions about market segmentation by types, region and application to power the overall market research for the forecast period. Subject matter experts behind the market analysis have collaborated with some of the highly acclaimed business owners to track records and estimate what is happening in areas such as technology innovation, production volume, end-use and product pricing. Research analysts have further remodeled their approach to present a report uniquely positioned to offer unmatched information on prominent manufactures, new entrants, exiting white spaces, acquisitions and mergers, collaborations and product launches.
𝐑𝐞𝐚𝐬𝐨𝐧𝐬 𝐭𝐨 𝐏𝐮𝐫𝐜𝐡𝐚𝐬𝐞 𝐭𝐡𝐢𝐬 𝐑𝐞𝐩𝐨𝐫𝐭
Current and future of global Internet of Things (IoT) in Construction market outlook in the developed and emerging markets
The segment that is expected to dominate the market as well as the segment which holds highest CAGR in the forecast period.
Regions/countries that are expected to witness the fastest growth rates during the forecast period
The latest developments, market shares, and strategies that are employed by the major market players
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Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyse consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
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