IoT in construction market is anticipated to grow at a significant CAGR of 15.5% during the forecast period. The inclusion of internet-connected devices in the construction industry has benefitted the sector by reducing operational costs, enhancing productiveness, and efficient project management. The introduction of smart technologies such as sensors, RFID tags, building information modeling, augmented reality, and others assist in recognizing potential risk on a construction site thereby avoiding accidents and fatalities, and wastage of time and money, which is expected to boost the IoT in construction market during the forecast period. Moreover, the construction sector is highly labor-intensive and includes working in highly risky environments. IoT is randomly used with wearable devices to monitor the health and safety of the people by providing automatic headcounts, identifying risk, and transmitting safety alters. As per Occupational Safety and Health Administration (OSHA), a part of the US Department of Labor, there are approximately 252,000 construction sites in the US that employ 6.5 million people.
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Further, prominent market players are producing and launching new IoT solutions for the construction industry, which is expected to fuel market growth. For instance, in June 2020, Condat announced its partnership with Sigfox, to create CondatLink, an IoT solution capable of helping tunnel boring machine operators to better manage their supply and stock of sealant on construction sites. The CondatLink solution is available internationally and enables more precise information about the level of consumption of sealant on building sites. The device is attached to the drums as soon as they leave the production plant, the information obtained by this connected device is sent to Condat and their clients via the Sigfox 0G network and available on a dedicated tracking application.
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by Component (Hardware, and Software)
by Application (Fleet Management, Predictive Management, Safety Management, and Remote Operations)
by End User (Residential and Non-Residential)
Market Players Outlook
The major companies serving the global IoT in construction market are Autodesk, Cisco Systems Inc., Oracle Inc., SAP SE, Trimble Inc., Kore, losant IoT., and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in May 2021, Triax Technologies Inc. announced the launch of a streamlined IoT solution, Spot-r Radius, expanding its flagship Spot-r suite of solutions. Spot-r Radius is a self-deployed and lightweight wearable technology that provides worker-to-equipment based intelligence and automates headcount and hours for daily reporting and labor billing verification, and tracks equipment utilization.
The Report Covers
Annualized market revenues ($ million) for each market segment.
Country-wise analysis of major geographical regions.
Key companies operating in the global IoT in construction market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
Analysis of market entry and market expansion strategies.
Competitive strategies by identifying ‘who-stands-where’ in the market.
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