The global market for Internet of Things (IoT) in construction will almost treble from an estimated $21.5bn in 2023 to reach $61.7bn by 2030, according to the latest forecast
Analyst Research & Markets said the construction IoT sector is growing rapidly in regions such as North America and Europe, where smart city initiatives and infrastructure investment are driving demand for connected solutions.
Growth in construction IoT is being driven by several factors, including increasing demand for operational efficiency, advances in connected devices and a rising focus on worker safety.
As construction projects grow in scale, companies are adopting IoT solutions to manage resources more efficiently, reduce waste and improve productivity, the report said.
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.
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.
Advancing tech ‘expanding use case of construction IoT’
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.
The Research & Markets report features 37 key market players, including Autodesk, Calamp, Caterpillar, IoT Factory, Oracle, Procore Technologies, Trimble, Wakecap Technologies and Worldsensing.
