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 - October 27, 2020 /MarketersMedia/ —
The global IoT in Construction market size is anticipated to reach around USD 13 billion by 2025. 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.
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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.
Growing capabilities across IoT for construction industry, including improved asset maintenance, predictive maintenance, remote monitoring and maintenance, and enhanced construction site are augmenting the technology adoption. Furthermore, the rising focus toward innovative product like Microsoft HoloLens, Google glass, which find its application across the construction industry is positively impacting the industry landscape.
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IoT in Construction Market Operational Efficiency and Financial Expenditure Management to Augment Adoption
With rapid urbanization and swift rural population migrating to cities have skyrocketed construction and building activities. Infrastructure development is a key factor bolstering high revenue growth in IoT in construction market, suggests Adroit Market Research in a new business intelligence report. For improved outcome with limited operational spending and financial management, adoption of IoT based applications is gaining fast track momentum. Challenges such as skill development and manpower deficit are well taken care of with IoT in construction market.
One of the major growth deterrents in IoT based construction market is deficient skill sets and awareness about its benefits towards harnessing massive returns.
Condat and Sigofox Collaboration Makes Inventory Management Next Gen for Superlative Building and Construction Outcome
Eying futuristic developments and better outcome in construction and building space, market participant Sigfox which is one of the forerunners in IoT solutions delivery has undersigned a commercial agreement with Condat. The duo is expected to offer next gen inventory management capabilities with the recent collaborative launch of CondatLink. Condat is a versatile provider of building and construction supplies including industrial lubricants.
The primary aim of this novel inventory management platform is to improve tunnel boring machine applications for better outcome in managing stocks for sealant used for construction.
The recent collaboration and the subsequent launch of CondatLink is expected to leverage massive growth returns in the IoT in construction market in the forthcoming years.
CalAmp Joins Forces with Caterpillar to Achieve 4G LTE Migration of Legacy Fleet Assets
In a significant development in IoT Integration in construction, Caterpillar has joined forces with CalAmp to pursue digital transformation in construction industry. The collaboration will help Caterpillar in expanding its connected device operations such as 4G LTE migration of its legacy fleet.
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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.
Segment overview of 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
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Organization: Adroit Market Research
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