Internet of Things (IoT) is the network of physical objects or things embedded with electronics, software, sensors, and connectivity. Internet of Things (IoT) in construction refers to the management of construction processes using modern information & communication technologies to increase productivity. It involves the use of hardware devices, data analytics solutions, network and sensing technologies, software, and other components to improve construction processes. IoT helps the construction industry to improve productivity and safety at construction site by enabling remote operations and predictive maintenance and offering smart wearables. The market size of IoT in construction is projected to reach USD 16.8 billion by 2024, at a CAGR of 16.5% between 2019 and 2024.
North America was the largest IoT in construction market in 2018, and the trend is expected to remain the same. The North American region is segmented into the US and Canada. The high market share of the North American region is driven mainly by the presence of multiple construction OEMs, who are embracing the use of IoT in construction equipment and machinery. Additionally, growing investments in infrastructure and construction projects are also playing a major role in the growing adoption of IoT in the North American construction industry.
The key players operating in the IoT in construction market offer various solutions to the construction industry and are focused on adopting both inorganic and organic growth strategies to strengthen their market positions. These players have adopted partnerships, expansions, acquisitions, and new product launches as their key growth strategies between 2017 and 2019.
To know about the assumptions considered for the study download the pdf brochure
The major players operating in the IoT in construction market include Caterpillar Inc. (US), Sigfox (France), Oracle Corporation (US), CalAmp Corp. (US), Losant IoT (US), Giatec Scientific, Inc. (Canada), WorldSensing (Spain), Kore Wireless (US), Trimble Inc. (US), and Autodesk Inc. (US). These companies have a strong presence in the market and are undertaking initiatives to improve their business strategies and product portfolios.
Caterpillar Inc. (US) is an established company in the global IoT in construction market. The company has a strong market presence in North America and Europe. As a part of its growth strategy, the company is more inclined toward implementing partnership. In February 2018, the company made a deal with AT&T for supplying IoT connectivity and management services across the company’s international markets.
Autodesk Inc. (US) is one of the key players in the IoT in construction market. The company lays great emphasis on conducting research and development activities to meet the requirements of various end-use industries. As a part of its growth strategy, the company is highly focused on the strategy of new product launch. In November 2019, the company unveiled Autodesk Construction Cloud at Connect & Construct Summit in the US. This system works on three core elements, namely, advanced technology, builders’ network, and predictive insights.
Request for Sample report: https://www.marketsandmarkets.com/requestsampleNew.asp?id=214544022
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, and strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledge Store” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Company Name: MarketsandMarkets
Contact Person: Mr. Aashish Mehra
Email: Send Email
Address:630 Dundee Road Suite 430
State: IL 60062
Country: United States