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Construction 4.0 Market Trends

Report ID: GMI6058
Published Date: Jun 2023
Report Format: PDF

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Construction 4.0 Market Trends

Safety & risk management is critical in the construction industry, where there is a rising focus on leveraging technology to enhance safety protocols and improve risk mitigation strategies. IoT sensors, wearables, AI-based risk assessment, and predictive analytics enable the real-time monitoring of safety conditions, the early identification of potential hazards, and proactive risk management. This trend emphasizes the industry's commitment in creating safer working environments and reducing accidents.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of construction 4.0 was worth USD 12.3 billion in 2022 and is projected to witness 16.9% CAGR during 2023 to 2032 owing to the increasing need for optimizing construction processes, improving safety, and enhancing decision-making.

Construction 4.0 industry size from the software segment reached USD 4.4 billion in 2022 and is poised to grow significantly from 2023 to 2032 attributed to the rapid adoption of digital technologies worldwide.

North America held the largest industry share of over 30% in 2022 and is estimated to witness robust growth through 2032 owing to the rising technological advancements in the construction sector.

Some of the leading construction 4.0 firms are ABB Ltd., Autodesk Inc., Hexagon AB, Hilti Corporation, Oracle Corporation, Topcon Corporation, Trimble, Inc., Microsoft Corporation, Bentley Systems, IBM Corporation, NVIDIA Corporation, SAP SE, Schneider Electric.