Construction 4.0 Market Observe Strong Development At a CAGR of 18.2% by 2027

As per the report, the global construction 4.0 industry was pegged at $9.78 billion in 2019, and is projected to reach $29.10 billion by 2027, growing at a CAGR of 18.2% from 2020 to 2027.

The global construction 4.0 market is experiencing a boom fueled by several factors:

• A booming construction industry: With more construction happening around the world, there's a growing need for the efficiencies that construction 4.0 offers.
• Tech on the rise: Advancements in technologies like BIM, AI, and IoT are making construction 4.0 a more attractive option.
• Time management mastery: Improved time management on construction sites is a key driver, as construction 4.0 helps streamline processes.

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The hardware segment dominated the market

By solution, the hardware segment held the lion's share in 2019, accounting for more than two-fifths of the market. Advanced sensors offer real-time insights on concrete maturity, temperature, and strength without destructive testing of the member. Such products demand hardware technologies in the global construction 4.0 market. However, the services segment is projected to register the highest CAGR of 18.9% during the forecast period, as implementation of engineering services such as retrofitting, personnel training, and scheduled maintenance could help decrease the downtime or accidental expenses.

The artificial intelligence segment to portray the highest CAGR through 2027

By technology, the artificial intelligence segment is projected to manifest the highest CAGR of 19.9% during the forecast period, owing to increase in use of AI and machine learning in the construction sector. However, the IoT segment held the largest share in 2019, contributing to more than three-fourths of the global construction 4.0 market, due to launch of IoT-enabled smart fasteners that allow workers on-site to scan the code for documentation.

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Top Players:

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. 

However, there are some challenges to overcome:

• Skilled labor and capital gaps: Developing countries may struggle to adopt construction 4.0 due to a lack of skilled labor and access to capital.
• Security concerns: The increased use of connected devices raises security risks that need to be addressed.

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