As per the detailed report on the construction tech market by Future Market Insights, sales of construction tech globally were reported at US$ 2,521.7 million in 2018. The market witnessed Y-o-Y growth of 15.3% in 2022, with revenue expected to reach US$ 5,058.8 million in 2023. During the assessment period (2023 to 2033), the market is projected to expand at a CAGR of 16.9% and reach a market size of US$ 24,178.4 million by the end of 2033.
The construction tech market size is projected to be worth US$ 5,058.8 million in 2023. The market is likely to surpass US$ 24,178.4 million by 2033 at a CAGR of 16.9% during the forecast period. Construction technology solutions provide for streamlined operations and real-time data analysis, leading in shorter project schedules and more efficient resource utilization.
Construction technology solutions enable businesses to streamline numerous construction processes. Digital tools and automation technologies are enhancing the productivity of operations that were formerly done manually, such as project planning and scheduling, material management, and progress tracking.
Companies may also make intelligent resource allocation decisions using real-time data analysis and predictive analytics, ensuring that equipment, resources, and labour are allocated efficiently.
Other Drivers Propelling the Demand for Construction Techs include:
Challenges for Companies /Manufacturers in the Construction Tech Market:
Opportunities in the Construction Tech Industry:
Latest Trends in the Construction Tech Market:
| Attributes | Details |
|---|---|
| Construction Tech Market Size (2023) | US$ 5,058.8 million |
| Construction Tech Market Projected Size (2033) | US$ 24,178.4 million |
| Value CAGR (2023 to 2033) | 16.9% |
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From 2018 to 2022, the global construction tech market experienced a CAGR of 14.8%, reaching a market size of US$ 5,058.8 million in 2023.
From 2018 to 2022, the global construction tech industry witnessed steady growth due to the adoption of technology in the construction business has increased significantly. The potential benefits of technology in boosting productivity, efficiency and increase in demand for construction technology solutions. Also, rapid advancements in technology, including the emergence of new technologies such as drones, augmented reality, and the Internet of Things (IoT). These cutting-edge innovations found applications in the construction industry, boosting the construction tech market.
Looking ahead, the global construction tech industry is expected to rise at a CAGR of 14.8% from 2023 to 2033. During the forecast period, the market size is expected to reach US$ 24,178.4 million.
Building information modelling (BIM), augmented reality (AR), robotics, and artificial intelligence (AI) are projected to propel the business forward. BIM will remain a critical tool, revolutionizing project management, design coordination, and stakeholder collaboration.
AR and VR will play a larger part in visualizing and experiencing construction projects, allowing for better design decisions and stakeholder interaction. With autonomous machinery and drones becoming more common, robotics and automation will improve productivity and safety on construction sites even further. AI will transform data analysis by enabling predictive modelling, risk assessment, and resource allocation optimization.
Increased digitalization, connectivity, and automation characterize the construction tech business, resulting in improved project outcomes, increased efficiency, and sustainable construction practices.
North America is expected to continue leading the construction tech industry, driven by technological advancements, high construction activity. It includes, BIM adoption, robotics and automation, IoT integration, and digital project management solutions. The East Asia region driven by rapid urbanization, infrastructure development, and government initiatives.
Principal Consultant
| Country | The United States |
|---|---|
| Market Size (US$ million) by End of Forecast Period (2033) | US$ 3,409.2 million |
| CAGR % 2023 to End of Forecast (2033) | 14.1% |
The construction tech industry in the United States is expected to reach a market share of US$ 3,409.2 million by 2033, expanding at a CAGR of 14.1%. The increased investment in infrastructure development has led to a surge in demand for construction technology solutions and services. Companies specializing in areas such as digital construction, Building Information Modeling (BIM), robotics, automation, and sustainable building practices are witnessing a boom in their businesses. These technologies not only improve the efficiency of construction processes but also address critical challenges like resource optimization, project management, and safety. The strong commitment to infrastructure investment also extends to the development of a skilled workforce. The U.S. government is investing in training programs and initiatives to equip workers with the necessary skills to leverage construction technology effectively. Additionally, there are a few other factors expected to drive the demand for construction techs in the country are:
| Country | The United Kingdom |
|---|---|
| Market Size (US$ million) by End of Forecast Period (2033) | US$ 1,789.2 million |
| CAGR % 2023 to End of Forecast (2033) | 15.4% |
The construction tech industry in the United Kingdom is expected to reach a market share of US$ 1,789.2 million, expanding at a CAGR of 15.4% during the forecast period. The United Kingdom market is projected to experience growth owing to the rising demand for construction techs to digitize and automate various processes, such as project management, design collaboration, and supply chain management, resulting in improved productivity, reduced rework, and enhanced cost control.
| Country | China |
|---|---|
| Market Size (US$ million) by End of Forecast Period (2033) | US$ 2,683.8 million |
| CAGR % 2023 to End of Forecast (2033) | 19.8% |
The construction tech industry in China is anticipated to reach a market share of US$ 2,683.8 million, moving at a CAGR of 19.8% during the forecast period. The demand for advanced construction technologies. As the country continues to build new cities, transport networks, and industrial facilities, there is a growing need for innovative solutions that improve efficiency, reduce costs, and enhance sustainability.
| Country | Japan |
|---|---|
| Market Size (US$ million) by End of Forecast Period (2033) | US$ 172.1 million |
| CAGR % 2023 to End of Forecast (2033) | 18.5% |
The construction tech industry in Japan is estimated to reach a market share of US$ 2,006.8 million by 2033, thriving at a CAGR of 18.5%. The market in Japan is predicted to grow because of the smart infrastructure solutions to enhance the management and maintenance of buildings and infrastructure. Internet of Things (IoT) sensors and data analytics are used to monitor energy usage, detect faults, and optimize maintenance schedules. Smart buildings equipped with advanced technologies offer improved energy efficiency, occupant comfort, and safety.
| Country | South Korea |
|---|---|
| Market Size (US$ million) by End of Forecast Period (2033) | US$ 2,200.2 million |
| CAGR % 2023 to End of Forecast (2033) | 12.7% |
The construction tech industry in South Korea is expected to reach a market share of US$ 2,200.2 million, expanding at a CAGR of 12.7% during the forecast period. The market in South Korea is forecasted to witness growth due to the increasing demand for construction techs fuel technologies can help meet these requirements while reducing energy consumption and carbon emissions. This includes the use of fuel-efficient machinery, equipment, and vehicles that can operate on cleaner fuels or alternative energy sources.
In 2023, software segment accounted for 47.1% in construction tech market. This segment captures a significant market share in 2023 due to its real-time data analytics and mobile accessibility further enhance efficiency and decision-making capabilities on construction sites.
Project management software tools enable construction companies to streamline project planning, scheduling, and resource allocation. With robust project management software, teams can track progress, manage budgets, and ensure timely delivery of projects.
The power generation industry is expected to dominate the construction tech industry with a CAGR of 14.1% from 2022 to 2033. This segment captures a significant market share in 2023 due to the high demand for advancements and transforming the way buildings and infrastructure are constructed.
Increased safety, efficiency, and production. It allows for more effective project planning and scheduling, allowing industrial infrastructure projects to be completed on schedule and under budget. Construction sites are increasingly utilizing robotics and automation to undertake repetitive operations, increasing efficiency and lowering the risk of accidents. Advanced materials and building technologies, such as 3D printing and modular construction, are increasingly gaining interest in industrial infrastructure projects since they allow for faster and more cost-effective construction procedures.
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The construction tech industry is highly competitive, with numerous players vying for market share. In such a scenario, key players must adopt effective strategies to stay ahead of the competition.
Key Strategies Adopted by the Players
Companies invest in research and development to create new and improved technologies, such as advanced construction materials, Building Information Modeling (BIM) software, virtual reality (VR) and augmented reality (AR) applications, robotics, and automation solutions. By continuously innovating, companies can stay competitive and attract customers looking for cutting-edge solutions.
Companies often form strategic alliances with other organizations, including construction firms, technology companies, research institutions, and government agencies. These partnerships allow for knowledge sharing, resource pooling, and access to complementary expertise.
The construction tech industry is witnessing significant growth in emerging markets such as China and India. It is characterized by rapid urbanization and infrastructure development, present significant growth opportunities. By entering these markets, companies can establish a strong presence and capture market share. They adapt their technologies to suit local requirements and collaborate with local partners to navigate regulatory and cultural nuances.
Companies may acquire or merge with other firms to gain access to new technologies, expand their customer base, enter new geographical markets, or consolidate their market position. M&A activities enable companies to quickly scale up their operations, acquire talent and intellectual property, and create synergies.
Key Players in the Construction Tech Industry
Key Developments in the Construction Tech Market:
The construction tech market is presently valued at US$ 5,058.8 million in 2023.
Demand for construction tech globally is projected to inflate at a 16.9% CAGR, with a valuation of US$ 24,178.4 million by 2033.
The United States dominates the construction tech market due to innovation, infrastructure, and a skilled workforce.
The China market is driven by rapid urbanization and technological advancements, expected to value US$ 2,683.8 million by 2033
Information modeling, construction automation, and visual technologies are the current software available in the market.
1. Executive Summary 1.1. Global Market Outlook 1.2. Demand Side Trends 1.3. Supply Side Trends 1.4. Analysis and Recommendations 2. Market Overview 2.1. Market Coverage / Taxonomy 2.2. Market Definition / Scope / Limitations 3. Key Market Trends 3.1. Key Trends Impacting the Market 3.2. Solution Innovation / Development Trends 4. Pricing Analysis 4.1. Pricing Analysis, By Construction Tech 4.1.1. Subscription Pricing Model 4.1.2. Perpetual Licensing 4.2. Average Pricing Analysis Benchmark 5. Global Market Demand (Value in US$ Million) Analysis 2018 to 2022 and Forecast, 2023 to 2033 5.1. Historical Market Value (US$ Million) Analysis, 2018 to 2022 5.2. Current and Future Market Value (US$ Million) Projections, 2023 to 2033 5.2.1. Y-o-Y Growth Trend Analysis 5.2.2. Absolute $ Opportunity Analysis 6. Market Background 6.1. Macro-Economic Factors 6.2. Forecast Factors - Relevance & Impact 6.3. Value Chain 6.4. COVID-19 Crisis – Impact Assessment 6.4.1. Current Statistics 6.4.2. Short-Mid-Long Term Outlook 6.4.3. Likely Rebound 6.5. Market Dynamics 6.5.1. Drivers 6.5.2. Restraints 6.5.3. Opportunities 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, by Solution 7.1. Introduction / Key Findings 7.2. Historical Market Size (US$ Million) Analysis By Solution, 2018 to 2022 7.3. Current and Future Market Size (US$ Million) Analysis and Forecast By Solution, 2023 to 2033 7.3.1. Software 7.3.1.1. Building Information Modelling (BIM) 7.3.1.2. Construction Automation 7.3.1.3. Wearable Technologies 7.3.1.4. Visual Technologies 7.3.2. Services 7.3.2.1. Integration & Enterprise Size 7.3.2.2. Consulting 7.3.2.3. Support & Maintenance 7.4. Market Attractiveness Analysis By Solution 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, by Deployment 8.1. Introduction / Key Findings 8.2. Historical Market Size (US$ Million) Analysis By Deployment, 2018 to 2022 8.3. Current and Future Market Size (US$ Million) Analysis and Forecast By Deployment, 2023 to 2033 8.3.1. Cloud 8.3.2. On- premise 8.4. Market Attractiveness Analysis By Deployment 9. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Enterprise Size 9.1. Introduction / Key Findings 9.2. Historical Market Size (US$ Million) Analysis By Enterprise Size, 2018 to 2022 9.3. Current and Future Market Size (US$ Million) Analysis and Forecast By Enterprise Size, 2023 to 2033 9.3.1. Small Offices (1-9 employees) 9.3.2. Small Enterprises (10-99 employees) 9.3.3. Medium-sized Enterprise (100-499 employees) 9.3.4. Large Enterprises (500-999 employees) 9.3.5. Very Large Enterprises (1,000+ employees) 9.4. Market Attractiveness Analysis By Enterprise Size 10. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Industry 10.1. Introduction / Key Findings 10.2. Historical Market Size (US$ Million) Analysis By Industry, 2018 to 2022 10.3. Current and Future Market Size (US$ Million) Analysis and Forecast By Industry, 2023 – 2033 10.3.1. Residential Construction 10.3.2. Commercial Construction 10.3.3. Industrial Construction 10.3.4. Infrastructure Construction 10.3.5. Others 10.4. Market Attractiveness Analysis By Industry 11. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, by Region 11.1. Introduction / Key Findings 11.2. Historical Market Size (US$ Million) Analysis By Region, 2018 to 2022 11.3. Current and Future Market Size (US$ Million) Analysis and Forecast By Region, 2023 to 2033 11.3.1. North America 11.3.2. Latin America 11.3.3. Europe 11.3.4. East Asia 11.3.5. South Asia 11.3.6. Middle East and Africa 11.4. Market Attractiveness Analysis By Region 12. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033 12.1. Introduction 12.2. Historical Market Size (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022 12.3. Current and Future Market Size (US$ Million) Forecast By Market Taxonomy, 2023 to 2033 12.3.1. By Solution 12.3.2. By Deployment 12.3.3. By Enterprise Size 12.3.4. By Industry 12.3.5. By Country 12.3.5.1. U.S. 12.3.5.2. Canada 12.4. Market Attractiveness Analysis 12.4.1. By Solution 12.4.2. By Deployment 12.4.3. By Enterprise Size 12.4.4. By Industry 12.4.5. By Country 12.5. Market Trends 12.6. Key Market Participants - Intensity Mapping 13. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033 13.1. Introduction 13.2. Historical Market Size (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022 13.3. Current and Future Market Size (US$ Million) Forecast By Market Taxonomy, 2023 to 2033 13.3.1. By Solution 13.3.2. By Deployment 13.3.3. By Enterprise Size 13.3.4. By Industry 13.3.5. By Country 13.3.5.1. Brazil 13.3.5.2. Mexico 13.3.5.3. Rest of Latin America 13.4. Market Attractiveness Analysis 13.4.1. By Solution 13.4.2. By Deployment 13.4.3. By Enterprise Size 13.4.4. By Industry 13.4.5. By Country 14. Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033 14.1. Introduction 14.2. Historical Market Size (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022 14.3. Current and Future Market Size (US$ Million) Forecast By Market Taxonomy, 2023 to 2033 14.3.1. By Solution 14.3.2. By Deployment 14.3.3. By Enterprise Size 14.3.4. By Industry 14.3.5. By Country 14.3.5.1. Germany 14.3.5.2. Italy 14.3.5.3. France 14.3.5.4. U.K. 14.3.5.5. Spain 14.3.5.6. BENELUX 14.3.5.7. Russia 14.3.5.8. Rest of Europe 14.4. Market Attractiveness Analysis 14.4.1. By Solution 14.4.2. By Deployment 14.4.3. By Enterprise Size 14.4.4. By Industry 14.4.5. By Country 15. South Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033 15.1. Introduction 15.2. Historical Market Size (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022 15.3. Current and Future Market Size (US$ Million) Forecast By Market Taxonomy, 2023 to 2033 15.3.1. By Solution 15.3.2. By Deployment 15.3.3. By Enterprise Size 15.3.4. By Industry 15.3.5. By Country 15.3.5.1. India 15.3.5.2. ASEAN 15.3.5.3. Australia & New Zealand 15.3.5.4. Rest of South Asia and Pacific 15.4. Market Attractiveness Analysis 15.4.1. By Solution 15.4.2. By Deployment 15.4.3. By Enterprise Size 15.4.4. By Industry 15.4.5. By Country 16. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033 16.1. Introduction 16.2. Historical Market Size (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022 16.3. Current and Future Market Size (US$ Million) Forecast By Market Taxonomy, 2023 to 2033 16.3.1. By Solution 16.3.2. By Deployment 16.3.3. By Enterprise Size 16.3.4. By Industry 16.3.5. By Country 16.3.5.1. China 16.3.5.2. Japan 16.3.5.3. South Korea 16.4. Market Attractiveness Analysis 16.4.1. By Solution 16.4.2. By Deployment 16.4.3. By Enterprise Size 16.4.4. By Industry 16.4.5. By Country 17. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033 17.1. Introduction 17.2. Historical Market Size (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022 17.3. Current and Future Market Size (US$ Million) Forecast By Market Taxonomy, 2023 to 2033 17.3.1. By Solution 17.3.2. By Deployment 17.3.3. By Enterprise Size 17.3.4. By Industry 17.3.5. By Country 17.3.5.1. Saudi Arabia 17.3.5.2. UAE 17.3.5.3. Turkey 17.3.5.4. South Africa 17.3.5.5. North Africa 17.3.5.6. Rest of Middle East and Africa 17.4. Market Attractiveness Analysis 17.4.1. By Solution 17.4.2. By Deployment 17.4.3. By Enterprise Size 17.4.4. By Industry 17.4.5. By Country 18. Key Countries Analysis- Market 18.1. U.S. Market Analysis 18.1.1. By Solution 18.1.2. By Deployment 18.1.3. By Enterprise Size 18.1.4. By Industry 18.2. Canada Market Analysis 18.2.1. By Solution 18.2.2. By Deployment 18.2.3. By Enterprise Size 18.2.4. By Industry 18.3. Mexico Market Analysis 18.3.1. By Solution 18.3.2. By Deployment 18.3.3. By Enterprise Size 18.3.4. By Industry 18.4. Brazil Market Analysis 18.4.1. By Solution 18.4.2. By Deployment 18.4.3. By Enterprise Size 18.4.4. By Industry 18.5. Germany Market Analysis 18.5.1. By Solution 18.5.2. By Deployment 18.5.3. By Enterprise Size 18.5.4. By Industry 18.6. Italy Market Analysis 18.6.1. By Solution 18.6.2. By Deployment 18.6.3. By Enterprise Size 18.6.4. By Industry 18.7. France Market Analysis 18.7.1. By Solution 18.7.2. By Deployment 18.7.3. By Enterprise Size 18.7.4. By Industry 18.8. U.K. Market Analysis 18.8.1. By Solution 18.8.2. By Deployment 18.8.3. By Enterprise Size 18.8.4. By Industry 18.9. Spain Market Analysis 18.9.1. By Solution 18.9.2. By Deployment 18.9.3. By Enterprise Size 18.9.4. By Industry 18.10. BENELUX Market Analysis 18.10.1. By Solution 18.10.2. By Deployment 18.10.3. By Enterprise Size 18.10.4. By Industry 18.11. Russia Market Analysis 18.11.1. By Solution 18.11.2. By Deployment 18.11.3. By Enterprise Size 18.11.4. By Industry 18.12. Rest of Europe Market Analysis 18.12.1. By Solution 18.12.2. By Deployment 18.12.3. By Enterprise Size 18.12.4. By Industry 18.13. China Market Analysis 18.13.1. By Solution 18.13.2. By Deployment 18.13.3. By Enterprise Size 18.13.4. By Industry 18.14. Japan Market Analysis 18.14.1. By Solution 18.14.2. By Deployment 18.14.3. By Enterprise Size 18.14.4. By Industry 18.15. South Korea Market Analysis 18.15.1. By Solution 18.15.2. By Deployment 18.15.3. By Enterprise Size 18.15.4. By Industry 18.16. India Market Analysis 18.16.1. By Solution 18.16.2. By Deployment 18.16.3. By Enterprise Size 18.16.4. By Industry 18.17. ASEAN Market Analysis 18.17.1. By Solution 18.17.2. By Deployment 18.17.3. By Enterprise Size 18.17.4. By Industry 18.18. Australia and New Zealand Market Analysis 18.18.1. By Solution 18.18.2. By Deployment 18.18.3. By Enterprise Size 18.18.4. By Industry 18.19. Saudi Arabia Market Analysis 18.19.1. By Solution 18.19.2. By Deployment 18.19.3. By Enterprise Size 18.19.4. By Industry 18.20. UAE Market Analysis 18.20.1. By Solution 18.20.2. By Deployment 18.20.3. By Enterprise Size 18.20.4. By Industry 18.21. Turkey Market Analysis 18.21.1. By Solution 18.21.2. By Deployment 18.21.3. By Enterprise Size 18.21.4. By Industry 18.22. South Africa Market Analysis 18.22.1. By Solution 18.22.2. By Deployment 18.22.3. By Enterprise Size 18.22.4. By Industry 18.23. North Africa Market Analysis 18.23.1. By Solution 18.23.2. By Deployment 18.23.3. By Enterprise Size 18.23.4. By Industry 18.24. Rest of Middle East and Africa Market Analysis 18.24.1. By Solution 18.24.2. By Deployment 18.24.3. By Enterprise Size 18.24.4. By Industry 19. Market Structure Analysis 19.1. Market Analysis by Tier of Companies 19.2. Market Share Analysis of Top Players 19.3. Market Presence Analysis 20. Competition Analysis 20.1. Competition Dashboard 20.2. Competition Benchmarking 20.3. Competition Deep Dive 20.3.1. Autodesk. 20.3.1.1. Business Overview 20.3.1.2. Solution Portfolio 20.3.1.3. Profitability by Market Segments (Business Segments/Region) 20.3.1.4. Key Strategy & Developments 20.3.2. Procore Technologies 20.3.2.1. Business Overview 20.3.2.2. Solution Portfolio 20.3.2.3. Profitability by Market Segments (Business Segments/Region) 20.3.2.4. Key Strategy & Developments 20.3.3. Trimble 20.3.3.1. Business Overview 20.3.3.2. Solution Portfolio 20.3.3.3. Profitability by Market Segments (Business Segments/Region) 20.3.3.4. Key Strategy & Developments 20.3.4. Bluebeam 20.3.4.1. Business Overview 20.3.4.2. Solution Portfolio 20.3.4.3. Profitability by Market Segments (Business Segments/Region) 20.3.4.4. Key Strategy & Developments 20.3.5. Bentley Systems 20.3.5.1. Business Overview 20.3.5.2. Solution Portfolio 20.3.5.3. Profitability by Market Segments (Business Segments/Region) 20.3.5.4. Key Strategy & Developments 20.3.6. Construct Connect 20.3.6.1. Business Overview 20.3.6.2. Solution Portfolio 20.3.6.3. Profitability by Market Segments (Business Segments/Region) 20.3.6.4. Key Strategy & Developments 20.3.7. Prologis 20.3.7.1. Business Overview 20.3.7.2. Solution Portfolio 20.3.7.3. Profitability by Market Segments (Business Segments/Region) 20.3.7.4. Key Strategy & Developments 20.3.8. Rhumbix 20.3.8.1. Business Overview 20.3.8.2. Solution Portfolio 20.3.8.3. Profitability by Market Segments (Business Segments/Region) 20.3.8.4. Key Strategy & Developments 20.3.9. FieldLens (now part of WeWork) 20.3.9.1. Business Overview 20.3.9.2. Solution Portfolio 20.3.9.3. Profitability by Market Segments (Business Segments/Region) 20.3.9.4. Key Strategy & Developments 20.3.10. Caterpillar Inc. 20.3.10.1. Business Overview 20.3.10.2. Solution Portfolio 20.3.10.3. Profitability by Market Segments (Business Segments/Region) 20.3.10.4. Key Strategy & Developments 21. Assumptions and Acronyms Used 22. 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Construction Tech Market
