North America IoT in Construction Market Size, Share & Industry Trends Analysis Report By End User, By Component (Hardware, Software, Services and Connectivity), By Application, By Country and Growth Forecast, 2023 - 2029
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Market Report Description
The North America IoT in Construction Market would witness market growth of 13.3% CAGR during the forecast period (2023-2029).
Building information modeling (BIM) software, smart wearables, RFID tagging & tracking, and other internet-connected devices have decreased resource waste, decreased the number of accidents and fatalities on construction sites, allowed for remote monitoring, and enabled data collection, resulting in higher efficiency and optimized financial resources. Effective site safety management significantly influences the construction industry's use of IoT technology.
Construction is one of the industries with the highest human resource demands. The personnel is constantly in danger of accidents on construction sites due to fatigue, working in hazardous places, and falling objects. IoT-connected tools, such as exoskeletons, sensors, smartwatches, and other devices, make workers more resilient and track environmental, biological, and physical factors, including temperature, heart rate, blood pressure, and location. Because connected devices are used to effectively manage safety on construction sites, the demand for IoT in construction market is growing.
The governments of Canada and Alberta have committed approximately 52,7 million USD to the building of several infrastructure projects. The United States is Mexico's most popular travel destination. In 2021, 10.4 million Mexicans traveled to the United States, comprising 47 percent of all international visitors. Hence, the prevalence of hotels & restaurants would rise. Furthermore, together with the expansion of the construction industry in North American nations, the utilization of cutting-edge technology for construction activities is increasing. Thus, it is projected that the North American market will expand.
The US market dominated the North America IoT in Construction Market by Country in 2022, and would continue to be a dominant market till 2029; thereby, achieving a market value of $7,328.9 million by 2029. The Canada market is poised to grow at a CAGR of 15.9% during (2023 - 2029). Additionally, The Mexico market would witness a CAGR of 14.9% 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 U.S., Mexico, Canada, and Rest of North America.
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.
Scope of the Study
Market Segments Covered in the Report:
By End User
- Predictive Maintenance
- Asset Monitoring
- Fleet Management
- Rest of North America
Key Market Players
List of Companies Profiled in the Report:
- Autodesk, Inc.
- Advanced Opto-Mechanical Systems and Technologies Inc.
- CalAmp Corp
- Hexagon AB
- Hilti AG
- Oracle Corporation
- Topcon Corporation
- Triax Technologies, Inc.
- Trimble, Inc.
- Giatec Scientific Inc.
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