The smart construction market is expected to grow from $35.2bn in 2024 to $126.7bn by 2032 at a CAGR of around 17.4%, according to a report from Wise Guy.

The market size was estimated at $30bn in 2023.

The smart construction market refers to the integration of technologies such as IoT, artificial intelligence (AI), building information modelling (BIM), robotics and automation into the construction industry. These aim to enhance project efficiency, reduce costs, improve safety and ensure sustainability in construction processes. The market is driven by growing demand for smart infrastructure, the need for improved construction quality and the push for sustainability in urban development.

With increasing adoption of smart construction, the market is witnessing significant growth, particularly in North America, Europe and Asia-Pacific. The use of data analytics and real-time monitoring has revolutionised project management, making it more streamlined and transparent. Additionally, governments and private sector investments in smart cities and green building initiatives are further boosting market expansion. The trend towards automation and digitalisation is expected to continue shaping the future of the industry.

The smart construction market is experiencing rapid growth as technologies such as IoT, AI, automation and BIM are increasingly integrated into the construction industry. These aim to improve project efficiency, reduce costs, enhance safety and promote sustainability. As more industries embrace digital tools and smart technology, the market is poised for continued expansion, especially in regions focused on smart cities and green building initiatives.

Several key players dominate the market, including Cisco, Aveva, Schneider Electric, Trimble, Hexagon, SAP, Dassault Systemes, Topcon Positioning Systems, Autodesk, Honeywell, Siemens, IBM, Oracle, Bentley Systems and RIB Software.

Bentley Systems leverages its expertise in infrastructure engineering software to provide technology for smart construction. The company’s emphasis on open standards and interoperability enables its software to integrate with various third-party applications and devices. Bentley Systems’ acquisitions, such as C3.ai, have strengthened its capabilities in data analytics and AI.

The smart construction market is segmented based on technology, application and end-user. Key technologies include IoT, AI, BIM, robotics and automation, each contributing to efficiency and safety improvements. Application segments cover areas such as building construction, infrastructure and industrial construction. End-users span construction firms, architects, engineers and government bodies involved in smart city development. There is significant growth in North America, Europe and Asia-Pacific, driven by the adoption of digital transformation in construction practices.

The market is driven by several dynamics, including the growing demand for efficiency, safety and sustainability in construction projects. Technologies such as AI, IoT and BIM are enabling real-time monitoring, automation and data-driven decision-making, reducing costs and project timelines. Government initiatives promoting smart cities and green building practices also support market growth. However, problems such as high initial investment costs, integration complexities and the need for skilled labour may hinder widespread adoption. Despite these hurdles, the overall trend towards digitalisation and innovation continues to propel the market forward.

Trends include the use of smart sensors for real-time monitoring, autonomous machinery for improved productivity, and AI-powered project management tools to optimise resources and timelines. With increasing demand for smart cities and eco-friendly infrastructure, the market is poised for expansion. The integration of digital twins and 3D printing is also reshaping construction workflows, creating opportunities for established players and start-ups.

In North America, the market is bolstered by high adoption rates of automation, IoT and AI technologies in construction. Europe is also a major player, with countries such as the UK, Germany and France investing in smart infrastructure and green construction initiatives. In Asia-Pacific, nations such as China, Japan and India are rapidly incorporating smart construction to meet urbanisation demands. Meanwhile, the Middle East and Africa see growth in smart construction driven by large-scale infrastructure projects, particularly in the UAE and Saudi Arabia.

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