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.
Dallas, United States - April 15, 2021 /MarketersMedia/ —
The global IoT in Construction market size is anticipated to reach around USD 13 billion by 2025. IoT is the interconnected system of equipment, machines which collects, and transfer data through between them without human involvement. It provides real time reporting, automates workflow., and enhance labor productivity, which in turn enhances industry capabilities.
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The Internet of Things (IoT) has infiltrated virtually every industry, home, and workplace, simplifying human activities. The adoption of internet-connected devices as IoT in construction industry has benefited by growing productivity, diminishing operating costs, and facilitating project management. Sensors, RFID tags, information modeling, virtual reality, and other smart technology aid in identifying possible hazards on a construction site, reducing resource requirements, preventing injuries and casualties, and wasting time and money. Furthermore, IoT can be used in almost every aspect of construction such as bricklaying, surveying, plastering, construction site management, worker tracking, asset tracking, and risk management.
The construction industry has a higher incidence of serious accidents than any other industry in the U.S. Trench collapse falls, lack of adequate protective equipment, scaffold collapse, repetitive motion injuries, and other hazards may occur over construction sites. Hence, the use of smart wearables such as wearable cameras, smart glasses, protective vests, smart helmets, wearable hexoskeletons, and other IoT devices in construction enables real-time safety monitoring on the construction site.
Furthermore, active data tracking with wearable devices allows for the assessment of breathing rate, heart rate, and active monitoring of a worker's body response to a specific work environment. As a result, benefits such as fall prevention, vital sign tracking, microsleep prevention, smart monitoring of hazardous gases, and others could boost demand for IoT-based wearables on construction sites, boosting the IoT market forward.
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Moreover, sensors, CCTV cameras, drones, and Radio-frequency Identification (RFID) tags used in IoT-based products link construction sites, allowing for real-time data statistics about personnel, inventory, and ongoing activities. Sensors and RFID tags on products allow for seamless workflows as well as proactive material ordering, equipment servicing, equipment utilization tracking, and preventive maintenance, to name a few advantages. On construction sites, proper time management reduces equipment and worker downtime, saving time and money due to delays. As a result, implementing IoT innovations increases productivity and performance on construction sites thus is a key factor propelling IoT adoption in the construction industry.
On the other hand, information technology systems and networks are primarily operated by third-party firms involved in business operations. Cyber-attacks on the processing and maintenance of data collected by IoT-connected devices can be targeted and orchestrated. This jeopardizes the data's confidentiality and honesty. Furthermore, such cyber-attacks not only cause data loss, but also harm to customers' reputations, which can result in fines, regulatory compliance proceedings, third-party lawsuits, and other consequences.
Europe is anticipated to hold a substantial share over the forecast timeframe. Rising advancement across the whole value chain of various industries along with increasing integration of digital technology in order to enhance productivity is stimulating the industry size. Government focus toward adoption of Net Zero Emission Building (NZEB) along with minimum energy consumption, which is attainable through IoT is expected to fuel the technology adoption over the forecast timeframe.
The major players of the global IoT in Construction Industry market comprise of Sigofex, Oracle Corporation, Caterpillar Inc., Giatec Scientific, Inc., Losant IoT, WorldSensing and CalAmp Corp., including others., including others. The industry for IoT in Construction Industry is constitutes established global players along with growing rising presence of emerging companies. In addition, the companies are focusing toward expanding their market penetration through adoption of inorganic growth strategies.
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Segment overview of IoT in Construction Industry market
Project Type Overview, 2018-2025, (USD Billion)
Residential
Commercial
Offering Overview, 2018-2025, (USD Billion)
Software
Services
Hardware
Application Overview, 2018-2025, (USD Billion)
Safety Management
Remote Operation
Predictive Maintenance
Fleet Management
Others
Regional Overview, 2018-2025, (USD Billion)
North America
U.S.
Canada
Mexico
Europe
Germany
UK
Italy
Rest of Europe
Asia Pacific
China
India
Japan
Australia
Rest of Asia-Pacific
Rest of the World
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