The global construction 4.0 market is estimated to grow at a CAGR of ~18% over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the increasing urban population across the globe coupled with rise in commercial and residential activities and escalating demand to reduce human errors. According to the World Bank, 55.272 percent of the total population in the world belonged to urban areas in 2018, which rose up to 56.15 percent in the year 2020. Along with these, growing investments for infrastructural development in developing nations, and accelerating need for employee safety and automation in the construction industry are also expected to drive market growth in the forthcoming years. Furthermore, surge in advancements in technologies such as artificial intelligence, IoT, sensors and drones, is projected to offer abundant opportunities for the market growth in the near future.
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The market is segmented by technology into IoT, industrial robots, artificial intelligence, and others, out of which, the IoT segment is anticipated to hold the largest share and witness the highest growth in the global construction 4.0 market on account of the high potential of IoT to reduce different types of accidents and its effectiveness to collect job site data in a more efficient and affordable way. Additionally, on the basis of solution, the segment for software is evaluated to observe a significant CAGR over the forecast period in view of the growing deployment of construction 4.0 software in developed economies as it helps to decrease schedule risk, save time, maintain accuracy and avoid repetitive work at construction sites.
On the basis of geographical analysis, the global construction 4.0 market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa. The market in the Asia Pacific region is estimated to witness noteworthy growth over the forecast period on the back of increasing demand for construction 4.0 in emerging economies such as India, Vietnam and Indonesia, and rising government expenditure on infrastructural activities. In addition, growing number of projects for smart cities is also assessed to boost the market growth in the region. For instance, in India, more than 2000 projects worth 5 billion USD were completed under the smart city initiative of the country. About 4,500 projects amounting for about USD 20 billion are ongoing as of now. Moreover, the market in North America is projected to acquire the largest share by the end of 2030, which can be ascribed to the high adoption of technologies in construction sector and strong presence of prominent market players in the region. Also, increasing adoption of industry 4.0 technologies amongst the organizations is also expected to contribute to the growth of the market in North America.
The global construction 4.0 market is further classified on the basis of region as follows:
Our in-depth analysis of the global construction 4.0 market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The major factors driving market growth are growing urban population worldwide and increasing number of construction and residential activities.
The market is anticipated to attain a CAGR of ~18% over the forecast period, i.e., 2022 – 2030.
Requirement of high capital investment and lack of skilled labor are estimated to hamper the market growth.
Asia Pacific will provide more business opportunities to the market owing to the increasing demand for construction 4.0 in emerging economies and rising government expenditure on infrastructural activities in the region.
The major players in the market are ABB Ltd., Advanced Opto-Mechanical Systems and Technologies Inc., Hexagon AB, Autodesk Inc., and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by solution, technology, application, and by region.
The IoT segment is anticipated to hold largest market size and is estimated to grow at a notable CAGR over the forecast period and display significant growth opportunities.
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