PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1383351
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1383351
Construction Monitoring Solutions Market Forecasts to 2030 - Global Analysis By Type, Solution Type (Remote Monitoring, Building Information Modeling, IoT and Sensors and Other Solution Types), Application and By Geography
According to Stratistics MRC, the Global Construction Monitoring Solutions Market is accounted for $5.5 billion in 2023 and is expected to reach $ 10.71 billion by 2030 growing at a CAGR of 10.0% during the forecast period. Construction monitoring solutions are technology-based systems and processes used in the construction industry to supervise and manage projects. They enhance project transparency, safety, and quality, prevent delays and cost overruns, and aid in compliance with regulations. Applications include project management, site surveillance, cost control, quality assurance, and risk management, benefiting various construction projects from buildings to infrastructure.
According to data of United Nations (U.N) more than 54% of global population is living in urban areas, which is generating employment opportunities and improving income level of individuals.
Market Dynamics:
Driver:
An increase in construction projects
The rise in construction projects is a key driver of the market due to heightened demand for efficient project management and oversight. As construction projects multiply, the complexity and scale of these endeavours necessitate advanced monitoring solutions. Furthermore, an expanding construction sector brings greater safety and regulatory requirements, compelling the adoption of monitoring solutions to ensure compliance and protect worker well-being. Therefore, there is an increasing demand for market growth.
Restraint:
Cost of implementation
The cost of implementation serves as a significant restraint in the market. Integrating these advanced technologies, including sensors, data analytics, and software, into construction projects often requires a substantial upfront investment. This expense can deter smaller construction companies with limited budgets from adopting these solutions. Moreover, the costs associated with training the workforce and maintaining the technology can add to the financial burden.
Opportunity:
Infrastructure development
Governments and private sectors worldwide are investing heavily in infrastructure projects such as roads, bridges, airports, and public transportation systems. These large-scale projects demand advanced monitoring solutions to ensure timely completion, cost control, and adherence to safety and environmental standards. Infrastructure development often involves complex, multi-year endeavours, making real-time monitoring and data analytics crucial for project success. As the global focus on infrastructure expansion intensifies, the demand for construction monitoring solutions to optimise these projects and mitigate risks continues to grow.
Threat:
Cybersecurity risks
The growing dependence of monitoring systems on digital technology and connectivity exposes them to risks such as cyber attacks, data breaches, and privacy violations. These solutions might become the target of attackers looking to disrupt construction endeavours, acquire confidential project information, or endanger worker safety. Moreover, investing in robust security measures is imperative as the sector integrates more IoT devices and cloud-based systems, hence expanding the attack surface. Failure to address these threats can erode trust in monitoring solutions and hinder their adoption.
COVID-19 Impact
The COVID-19 pandemic had a mixed impact on the construction monitoring solutions market. Initially, the industry faced disruptions due to construction project delays and shutdowns as lockdowns and safety concerns prevailed. However, as the pandemic emphasised the need for remote work and project oversight, there was an increased awareness of the value of digital tools in maintaining construction operations. This led to a surge in demand for solutions that supported remote monitoring, collaboration, and data analytics. Thus, the pandemic accelerated the digitization of the construction industry and increased the long-term importance of construction monitoring solutions for project management and risk mitigation
The Building Information Modeling (BIM) segment is expected to be the largest during the forecast period
The Building Information Modeling (BIM) segment is estimated to hold the largest share. Building Information Modelling (BIM) is a comprehensive digital approach that involves creating and managing 3D models of construction projects. BIM integrates architectural, structural, and systems data into a centralised model, allowing stakeholders to visualise and simulate the entire construction process. Moreover, BIM's 3D modelling and data-sharing capabilities improve project efficiency, reduce errors, and enable better risk management, making it an indispensable tool for construction monitoring, project management, and quality assurance in the construction industry. Thus, it is propelling segment growth.
The Industrial segment is expected to have the highest CAGR during the forecast period
The Industrial segment is anticipated to have lucrative growth during the forecast period. This segment pertains to monitoring and managing construction activities in industrial settings, such as manufacturing facilities, power plants, refineries, and warehouses. This segment involves the use of specialised monitoring tools, safety protocols, and compliance measures tailored to the unique challenges of industrial construction. Furthermore, it encompasses aspects like equipment installation, process optimisation, safety regulations, and adherence to stringent industry standards. Industrial construction monitoring solutions aim to maximise productivity, minimise downtime, and ensure the integrity of critical infrastructure, making them vital for industrial project success.
Region with largest share:
Asia Pacific commanded the largest market share during the extrapolated period owing to increasing demand for monitoring technologies. Countries like China, India, Japan, and Southeast Asian nations are investing heavily in construction projects, including residential, commercial, and infrastructure development. This drives the need for solutions that enhance project management, safety, and efficiency. Furthermore, the adoption of advanced technologies like Building Information Modelling (BIM) and IoT is on the rise in the Asia-Pacific construction industry, presenting significant growth opportunities for monitoring solution providers in the region.
Region with highest CAGR:
North America is expected to witness profitable growth over the projection period. The region, including the United States and Canada, benefits from a strong construction sector with a focus on infrastructure, commercial, and residential projects. Stringent safety and regulatory standards drive the adoption of monitoring solutions. In addition, the North American market also emphasises sustainability and environmental compliance, creating opportunities for monitoring solutions that ensure eco-friendly practices. With a tech-savvy construction industry, there's a strong demand for data-driven decision-making, making the region a key hub for monitoring technology innovation and adoption.
Key players in the market
Some of the key players in the Construction Monitoring Solutions Market include: Spero Corporation, Stonebridge, SGS Canada, Saltus, HBG, UL Solutions, Thomas Consultants, AKRF, TerraWest Environmental Inc, Louisiana Housing Corporation, WRA, Inc., Trimble Inc., Autodesk, Inc., Bentley Systems, Inc., Oracle Corporation, Topcon Corporation, Procore Technologies and Viewpoint, a Trimble Company.
Key Developments:
In October 2023, Trimble and Microsoft announced a strategic partnership to advance technology adoption and accelerate the digital transformation of the construction, agriculture and transportation industries. By leveraging the Microsoft cloud, Trimble and Microsoft will collaborate to develop, build and deliver industry cloud platforms and solutions that connect people, technology, tasks, data, processes and industry lifecycles.
In March 2023, Trimble has announced the introduction of the latest versions of its Tekla® software for constructible Building Information Modeling (BIM), structural engineering and steel fabrication management. Tekla Structures 2023, Tekla Structural Designer 2023, Tekla Tedds 2023 and Tekla PowerFab 2023 offer significant improvements in construction productivity, efficiency, and quality.
In March 2023, Trimble has introduced the Trimble® Siteworks Machine Guidance Module, extending the capabilities of Trimble Siteworks Software from surveying and layout to support on-machine excavator guidance and operator assistance. With the addition of the new software module, contractors can use the same rugged Site Positioning Systems hardware and software to perform a variety of tasks on the job site, including surveying, machine guidance, in-field design and reporting.
Types Covered:
- Concrete
- Steel Structure
Solution Types Covered:
- Remote Monitoring
- Building Information Modeling (BIM)
- IoT and Sensors
- Other Solution Types
Applications Covered:
- Residential
- Industrial
- Commercial
- Infrastructure
- Other Applications
Regions Covered:
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- Italy
- France
- Spain
- Rest of Europe
- Asia Pacific
- Japan
- China
- India
- Australia
- New Zealand
- South Korea
- Rest of Asia Pacific
- South America
- Argentina
- Brazil
- Chile
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- UAE
- Qatar
- South Africa
- Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
- Company Profiling
- Comprehensive profiling of additional market players (up to 3)
- SWOT Analysis of key players (up to 3)
- Regional Segmentation
- Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
- Competitive Benchmarking
- Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
- 2.1 Abstract
- 2.2 Stake Holders
- 2.3 Research Scope
- 2.4 Research Methodology
- 2.4.1 Data Mining
- 2.4.2 Data Analysis
- 2.4.3 Data Validation
- 2.4.4 Research Approach
- 2.5 Research Sources
- 2.5.1 Primary Research Sources
- 2.5.2 Secondary Research Sources
- 2.5.3 Assumptions
3 Market Trend Analysis
- 3.1 Introduction
- 3.2 Drivers
- 3.3 Restraints
- 3.4 Opportunities
- 3.5 Threats
- 3.6 Application Analysis
- 3.7 Emerging Markets
- 3.8 Impact of Covid-19
4 Porters Five Force Analysis
- 4.1 Bargaining power of suppliers
- 4.2 Bargaining power of buyers
- 4.3 Threat of substitutes
- 4.4 Threat of new entrants
- 4.5 Competitive rivalry
5 Global Construction Monitoring Solutions Market, By Type
- 5.1 Introduction
- 5.2 Concrete
- 5.3 Steel Structure
6 Global Construction Monitoring Solutions Market, By Solution Type
- 6.1 Introduction
- 6.2 Remote Monitoring
- 6.3 Building Information Modeling (BIM)
- 6.4 IoT and Sensors
- 6.5 Other Solution Types
7 Global Construction Monitoring Solutions Market, By Application
- 7.1 Introduction
- 7.2 Residential
- 7.3 Industrial
- 7.4 Commercial
- 7.5 Infrastructure
- 7.6 Other Applications
8 Global Construction Monitoring Solutions Market, By Geography
- 8.1 Introduction
- 8.2 North America
- 8.2.1 US
- 8.2.2 Canada
- 8.2.3 Mexico
- 8.3 Europe
- 8.3.1 Germany
- 8.3.2 UK
- 8.3.3 Italy
- 8.3.4 France
- 8.3.5 Spain
- 8.3.6 Rest of Europe
- 8.4 Asia Pacific
- 8.4.1 Japan
- 8.4.2 China
- 8.4.3 India
- 8.4.4 Australia
- 8.4.5 New Zealand
- 8.4.6 South Korea
- 8.4.7 Rest of Asia Pacific
- 8.5 South America
- 8.5.1 Argentina
- 8.5.2 Brazil
- 8.5.3 Chile
- 8.5.4 Rest of South America
- 8.6 Middle East & Africa
- 8.6.1 Saudi Arabia
- 8.6.2 UAE
- 8.6.3 Qatar
- 8.6.4 South Africa
- 8.6.5 Rest of Middle East & Africa
9 Key Developments
- 9.1 Agreements, Partnerships, Collaborations and Joint Ventures
- 9.2 Acquisitions & Mergers
- 9.3 New Product Launch
- 9.4 Expansions
- 9.5 Other Key Strategies
10 Company Profiling
- 10.1 Spero Corporation
- 10.2 Stonebridge
- 10.3 SGS Canada
- 10.4 Saltus
- 10.5 HBG
- 10.6 UL Solutions
- 10.7 Thomas Consultants
- 10.8 AKRF
- 10.9 TerraWest Environmental Inc
- 10.10 Louisiana Housing Corporation
- 10.11 WRA, Inc.
- 10.12 Trimble Inc.
- 10.13 Autodesk, Inc.
- 10.14 Bentley Systems, Inc.
- 10.15 Oracle Corporation
- 10.16 Topcon Corporation
- 10.17 Procore Technologies
- 10.18 Viewpoint, a Trimble Company
List of Tables
- Table 1 Global Construction Monitoring Solutions Market Outlook, By Region (2021-2030) ($MN)
- Table 2 Global Construction Monitoring Solutions Market Outlook, By Type (2021-2030) ($MN)
- Table 3 Global Construction Monitoring Solutions Market Outlook, By Concrete (2021-2030) ($MN)
- Table 4 Global Construction Monitoring Solutions Market Outlook, By Steel Structure (2021-2030) ($MN)
- Table 5 Global Construction Monitoring Solutions Market Outlook, By Solution Type (2021-2030) ($MN)
- Table 6 Global Construction Monitoring Solutions Market Outlook, By Remote Monitoring (2021-2030) ($MN)
- Table 7 Global Construction Monitoring Solutions Market Outlook, By Building Information Modeling (BIM) (2021-2030) ($MN)
- Table 8 Global Construction Monitoring Solutions Market Outlook, By IoT and Sensors (2021-2030) ($MN)
- Table 9 Global Construction Monitoring Solutions Market Outlook, By Other Solution Types (2021-2030) ($MN)
- Table 10 Global Construction Monitoring Solutions Market Outlook, By Application (2021-2030) ($MN)
- Table 11 Global Construction Monitoring Solutions Market Outlook, By Residential (2021-2030) ($MN)
- Table 12 Global Construction Monitoring Solutions Market Outlook, By Industrial (2021-2030) ($MN)
- Table 13 Global Construction Monitoring Solutions Market Outlook, By Commercial (2021-2030) ($MN)
- Table 14 Global Construction Monitoring Solutions Market Outlook, By Infrastructure (2021-2030) ($MN)
- Table 15 Global Construction Monitoring Solutions Market Outlook, By Other Applications (2021-2030) ($MN)
- Table 16 North America Construction Monitoring Solutions Market Outlook, By Country (2021-2030) ($MN)
- Table 17 North America Construction Monitoring Solutions Market Outlook, By Type (2021-2030) ($MN)
- Table 18 North America Construction Monitoring Solutions Market Outlook, By Concrete (2021-2030) ($MN)
- Table 19 North America Construction Monitoring Solutions Market Outlook, By Steel Structure (2021-2030) ($MN)
- Table 20 North America Construction Monitoring Solutions Market Outlook, By Solution Type (2021-2030) ($MN)
- Table 21 North America Construction Monitoring Solutions Market Outlook, By Remote Monitoring (2021-2030) ($MN)
- Table 22 North America Construction Monitoring Solutions Market Outlook, By Building Information Modeling (BIM) (2021-2030) ($MN)
- Table 23 North America Construction Monitoring Solutions Market Outlook, By IoT and Sensors (2021-2030) ($MN)
- Table 24 North America Construction Monitoring Solutions Market Outlook, By Other Solution Types (2021-2030) ($MN)
- Table 25 North America Construction Monitoring Solutions Market Outlook, By Application (2021-2030) ($MN)
- Table 26 North America Construction Monitoring Solutions Market Outlook, By Residential (2021-2030) ($MN)
- Table 27 North America Construction Monitoring Solutions Market Outlook, By Industrial (2021-2030) ($MN)
- Table 28 North America Construction Monitoring Solutions Market Outlook, By Commercial (2021-2030) ($MN)
- Table 29 North America Construction Monitoring Solutions Market Outlook, By Infrastructure (2021-2030) ($MN)
- Table 30 North America Construction Monitoring Solutions Market Outlook, By Other Applications (2021-2030) ($MN)
- Table 31 Europe Construction Monitoring Solutions Market Outlook, By Country (2021-2030) ($MN)
- Table 32 Europe Construction Monitoring Solutions Market Outlook, By Type (2021-2030) ($MN)
- Table 33 Europe Construction Monitoring Solutions Market Outlook, By Concrete (2021-2030) ($MN)
- Table 34 Europe Construction Monitoring Solutions Market Outlook, By Steel Structure (2021-2030) ($MN)
- Table 35 Europe Construction Monitoring Solutions Market Outlook, By Solution Type (2021-2030) ($MN)
- Table 36 Europe Construction Monitoring Solutions Market Outlook, By Remote Monitoring (2021-2030) ($MN)
- Table 37 Europe Construction Monitoring Solutions Market Outlook, By Building Information Modeling (BIM) (2021-2030) ($MN)
- Table 38 Europe Construction Monitoring Solutions Market Outlook, By IoT and Sensors (2021-2030) ($MN)
- Table 39 Europe Construction Monitoring Solutions Market Outlook, By Other Solution Types (2021-2030) ($MN)
- Table 40 Europe Construction Monitoring Solutions Market Outlook, By Application (2021-2030) ($MN)
- Table 41 Europe Construction Monitoring Solutions Market Outlook, By Residential (2021-2030) ($MN)
- Table 42 Europe Construction Monitoring Solutions Market Outlook, By Industrial (2021-2030) ($MN)
- Table 43 Europe Construction Monitoring Solutions Market Outlook, By Commercial (2021-2030) ($MN)
- Table 44 Europe Construction Monitoring Solutions Market Outlook, By Infrastructure (2021-2030) ($MN)
- Table 45 Europe Construction Monitoring Solutions Market Outlook, By Other Applications (2021-2030) ($MN)
- Table 46 Asia Pacific Construction Monitoring Solutions Market Outlook, By Country (2021-2030) ($MN)
- Table 47 Asia Pacific Construction Monitoring Solutions Market Outlook, By Type (2021-2030) ($MN)
- Table 48 Asia Pacific Construction Monitoring Solutions Market Outlook, By Concrete (2021-2030) ($MN)
- Table 49 Asia Pacific Construction Monitoring Solutions Market Outlook, By Steel Structure (2021-2030) ($MN)
- Table 50 Asia Pacific Construction Monitoring Solutions Market Outlook, By Solution Type (2021-2030) ($MN)
- Table 51 Asia Pacific Construction Monitoring Solutions Market Outlook, By Remote Monitoring (2021-2030) ($MN)
- Table 52 Asia Pacific Construction Monitoring Solutions Market Outlook, By Building Information Modeling (BIM) (2021-2030) ($MN)
- Table 53 Asia Pacific Construction Monitoring Solutions Market Outlook, By IoT and Sensors (2021-2030) ($MN)
- Table 54 Asia Pacific Construction Monitoring Solutions Market Outlook, By Other Solution Types (2021-2030) ($MN)
- Table 55 Asia Pacific Construction Monitoring Solutions Market Outlook, By Application (2021-2030) ($MN)
- Table 56 Asia Pacific Construction Monitoring Solutions Market Outlook, By Residential (2021-2030) ($MN)
- Table 57 Asia Pacific Construction Monitoring Solutions Market Outlook, By Industrial (2021-2030) ($MN)
- Table 58 Asia Pacific Construction Monitoring Solutions Market Outlook, By Commercial (2021-2030) ($MN)
- Table 59 Asia Pacific Construction Monitoring Solutions Market Outlook, By Infrastructure (2021-2030) ($MN)
- Table 60 Asia Pacific Construction Monitoring Solutions Market Outlook, By Other Applications (2021-2030) ($MN)
- Table 61 South America Construction Monitoring Solutions Market Outlook, By Country (2021-2030) ($MN)
- Table 62 South America Construction Monitoring Solutions Market Outlook, By Type (2021-2030) ($MN)
- Table 63 South America Construction Monitoring Solutions Market Outlook, By Concrete (2021-2030) ($MN)
- Table 64 South America Construction Monitoring Solutions Market Outlook, By Steel Structure (2021-2030) ($MN)
- Table 65 South America Construction Monitoring Solutions Market Outlook, By Solution Type (2021-2030) ($MN)
- Table 66 South America Construction Monitoring Solutions Market Outlook, By Remote Monitoring (2021-2030) ($MN)
- Table 67 South America Construction Monitoring Solutions Market Outlook, By Building Information Modeling (BIM) (2021-2030) ($MN)
- Table 68 South America Construction Monitoring Solutions Market Outlook, By IoT and Sensors (2021-2030) ($MN)
- Table 69 South America Construction Monitoring Solutions Market Outlook, By Other Solution Types (2021-2030) ($MN)
- Table 70 South America Construction Monitoring Solutions Market Outlook, By Application (2021-2030) ($MN)
- Table 71 South America Construction Monitoring Solutions Market Outlook, By Residential (2021-2030) ($MN)
- Table 72 South America Construction Monitoring Solutions Market Outlook, By Industrial (2021-2030) ($MN)
- Table 73 South America Construction Monitoring Solutions Market Outlook, By Commercial (2021-2030) ($MN)
- Table 74 South America Construction Monitoring Solutions Market Outlook, By Infrastructure (2021-2030) ($MN)
- Table 75 South America Construction Monitoring Solutions Market Outlook, By Other Applications (2021-2030) ($MN)
- Table 76 Middle East & Africa Construction Monitoring Solutions Market Outlook, By Country (2021-2030) ($MN)
- Table 78 Middle East & Africa Construction Monitoring Solutions Market Outlook, By Type (2021-2030) ($MN)
- Table 80 Middle East & Africa Construction Monitoring Solutions Market Outlook, By Concrete (2021-2030) ($MN)
- Table 82 Middle East & Africa Construction Monitoring Solutions Market Outlook, By Steel Structure (2021-2030) ($MN)
- Table 84 Middle East & Africa Construction Monitoring Solutions Market Outlook, By Solution Type (2021-2030) ($MN)
- Table 86 Middle East & Africa Construction Monitoring Solutions Market Outlook, By Remote Monitoring (2021-2030) ($MN)
- Table 88 Middle East & Africa Construction Monitoring Solutions Market Outlook, By Building Information Modeling (BIM) (2021-2030) ($MN)
- Table 90 Middle East & Africa Construction Monitoring Solutions Market Outlook, By IoT and Sensors (2021-2030) ($MN)
- Table 92 Middle East & Africa Construction Monitoring Solutions Market Outlook, By Other Solution Types (2021-2030) ($MN)
- Table 94 Middle East & Africa Construction Monitoring Solutions Market Outlook, By Application (2021-2030) ($MN)
- Table 96 Middle East & Africa Construction Monitoring Solutions Market Outlook, By Residential (2021-2030) ($MN)
- Table 98 Middle East & Africa Construction Monitoring Solutions Market Outlook, By Industrial (2021-2030) ($MN)
- Table 100 Middle East & Africa Construction Monitoring Solutions Market Outlook, By Commercial (2021-2030) ($MN)
- Table 102 Middle East & Africa Construction Monitoring Solutions Market Outlook, By Infrastructure (2021-2030) ($MN)
- Table 104 Middle East & Africa Construction Monitoring Solutions Market Outlook, By Other Applications (2021-2030) ($MN
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