The construction 4.0 market is projected to reach $29.10 billion by 2027, with a CAGR of 18.2%. Key growth drivers include IoT and AI technologies.
As per the report published by Allied Market Research, the global construction 4.0 market is expected to reach $29.10 billion by 2027, registering a CAGR of 18.2% from 2020 to 2027. The report offers a comprehensive market overview, current trends, prime winning strategies, market forecast, key market players, drivers, opportunities, and restraints.
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Priyanka Khandelwal, Lead Analyst, Construction and Manufacturing at Allied Market Research, stated, “The construction 4.0 market has observed significant growth over the past decade due to growth in the construction industry and technological development in construction technologies. Additionally, proper time management of construction sites by using IoT, BIM, and other technologies propels the growth of the construction 4.0 market, globally. However, lack of skilled staff and capital in emerging economies and expanded security threats in connected devices are expected to hamper the growth of the construction 4.0 market. Furthermore, hike in awareness of remote monitoring, IoT, and virtual reality in the construction industry in developing countries is predicted to provide lucrative opportunities for the growth of the construction 4.0 market.”
Covid-19 pandemic impact on the global construction 4.0 market:
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Rise in efficiency, improvement in productivity on construction sites, and increase in the demand for construction technologies are propelling the market growth. Additionally, growth in the construction industry and the need for proper time management practices on construction sites are the factors adding to the growth of the global construction 4.0 market.
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However, lack of skilled staff and capital in developing nations and rise in security threats in connected devices create restraints for the market to grow. Contrarily, increase in awareness about the construction 4.0 industry in developing countries is anticipated to open many doors of lucrative opportunities for the growth of the construction 4.0 market.
The report offers the detailed segmentation of the global construction 4.0 market on the basis of technology, solution, application, end-user, and region.
Based on the solution, the hardware segment held the largest share in 2019, contributing more than two-fifths of the market. However, the services segment is expected to manifest the highest CAGR of 18.9% throughout the forecast period.
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Based on technology, the IoT segment held the largest share in 2019, contributing to more than three-fourths of the global construction 4.0 market. However, the artificial intelligence segment is proposed to exhibit the highest CAGR of 19.9% throughout the forecast period.
Based on region, North America held the largest share in 2019, contributing to more than two-fifths of the market. On the other hand, the global construction 4.0 market across Asia-Pacific is expected to portray the highest CAGR of 19.9% during the forecast period.
Key leading players of the global construction 4.0 market include ABB Ltd., Topcon Corporation, Opto-Mechanical Systems and Technologies Inc., Autodesk Inc., CalAmp Corporation, Mitsubishi Electric Corporation, Trimble, Inc., Hilti Corporation, Oracle Corporation, and Hexagon AB
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The article discusses the growth of the global construction 4.0 market, projected to reach $29.10 billion by 2027.
Key drivers include technological advancements like IoT and AI, and growth in the construction industry.
North America held the largest share in 2019, contributing to more than two-fifths of the market.
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