IoT in Construction Market to Witness Exponential Growth by 2031

IoT in Construction Market: Introduction

• IoT in construction comprises the use of internet connected sensors that are used by labors or placed around job sites. IoT in construction helps to collect various types of data about activity, conditions and performances on the construction site and send this details to a central dashboard where data is analyzed to help inform decision.
• Traditionally, maximum internet connected devices have been mobile phones and computer. So, variety of sensors can now cheaply and easily be upgraded with a chip (like Sim card), hence the term IoT.  The IoT devices can be connected to central database to monitor real time situation and it provides security, productivity, safety and cost reduction.
• IoT in construction-based solutions can support the construction process in many ways. IoT can develop construction implementation planning, by updating the construction tasks, and sequences management while keeping all stakeholders continuously informed. Furthermore, IoT can also escalate the productivity within construction implementation itself.
• The adoption of IoT in the construction market is expected to increase among end-user to mitigate the risk and reduce the number of accidents in construction sites and eliminate the cost of construction.

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IoT in Construction Market: Dynamics

IoT in Construction Market: Key Drivers

• IoT in construction industry is improving safe working practices for the construction sites workers. The wearable IoT devices have actual potential for upgrading safety on building sites. If all team on a job site wear a clip-on devices or wrist band, data about their activity and moment can be used to determine any risk behavior.
• IoT in construction industry provides feedback information about under construction and completed sites. The sensors can monitor things like unusual vibrations of machine and notifies the user.
• IoT in construction is helping to improve overall safety on job sites. The construction sites are equipped with IoT devices, cameras, and sensors that monitor many features of construction operations and inform the team whenever it senses possible safety hazards. This programmed process can be repeated every minute and log all unsafe events
• Lack of limited awareness and high initial cost to implement and integrate the IoT in construction is expected to hamper the market.

Impact of COVID-19 on the IoT in Construction Market

• Increasing cases of COVID-19 across the globe are resulting in an economic slowdown. Developed countries are strongly affected by the pandemic. COVID-19 has a negative impact on IoT in the construction market. During COVID-19 many construction sites are closed, due to the complete lockdown situation. As a result, there has been a financial recession in the construction industry in almost all countries and has created unemployment. 

North America to Hold Major Share of the IoT in Construction Market

• North America is the global leader in IoT in the construction market with the largest share mainly because of developed economies. Construction businesses in the North American region have made massive investments in the construction market, and numerous vendors have advanced to cater to the fast-growing market. Enormous growth is expected in the North American region during the forecast period. 

Key Players Operating in the Global IoT in Construction Market

• ALICE Technology, Inc.

ALICE Technology, Inc. was incorporated in 2013 and is headquartered in California, U.S. The company develops IoT-driven construction engineering software for real estate, general contractors, and subcontractors. The company's technology produces and analyzes valid schedules for extensive construction projects, allowing contractors and owners to design, bid, and build more efficiently.

• IBM Corporation

IBM Corporation is a prominent technology company that produces software and hardware. It is also an established research company and one of the leading platform providers to the IoT in construction market. IBM Corporation’s product categories include analytics, cloud, Watson, customer engagement, Internet of Things, industry solutions, IT infrastructure, mobile, and security. IBM cloud services includes cloud managed services, cloud advisory services, and cloud migration services

Other key players operating in the global IoT in Construction market include Caterpillar Inc., Oracle Corporation, CalAmp Corp., Losant IoT, Giatec Scientific, Inc., WorldSensing, Trimble Inc., Autodesk Inc., and Sigfox.

IoT in Construction Market: Research Scope

IoT in Construction Market, by Application

• Remote Operations
• Safety Management
• Fleet Management
• Predictive Management
• Others

IoT in Construction Market, by Project Type

• Residential
• Commercial

IoT in Construction Market, by Offerings

• Hardware
• Software
• Services

IoT in Construction Market, by Industry

• Large enterprises
• Small and Medium-sized Enterprises (SMEs)

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