IoT in Construction Market to Exceed USD 50.4 Billion by 2032 Due to Growing Demand for Smart Infrastructure

The IoT in Construction Market is growing rapidly, driven by automation, tech innovation, and government investment in smart infrastructure.

AUSTIN, TX, UNITED STATES, February 20, 2025 /EINPresswire.com/ -- The IoT in Construction Market size was USD 13.5 Billion in 2023 and is expected to reach USD 50.4 Billion by 2032, growing at a CAGR of 15.8% over the forecast period of 2024-2032.

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Keyplayers:
Cardinal Intellectual Property, Patsnap, Gemalto NV, Innovation Asset Group, Inc., Questel, Alt Legal, Inc., IP Checkups, Inc., TM Cloud, LexisNexis, Clarivate plc, Anaqua, Inc., patrix ab, Wellspring Worldwide.

By Component, In 2023, Hardware Led by Component, While Services Will See the Quickest Expansion.
The Hardware segment accounted for 55% of the market share in 2023, including RFID tags, and connected construction equipment. IoT Hardware is making it possible for data collection to happen in real-time, allowing the project to run more efficiently. Globally, governments are enabling the adoption of IoT peripherals with funding programs. For example, the U.K. Industrial Strategy Challenge Fund announced £170 million in funding during 2023 for smart construction, involving a huge amount of IoT hardware deployment.

The Services segment is projected to account for the highest CAGR from 2024 to 2032, due to the growing demand arising from IoT-based services that can help clients minimize overall maintenance costs, and achieve significant operational efficiencies through predictive maintenance, remote monitoring, and data analytics. Additionally, substantial investment by the U.S. government in IoT-based construction services through the Infrastructure Investment and Jobs Act further stimulates market growth.

By End-Use, Commercial Segment Led the Market in 2023
The Commercial segment dominated the market with a 68% share in 2023. This growth results from the increasing number of smart offices, smart retail stores, and multi-utility commercial buildings using IoT solutions for automation, energy management, and security improvement. According to the U.S. Census Bureau, commercial construction spending was USD 158 billion in 2023, and more than three of them were built using IoT solutions. In Commercial Infrastructure in Europe, smart city initiatives further drive additional IoT uptake, with 40% of smart city investments in Europe focused on commercial properties.

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By Region, North America Dominates the Market, while Asia-Pacific is Poised for the Fastest Growth
North America dominated the IoT in Construction Market in 2023, driven by strong government investments in smart infrastructure. According to the U.S. Department of Transportation, smart infrastructure projects received over USD 500 billion in funding in 2023, fueling IoT adoption in highways, bridges, and buildings. Canada also invested over CAD 300 million in IoT-enabled urban development through its Smart Cities Challenge.

Europe is projected to witness considerable progress on account of technological developments and the resurgence of residential construction. On the other hand, the Asia-Pacific region is expected to register the highest CAGR during the forecast period, as usage of IoT in construction is growing in China, India, Japan, and Singapore. The increased number of such government initiatives along with rapid urbanization in this region are stimulating the growth of this market in the APAC region.

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