The market for IoT in construction is experiencing robust growth and is expected to more than double in value between 2023 and 2028, hitting $24.8bn
The IoT in construction market was worth $11.8bn in 2023 and will grow at a compound annual growth rate of 16.7% to reach $13.88bn this year, according to figures from TBRC Business Research.
Strong future growth
Demand for IoT in the industry is expected to remain strong, rising at a CAGR of 15.3% to top $24.5bn by 2028.
The market will be driven by advances in 5G connectivity, an increased focus on sustainability, a rise in remote construction monitoring, a growth in collaboration platforms and interoperability, and higher demand for contactless construction operations.
IoT refers to internet-connected tools and equipment that are utilized to increase effectiveness and efficiency during construction projects.
IoT sensors can monitor materials, personnel and machinery, saves man-hours and ensures that the building project continues on schedule.
It is used in construction to keep track of the whereabouts, functionality, safety and general condition of personnel, tools and equipment.
IoT boosting sustainability in construction
IoT assists in developing a sustainable plan for employing recycled materials and using zero waste vocabulary, the report said.
This can also assist in educating the labor force about the sustainable construction concept, as a result, increasing demand for construction activities increases the demand for IoT in construction.
North America leading the market, Asia-Pacific growing fastest
North America was the largest region in the IoT in construction market in 2023, according to the report.
Asia-Pacific is expected to be the fastest-growing region in the global market during the forecast period.
The regions covered in the IoT In construction market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
