- Rapid growth of the construction industry, technological advancements, and proper time management of construction sites have boosted the growth of the global construction 4.0 market
PORTLAND, Ore., March 1, 2021 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Construction 4.0 Market Analysis by Solution (Hardware, Software, and Services), Technology (IoT, Artificial Intelligence, Industrial Robots, and Others), Application (Asset Monitoring, Predictive Maintenance, Fleet Management, Wearables, and Others), and End User (Residential and Non-residential): Global Opportunity Analysis and Industry Forecast, 2020-2027". As per the report, the global construction 4.0 industry was pegged at $9.78 billion in 2019, and is projected to reach $29.10 billion by 2027, growing at a CAGR of 18.2% from 2020 to 2027.
Major determinants of the market growth
Rapid growth of the construction industry, technological advancements, and proper time management of construction sites have boosted the growth of the global construction 4.0 market. However, lack of skilled labor and capital in developing countries and rise in security threats in connected devices hinder the market growth. On the contrary, surge in awareness in emerging countries is expected to open lucrative opportunities for the market players in the future.
Download Sample PDF: https://www.alliedmarketresearch.com/request-sample/10594
Covid-19 scenario:
- Due to the Covid-19 pandemic and followed lockdown, the construction activities were temporarily suspended to curb the spread of the infection.
- Moreover, the prolonged lockdown resulted in a shortage of labor and raw materials.
- However, as several governments lifted their lockdown regulation, the construction sector is expected to get back on track.
The hardware segment dominated the market
By solution, the hardware segment held the lion's share in 2019, accounting for more than two-fifths of the market. Advanced sensors offer real-time insights on concrete maturity, temperature, and strength without destructive testing of the member. Such products demand hardware technologies in the global construction 4.0 market. However, the services segment is projected to register the highest CAGR of 18.9% during the forecast period, as implementation of engineering services such as retrofitting, personnel training, and scheduled maintenance could help decrease the downtime or accidental expenses.
The artificial intelligence segment to portray the highest CAGR through 2027
By technology, the artificial intelligence segment is projected to manifest the highest CAGR of 19.9% during the forecast period, owing to increase in use of AI and machine learning in the construction sector. However, the IoT segment held the largest share in 2019, contributing to more than three-fourths of the global construction 4.0 market, due to launch of IoT-enabled smart fasteners that allow workers on-site to scan the code for documentation.
Get detailed COVID-19 impact analysis on the Tunnel Boring Machine Market: https://www.alliedmarketresearch.com/request-for-customization/ 10594?reqfor=covid
North America held the lion's share
By region, the market across North America held the largest share in 2019, accounting for more than two-fifths of the market, due to rise in number of small and medium enterprises in the region that demand IoT and BIM technology. However, the global construction 4.0 market across Asia-Pacific is projected to portray the highest CAGR of 19.9% during the forecast period, owing to increase in government spending on infrastructure activities.
Key market players
- Opto-Mechanical Systems and Technologies Inc
- ABB Ltd.
- Autodesk Inc.
- Mitsubishi Electric Corporation
- CalAmp Corporation
- Hexagon AB
- Hilti Corporation
- Topcon Corporation
- Trimble, Inc.
- Oracle Corporation
Interested in Procure Data? Visit: https://www.alliedmarketresearch.com/purchase-enquiry/10594
Access AVENUE- A Subscription-Based Library (Premium on-demand, subscription-based pricing model) at: https://www.alliedmarketresearch.com/library-access
Avenue is a user-based library of global market report database, provides comprehensive reports pertaining to the world's largest emerging markets. It further offers e-access to all the available industry reports just in a jiffy. By offering core business insights on the varied industries, economies, and end users worldwide, Avenue ensures that the registered members get an easy as well as single gateway to their all-inclusive requirements.
Avenue Library Subscription | Request for 14 days free trial of before buying:
https://www.alliedmarketresearch.com/avenue/trial/starter
Similar Reports We Have:
Construction Robotics Market - The construction robotics market is projected to reach $7,880.3 million by 2027, registering a CAGR of 23.3% from 2020 to 2027.
Modular Construction Market - Global modular construction market is expected to reach $196.2 billion by 2026, growing at a CAGR of 7.1% from 2019 to 2026.
IoT in Construction Market - Global IoT in construction market is projected to reach $19,039.8 million in 2027, growing at a CAGR of 14.0% from 2020 to 2027.
Demolition Robots Market - Global demolition robot market is projected to reach $633,199.3 thousand by 2027, registering a CAGR of 16.2%.
Cranes Market - The cranes market is expected to reach $41,186.63 million in 2027, growing at a CAGR of 4.8% from 2020 to 2027.
Construction and Demolition Waste Recycling Market - Global construction & demolition waste recycling market is projected to reach $149,190.9 million by 2027, registering a CAGR of 2.7% from 2020 to 2027.
Pre-Book Now with 10% Discount:
Automatic Conveyor Market - Global Opportunity Analysis and Industry Forecast, 2021-2028
Construction Lifts Market - Global Opportunity Analysis and Industry Forecast, 2021-2028
Industrial Robot Controllers Market - Global Opportunity Analysis and Industry Forecast, 2020-2027
About us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
Contact us:
David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
Toll Free: 1-800-792-5285
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Logo: https://mma.prnewswire.com/media/636519/Allied_Market_Research_Logo.jpg
