The Latin America, Middle East and Africa IoT in Construction Market would witness market growth of 17.1% CAGR during the forecast period (2023-2029).
IoT applications can help with monitoring ongoing and impending costs associated with construction both on & off the job site. They offer precise, accurate data that can be tracked and documented. The best strategy for construction companies to adopt technology is to prioritize investments based on the areas where IoT may have the most immediate impact, as assessed by their unique requirements. Construction firms that do not immediately adapt to this digital change risk falling behind. IoT appears to have a promising future in the building sector.
Construction IoT sensors, also known as internet-connected sensors, are scattered around project sites and are used by personnel. The use of IoT in construction market enables the gathering of a variety of data types about activity, conditions, and performance on the job site as well as the transfer of this information to a central dashboard where it is analyzed to aid in making choices.
Brazil's most connected and smart city is Curitiba. Moreover, Curitiba was a leader in developing the first Bus Rapid Transit (BRT) system, a network of bus routes that revolutionized how citizens commuted throughout the city, in 1974. The residents of the city can use free internet in public spaces. As well as city navigation apps, urban farms, Fab Labs, and innovation clusters, Curitiba is focusing on other initiatives. To implement the SDGs, Curitiba is promoting the smart city movement to foster an environment that is creative and supportive of smart solutions. The adoption of IoT technology in construction would increase due to the rising smart city projects being undertaken in the region, supporting regional market expansion.
The Brazil market dominated the LAMEA IoT in Construction Market by Country in 2022, and would continue to be a dominant market till 2029; thereby, achieving a market value of $622.1 million by 2029. The Argentina market is experiencing a CAGR of 17.8% during (2023 - 2029). Additionally, The UAE market would display a CAGR of 16.8% during (2023 - 2029).
Based on End User, the market is segmented into Non-residential and Residential. Based on Component, the market is segmented into Hardware, Software, Services and Connectivity. Based on Application, the market is segmented into Predictive Maintenance, Asset Monitoring, Wearables, Fleet Management and Others. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Worldwide IoT in Construction Market is Projected to reach USD 30.2 Billion by 2029, at a CAGR of 14.1%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Autodesk, Inc., Advanced Opto-Mechanical Systems and Technologies Inc., CalAmp Corp, Hexagon AB, Hilti AG, Oracle Corporation, Topcon Corporation, Triax Technologies, Inc., Trimble, Inc., and Giatec Scientific Inc.
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