According to the report published by MarketAndMarkets "IoT Market in Construction by Offering (Hardware, Software, Services), Project Type (Commercial, Residential), Application (Remote Operations, Safety Management, Fleet Management, Predictive Maintenance, Others), and Region - Global Forecast to 2027", the market size is projected to grow from $12,364.7 million USD in 2022 to $26,534.7 million USD by 2027, at a CAGR of 16.5% during the forecast period.

The increasing concerns regarding safety and productivity on construction sites, rapid urbanization in developing countries are the key factors projected to drive IoT growth in the construction market.

Some of the prominent key players will be:

- Caterpillar Inc. (USA)

- Oracle Corporation (USA)

- Hitachi Ltd. (Japan)

- CalAmp Corp. (USA)

- Sigfox (France)

- Autodesk Inc. (USA)

Opportunities: Growing Emphasis on IoT in APAC

Governments in India, China, Malaysia, and other Asian countries are heavily investing in infrastructure and construction to establish smart cities in the region. The APAC infrastructure market is expected to contribute approximately 60% to the global market by 2025, which is expected to positively impact IoT in the construction market.

Governments of various Asian countries such as Hong Kong, Singapore, and China are imposing strict laws to control accidents on construction sites. Strict rules have been imposed on those who violate these safety laws and endanger the lives of workers.

As IoT offers high safety features in the construction industry, it is expected that these laws will provide growth opportunities for the IoT market in construction in the APAC region in the near future.

APAC Will Be the Fastest-Growing Region in the IoT Market

APAC is one of the emerging and fastest-growing markets for IoT in construction. This growth can be attributed to increasing investments in the infrastructure and construction sectors. China, Japan, and South Korea have considerable demand for IoT.

This is due to the growing development of infrastructure and construction industries in the region. Several countries, including China, Japan, South Korea, and many others, are experiencing urbanization growth, leading the construction and infrastructure industries, which in turn drives the implementation of IoT in construction industries. (Photo: Freepik)