IoT in Construction Market to Reach $19.03 Bn, Globally, by 2027 at 14.0% CAGR

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The hardware segment to maintain its dominance by 2027-

Based on component, the hardware segment held the highest market share, contributing to more than one-third of the total market share of the global IoT in Construction Market in 2019, and is expected to maintain its dominance by 2027. This is due to high price of technology related to IoT embedded products. However, the connectivity segment is estimated to witness the largest CAGR of 15.8% during the forecast period, owing to government initiatives for development of connectivity infrastructure.

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Asia-Pacific, followed by North America, would lead the trail throughout the forecast period-

Based on region, Asia-Pacific, followed by North America, accounted for the highest contribution in terms of revenue of the global IoT in Construction Market in BFSI, contributing to more than two-fifths of the total share in 2019, and will maintain its leadership status throughout the forecast period. This is due to increased expenses on manufacturing infrastructure in countries such as China, India, Indonesia, and others. However, LAMEA is projected to grow at the highest CAGR of 16.9% from 2020 to 2027, owing to Rise in infrastructure development due to surged public private partnerships (PPPs).

Leading market players

• Topcon Corporation
• Hilti Corporation
• Autodesk, Inc.
• Oracle Corporation
• Hexagon AB
• CalAmp Corporation
• Trimble, Inc.
• Pillar Technologies Inc.
• Triax Technologies, Inc.
• AOMS Technologies

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