Construction Monitoring Solutions Market
Construction Monitoring Solutions Market Forecasts to 2030 - Global Analysis By Type (Concrete and Steel Structure), Solution Type (Remote Monitoring, Building Information Modeling (BIM), IoT and Sensors and Other Solution Types), Application and By Geography
|
Years Covered |
2021-2030 |
|
Estimated Year Value (2023) |
US $5.5 BN |
|
Projected Year Value (2030) |
US $10.71 BN |
|
CAGR (2023 - 2030) |
10.0% |
|
Regions Covered |
North America, Europe, Asia Pacific, South America, and Middle East & Africa |
|
Countries Covered |
US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa |
|
Largest Market |
Asia Pacific |
|
Highest Growing Market |
North America |
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
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o 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
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o 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
1 Global Construction Monitoring Solutions Market Outlook, By Region (2021-2030) ($MN)
2 Global Construction Monitoring Solutions Market Outlook, By Type (2021-2030) ($MN)
3 Global Construction Monitoring Solutions Market Outlook, By Concrete (2021-2030) ($MN)
4 Global Construction Monitoring Solutions Market Outlook, By Steel Structure (2021-2030) ($MN)
5 Global Construction Monitoring Solutions Market Outlook, By Solution Type (2021-2030) ($MN)
6 Global Construction Monitoring Solutions Market Outlook, By Remote Monitoring (2021-2030) ($MN)
7 Global Construction Monitoring Solutions Market Outlook, By Building Information Modeling (BIM) (2021-2030) ($MN)
8 Global Construction Monitoring Solutions Market Outlook, By IoT and Sensors (2021-2030) ($MN)
9 Global Construction Monitoring Solutions Market Outlook, By Other Solution Types (2021-2030) ($MN)
10 Global Construction Monitoring Solutions Market Outlook, By Application (2021-2030) ($MN)
11 Global Construction Monitoring Solutions Market Outlook, By Residential (2021-2030) ($MN)
12 Global Construction Monitoring Solutions Market Outlook, By Industrial (2021-2030) ($MN)
13 Global Construction Monitoring Solutions Market Outlook, By Commercial (2021-2030) ($MN)
14 Global Construction Monitoring Solutions Market Outlook, By Infrastructure (2021-2030) ($MN)
15 Global Construction Monitoring Solutions Market Outlook, By Other Applications (2021-2030) ($MN)
16 North America Construction Monitoring Solutions Market Outlook, By Country (2021-2030) ($MN)
17 North America Construction Monitoring Solutions Market Outlook, By Type (2021-2030) ($MN)
18 North America Construction Monitoring Solutions Market Outlook, By Concrete (2021-2030) ($MN)
19 North America Construction Monitoring Solutions Market Outlook, By Steel Structure (2021-2030) ($MN)
20 North America Construction Monitoring Solutions Market Outlook, By Solution Type (2021-2030) ($MN)
21 North America Construction Monitoring Solutions Market Outlook, By Remote Monitoring (2021-2030) ($MN)
22 North America Construction Monitoring Solutions Market Outlook, By Building Information Modeling (BIM) (2021-2030) ($MN)
23 North America Construction Monitoring Solutions Market Outlook, By IoT and Sensors (2021-2030) ($MN)
24 North America Construction Monitoring Solutions Market Outlook, By Other Solution Types (2021-2030) ($MN)
25 North America Construction Monitoring Solutions Market Outlook, By Application (2021-2030) ($MN)
26 North America Construction Monitoring Solutions Market Outlook, By Residential (2021-2030) ($MN)
27 North America Construction Monitoring Solutions Market Outlook, By Industrial (2021-2030) ($MN)
28 North America Construction Monitoring Solutions Market Outlook, By Commercial (2021-2030) ($MN)
29 North America Construction Monitoring Solutions Market Outlook, By Infrastructure (2021-2030) ($MN)
30 North America Construction Monitoring Solutions Market Outlook, By Other Applications (2021-2030) ($MN)
31 Europe Construction Monitoring Solutions Market Outlook, By Country (2021-2030) ($MN)
32 Europe Construction Monitoring Solutions Market Outlook, By Type (2021-2030) ($MN)
33 Europe Construction Monitoring Solutions Market Outlook, By Concrete (2021-2030) ($MN)
34 Europe Construction Monitoring Solutions Market Outlook, By Steel Structure (2021-2030) ($MN)
35 Europe Construction Monitoring Solutions Market Outlook, By Solution Type (2021-2030) ($MN)
36 Europe Construction Monitoring Solutions Market Outlook, By Remote Monitoring (2021-2030) ($MN)
37 Europe Construction Monitoring Solutions Market Outlook, By Building Information Modeling (BIM) (2021-2030) ($MN)
38 Europe Construction Monitoring Solutions Market Outlook, By IoT and Sensors (2021-2030) ($MN)
39 Europe Construction Monitoring Solutions Market Outlook, By Other Solution Types (2021-2030) ($MN)
40 Europe Construction Monitoring Solutions Market Outlook, By Application (2021-2030) ($MN)
41 Europe Construction Monitoring Solutions Market Outlook, By Residential (2021-2030) ($MN)
42 Europe Construction Monitoring Solutions Market Outlook, By Industrial (2021-2030) ($MN)
43 Europe Construction Monitoring Solutions Market Outlook, By Commercial (2021-2030) ($MN)
44 Europe Construction Monitoring Solutions Market Outlook, By Infrastructure (2021-2030) ($MN)
45 Europe Construction Monitoring Solutions Market Outlook, By Other Applications (2021-2030) ($MN)
46 Asia Pacific Construction Monitoring Solutions Market Outlook, By Country (2021-2030) ($MN)
47 Asia Pacific Construction Monitoring Solutions Market Outlook, By Type (2021-2030) ($MN)
48 Asia Pacific Construction Monitoring Solutions Market Outlook, By Concrete (2021-2030) ($MN)
49 Asia Pacific Construction Monitoring Solutions Market Outlook, By Steel Structure (2021-2030) ($MN)
50 Asia Pacific Construction Monitoring Solutions Market Outlook, By Solution Type (2021-2030) ($MN)
51 Asia Pacific Construction Monitoring Solutions Market Outlook, By Remote Monitoring (2021-2030) ($MN)
52 Asia Pacific Construction Monitoring Solutions Market Outlook, By Building Information Modeling (BIM) (2021-2030) ($MN)
53 Asia Pacific Construction Monitoring Solutions Market Outlook, By IoT and Sensors (2021-2030) ($MN)
54 Asia Pacific Construction Monitoring Solutions Market Outlook, By Other Solution Types (2021-2030) ($MN)
55 Asia Pacific Construction Monitoring Solutions Market Outlook, By Application (2021-2030) ($MN)
56 Asia Pacific Construction Monitoring Solutions Market Outlook, By Residential (2021-2030) ($MN)
57 Asia Pacific Construction Monitoring Solutions Market Outlook, By Industrial (2021-2030) ($MN)
58 Asia Pacific Construction Monitoring Solutions Market Outlook, By Commercial (2021-2030) ($MN)
59 Asia Pacific Construction Monitoring Solutions Market Outlook, By Infrastructure (2021-2030) ($MN)
60 Asia Pacific Construction Monitoring Solutions Market Outlook, By Other Applications (2021-2030) ($MN)
61 South America Construction Monitoring Solutions Market Outlook, By Country (2021-2030) ($MN)
62 South America Construction Monitoring Solutions Market Outlook, By Type (2021-2030) ($MN)
63 South America Construction Monitoring Solutions Market Outlook, By Concrete (2021-2030) ($MN)
64 South America Construction Monitoring Solutions Market Outlook, By Steel Structure (2021-2030) ($MN)
65 South America Construction Monitoring Solutions Market Outlook, By Solution Type (2021-2030) ($MN)
66 South America Construction Monitoring Solutions Market Outlook, By Remote Monitoring (2021-2030) ($MN)
67 South America Construction Monitoring Solutions Market Outlook, By Building Information Modeling (BIM) (2021-2030) ($MN)
68 South America Construction Monitoring Solutions Market Outlook, By IoT and Sensors (2021-2030) ($MN)
69 South America Construction Monitoring Solutions Market Outlook, By Other Solution Types (2021-2030) ($MN)
70 South America Construction Monitoring Solutions Market Outlook, By Application (2021-2030) ($MN)
71 South America Construction Monitoring Solutions Market Outlook, By Residential (2021-2030) ($MN)
72 South America Construction Monitoring Solutions Market Outlook, By Industrial (2021-2030) ($MN)
73 South America Construction Monitoring Solutions Market Outlook, By Commercial (2021-2030) ($MN)
74 South America Construction Monitoring Solutions Market Outlook, By Infrastructure (2021-2030) ($MN)
75 South America Construction Monitoring Solutions Market Outlook, By Other Applications (2021-2030) ($MN)
76 Middle East & Africa Construction Monitoring Solutions Market Outlook, By Country (2021-2030) ($MN)
78 Middle East & Africa Construction Monitoring Solutions Market Outlook, By Type (2021-2030) ($MN)
80 Middle East & Africa Construction Monitoring Solutions Market Outlook, By Concrete (2021-2030) ($MN)
82 Middle East & Africa Construction Monitoring Solutions Market Outlook, By Steel Structure (2021-2030) ($MN)
84 Middle East & Africa Construction Monitoring Solutions Market Outlook, By Solution Type (2021-2030) ($MN)
86 Middle East & Africa Construction Monitoring Solutions Market Outlook, By Remote Monitoring (2021-2030) ($MN)
88 Middle East & Africa Construction Monitoring Solutions Market Outlook, By Building Information Modeling (BIM) (2021-2030) ($MN)
90 Middle East & Africa Construction Monitoring Solutions Market Outlook, By IoT and Sensors (2021-2030) ($MN)
92 Middle East & Africa Construction Monitoring Solutions Market Outlook, By Other Solution Types (2021-2030) ($MN)
94 Middle East & Africa Construction Monitoring Solutions Market Outlook, By Application (2021-2030) ($MN)
96 Middle East & Africa Construction Monitoring Solutions Market Outlook, By Residential (2021-2030) ($MN)
98 Middle East & Africa Construction Monitoring Solutions Market Outlook, By Industrial (2021-2030) ($MN)
100 Middle East & Africa Construction Monitoring Solutions Market Outlook, By Commercial (2021-2030) ($MN)
102 Middle East & Africa Construction Monitoring Solutions Market Outlook, By Infrastructure (2021-2030) ($MN)
104 Middle East & Africa Construction Monitoring Solutions Market Outlook, By Other Applications (2021-2030) ($MN)
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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