Construction 4.0 Market Growth with Industry Study at a CAGR of 17.7% by 2022 to 2031

Construction 4.0 refers to a current industrial revolution in the construction sector. It consists of technology to process massive amounts of data, including IoT, artificial intelligence, drones, sensors, industrial robots, and others. Cost and time savings, an improved perception of the construction business, increased production, and a focus on the client are all advantages of construction 4.0.

The increasing use of IoT, 3D printing, and other technologies in construction aims to connect construction sites to achieve maximum productivity and reduce errors. The construction industry uses its IoT technologies such as sensors, smart wearables, building information modeling, augmented reality and RFID tags to improve productivity, optimize resource utilization and efficiently manage projects. increase. For instance, in June 2021, CalAmp's Tracker has Launched iOn fleet management software to accelerate the speed of smart decision making for fleets across the UK. Such instances are expected to drive the market.

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Driving Factors:
According to a new report published by Allied Market Research, titled, The construction 4.0 market size was valued at $11.9 billion in 2021, and is estimated to reach $62.2 billion by 2031, growing at a CAGR of 17.7% from 2022 to 2031.

The construction industry's growing need for automation and worker safety, as well as the availability of accessible, energy-efficient technology like industrial robots and artificial intelligence, in the construction industry drive the growth of the construction 4.0 market. In addition, the need for construction technologies such as IoT, virtual reality, and others increases as efficiency and productivity on building sites improve, fueling the market's expansion.

The construction 4.0 market share is expanding as a result of the usage of IoT, AI, and BIM-based technologies in construction sites with the use of drones, CCTV cameras, and sensors to collect real-time data about workers, inventories, and ongoing activities. The construction industry also uses industrial robots to create large structures and demolish buildings, which boosts demand for industrial robots and expands the market.

Increased security threats in connected devices are restraining market growth. For instance, in January 2023, article published by ETCIO, the data published by Check Point Research (CPR) has released new data in 2022 cyber-attack trends showing that global cyber-attacks increased by 38% in 2022, compared to 2021.This compromises the confidentiality and integrity of the data. Such instances hinder market growth.

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The adoption of new construction-related technologies, such as IoT, robots, BIM, and others, is being prioritized in developing nations like India, Brazil, Russia, and others as awareness of construction 4.0 technology expands. Digital technologies are increasingly being used in construction activities due to benefits including reducing repetitive work and human error. New technologies, including drones, augmented reality, building information modeling, 3D scanning are used in construction activities. Such instances are expected to offer lucrative opportunities for the construction 4.0 market growth.

Segmentation Based On:

The global construction 4.0 market is segmented on the basis of solution, technology, application, end user, and region. Based on solution, the construction 4.0 market is fragmented into hardware, software, and services. Based on technology, the global construction 4.0 market is categorized into IoT, artificial intelligence, industrial robots, and others. Based on application, the market is divided into asset monitoring, predictive maintenance, fleet management, wearables, and others. By end user, the market is classified into residential and non-residential.

Regional Analysis:
Region wise, the global construction 4.0 market analysis is conducted across North America (the U.S., Canada, and Mexico), Europe (the UK, France, Germany, and rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa).

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Competition Analysis
The major players profiled in the construction 4.0 market include Advanced Opto-Mechanical Systems and Technologies Inc, ABB Ltd, Autodesk Inc, CalAmp Corporation, Hexagon AB, Hilti Corporation, Mitsubishi Electric Corporation, Oracle Corporation, Topcon Corporation, and Trimble, Inc.

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This release was published on openPR.