The market for IoT in the construction industry is predicted to cross $46.3bn by 2032 at a CAGR of more than 14%, according to Global Market Insights.

IoT technologies enable continuous monitoring of construction sites, equipment and environmental conditions, providing data for project management and enhancing efficiency. Additionally, the push for smart buildings encourages the integration of IoT that optimises energy usage, improves safety and streamlines operations. As stakeholders prioritise sustainability and innovation, the adoption of IoT technologies in construction will continue to expand, fostering sizable market growth.

The IoT in construction market from the software segment witnessed a 49% share in 2023 and will reach 26.8% CAGR until 2032 due to its critical role in data management, analysis and integration. As construction projects generate vast amounts of data from various IoT devices, robust software is essential for processing this information and providing actionable insights. These software applications facilitate real-time monitoring, predictive maintenance and project management, enhancing overall efficiency and decision-making. As the construction industry increasingly embraces digital transformation, the demand for sophisticated IoT software will continue to drive market growth.

The IoT in construction market from the project management segment accumulated 26% share in 2023, attributed to its pivotal role in enhancing efficiency and coordination. IoT technologies provide real-time data and insights, enabling project managers to monitor progress, track resources and manage schedules more effectively. By integrating IoT, construction firms can identify potential issues before they escalate, streamline communication among stakeholders and improve overall project outcomes. As the industry increasingly relies on data-driven strategies, the project management segment will continue to see growth and adoption.

The North America IoT in construction market upheld a 34% share in 2023, driven by the region’s advanced infrastructure, ample investments in smart technologies, and a growing emphasis on efficiency and safety in construction projects. Furthermore, the adoption of IoT is facilitated by a strong presence of tech companies and a supportive regulatory environment. This combination of technological advancement and investment creates a robust market landscape, positioning North America as a crucial contributor in the IoT in construction industry.

Major IoT in construction market participants include Autodesk, CalAmp, Caterpillar, Giatec, Hexagon, Hilti, Kreo, Losant IoT, Oracle and Rider Levett Bucknall.

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