According to a new report, published by KBV research, The Global IoT in Construction Market size is expected to reach $30.2 billion by 2029, rising at a market growth of 14.1% CAGR during the forecast period.
The Residential segment is showcasing a CAGR of 15.2% during (2023 - 2029). Apartment buildings, townhouses, and single-family houses all fall under residential structures. Residential projects often have constrained financial resources, making it difficult to maintain them on construction sites manned by people. However, it is possible to effectively manage each project phase by integrating IoT technologies into residential construction.
The Hardware segment is leading the Global IoT in Construction Market by Component in 2022 thereby, achieving a market value of $10.1 billion by 2029. Using hardware equipment including sensors, radio frequency identification (RFID) tags, and smart systems improves the safety, security, and efficiency of the construction process. RFID tags provide vehicle monitoring, enhanced security, raw material routing, collision avoidance, and asset tracking, that not only ensures the safety of the fleet, personnel, and materials, but also improves the productivity of mining operations by decreasing fleet downtime.
The Asset Monitoring segment has shown the growth rate of 14.4% during (2023 - 2029). Drawings, paperwork, plans, tools, and equipment must be organized as part of asset monitoring or asset management within the construction sector. Making decisions about their rental, acquisition, or relocation is aided by deploying smart asset monitoring devices & systems, which assist in consolidating and centralizing asset data, providing enough control over their use and placement.
The North America market dominated the Global IoT in Construction Market by Region in 2022, and would continue to be a dominant market till 2029; thereby, achieving a market value of $10.2 billion by 2029. The Europe market is exhibiting a CAGR of 13.9% during (2023 - 2029). Additionally, The Asia Pacific market would showcase a CAGR of 14.7% during (2023 - 2029).
Full Report: https://www.kbvresearch.com/iot-in-construction-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of 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.
By End User
By Component
By Application
By Geography
Companies Profiled
Unique Offerings 
