The internet of things (IoT) is a system of interconnected digital machines & mechanical systems, computing devices, and machine components, with an embedded unique identifier to enable the data transfer between the various operational parts of a system while eliminating human intervention. Eminent players operating in the construction industry are inclining toward the assimilation of IoT with construction equipment, machines and devices to efficiently conduct operations in order to reduce the construction time and effectively utilize resources.
Easy construction toll & equipment tracking, remote monitoring, improved maintenance planning, along with waste management are some of the prime advantages attainable through IoT, which is augmenting the product adoption. Improved worker safety, automated work flow along with its ability to provide site monitoring and fleet management is anticipated to considerably upsurge the technology demand on the coming years.
Growing government inclination toward the establishment of smart city along with rising demand for smart homes and building is stimulating the industry landscape. Increasing focus toward construction of virtual power plants, savvy matrices, efficient homes, and improved urban communities are further fueling the integration of IoT across construction industry. Rising establishment of commercial complexes integrated with advanced technologies along with growing demand for smart homes and apartment will complement the business outlook in the coming years.
Key segments across IoT in Construction Industry market
- Project Type Overview, 2018-2025, (USD Billion)
- Offering Overview, 2018-2025, (USD Billion)
- Application Overview, 2018-2025, (USD Billion)
- Safety Management
- Remote Operation
- Predictive Maintenance
- Fleet Management
- Regional Overview, 2018-2025, (USD Billion)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia-Pacific
- Rest of the World
- North America
Reasons for the study
- The purpose of the study is to give an exhaustive outlook of the global IoT in Construction Industry. Benchmark yourself against the rest of the market.
- Be prepared for how investments across paper industry will be impacted by socio-political and economic factors over the next few years
- Ensure you remain competitive as new innovations by existing key players boost the market.
What does the report include?
- The study on global IoT in Construction Industry includes qualitative factors such as drivers, restraints, and opportunities.
- The study covers the competitive landscape of existing/prospective players in the industry and their strategic initiatives for the product development
- The study covers a qualitative and quantitative analysis of the market segmented on the basis of project type, offering and application. Moreover, the study provides similar information for the key geographies.
- Actual market sizes and forecasts have been provided for all the above-mentioned segments.
Who should buy this report?
This study is suitable for industry participants and stakeholders in the global in Construction Industry. The report will benefit:
- Every stakeholder involved in manufacturing and distributing components or solutions.
- Managers within financial institutions looking to publish recent and forecasted statistics pertaining to the global IoT in Construction Industry.
- Government organizations, regulatory authorities, policymakers, and financial organizations looking for T&D investment trends in the global in Construction Industry.
- Analysts, researchers, educators, strategy managers, and academic institutions looking for insights into the market to determine future strategies.
Frequently Asked Questions (FAQ) :
IoT enables the interconnection of devices to share and analyze the data in order to optimize the process and enhance productivity, which in turn positively impacts the performance of the industry. Rising human safety concerns along with increasing focus toward reducing construction time, equipment tracking and improving maintenance scheduling is driving the technology adoption. Furthermore, its capability to offer precise construction management, real-time tracking and fleet management, along with waste & structural health management is poised to complement the industry size over the forecast timeframe.
Growing adoption of Unmanned aerial vehicles (UAVs), autonomous vehicle and drones across the construction site which are equipped with sensors in order to communicate with monitoring unit will further bourgeon the industry size. Although, high cost associated with the integration of IoT has hampered technology adoption. However, rising R&D activities to extend the capabilities of the technology will catapult the business landscape in the coming years.
Project Type Segment
On the basis of the project type segment, the market is categorized into residential and commercial. Commercial segment, is analyzed to dominate the global IoT in Construction Industry market in 2018 and is anticipated to dominate the industry for the forecast period 2019-2025.
IoT in Construction Industry market is segmented into software, services, and hardware. In 2018, the software segment is accounted for major contributors in revenue and it is expected to lead the IoT in Construction Industry thorough the forecast timeline.
On the basis of application segment, the market is segmented into safety management, remote operation, predictive maintenance, fleet management, and others. The remote operation segment is analyzed to hold a significant share across the regions
In 2018, North America is analyzed to hold a major share and the same trend is expected in the coming years. Growing inclination toward resource optimization along with growing integration of IoT in building design, and interiors to develop smart homes is driving the industry upsurge. Furthermore, rising government support to expand the capabilities across Artificial Intelligence (AI) and automated technologies to establish buildings is complementing the industry growth.
The leading players operating across the global IoT in Construction Industry market include Sigofex, Caterpillar Inc., Oracle Corporation, Losant IoT, CalAmp Corp., Giatec Scientific, Inc., and WorldSensing including others. The market for IoT in Construction Industry is consolidated with established global players and is further witnessing the emergence of new companies. Moreover, the industry players are targeting toward enhancing their market share through implementation of merger & acquisition, collaborations growth strategies.