Construction 4.0 Market Share, Current Trends, Opportunities, Growth Size, and Forecast Through 2031

WILMINGTON, DELAWARE, UNITED STATES, June 3, 2024 /EINPresswire.com/ -- The report provides a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and evolving market trends. The market study is a helpful source of information for the frontrunners, new entrants, investors, and shareholders in crafting strategies for the future and heightening their position in the market.

The global construction 4.0 market was valued at $11.8 billion in 2021, and is projected to reach $62.1 billion by 2031, registering a CAGR of 17.7% from 2022 to 2031.

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Driving Demands:
The construction industry's growing need for automation and worker safety, as well as the availability of accessible, energy-efficient technology like industrial robots and artificial intelligence, in the construction industry drive the growth of the construction 4.0 market. In addition, the need for construction technologies such as IoT, virtual reality, and others increases as efficiency and productivity on building sites improve, fueling the market's expansion.

The construction 4.0 market share is expanding as a result of the usage of IoT, AI, and BIM-based technologies in construction sites with the use of drones, CCTV cameras, and sensors to collect real-time data about workers, inventories, and ongoing activities. The construction industry also uses industrial robots to create large structures and demolish buildings, which boosts demand for industrial robots and expands the market.

Increased security threats in connected devices are restraining market growth. For instance, in January 2023, article published by ETCIO, the data published by Check Point Research (CPR) has released new data in 2022 cyber-attack trends showing that global cyber-attacks increased by 38% in 2022, compared to 2021.This compromises the confidentiality and integrity of the data. Such instances hinder market growth.

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Key Segments:

By solution, the hardware segment held the largest share in 2021, garnering nearly half of the global construction 4.0 market revenue, and is projected to maintain its dominance by 2031. The services would showcase the fastest CAGR of 18.5% during the forecast period.

By technology, the IoT segment contributed to nearly 75% of the global construction 4.0 market share in 2021, and is projected to rule the roost by 2031. Artificial intelligence would display the fastest CAGR of 21.6% throughout the forecast period.

By application, the asset monitoring segment accounted for the highest share in 2021, generating nearly 25% of the global construction 4.0 market revenue. The wearables segment would portray the fastest CAGR of 20.2% during the forecast period.

By end user, the non-residential segment accounted for the highest share in 2021, generating nearly 65% of the global construction 4.0 market revenue. The residential segment would portray the fastest CAGR of 18.6% during the forecast period.

By region, the market across North America held the major share in 2021, garnering nearly half of the global construction 4.0 market. Asia-Pacific, on the other hand, would showcase the fastest CAGR of 20.3% from 2022 to 2031.

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Leading Market Players:

The key market players analyzed in the global construction 4.0 market report include Advanced Opto-Mechanical Systems and Technologies Inc, ABB Ltd, Autodesk Inc, CalAmp Corporation, Hexagon AB, Hilti Corporation, Mitsubishi Electric Corporation, Oracle Corporation, Topcon Corporation, and Trimble, Inc. Major companies in the market have adopted product launch, acquisition and partnership as their key developmental strategies to offer better products and services to customers in the construction 4.0 market.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

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