Internet of Things is Key to Digitalization in the Global Construction Industry - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Oct 4, 2021--
The “Internet of Things (IoT) in Construction - Thematic Research” report has been added to ResearchAndMarkets.com’s offering.
The Internet of Things describes the use of connected sensors and actuators to control and monitor the environment, the things that move within it, and the people that act within it. IoT is hugely beneficial to the construction industry. It allows different assets and people to be monitored and accounted for across a traditionally fragmented industry.
Asset monitoring sensors are the most useful IoT technology for creating a complete picture of a construction project for all stakeholders. Sensors allow all assets to be monitored, and low latency connectivity means this can happen in real-time, including from sites in remote locations. Displaying this data in dashboards and apps or integrating it with building information modeling (BIM), means all stakeholders can view project progress.
The design, planning, and financing areas of the construction project value chain also benefit from the data and analytics from previous construction projects. This, combined with artificial intelligence (AI), can help forecast the materials and workers needed during the procurement stage and help forecast financing. Collecting more data on assets contributes to industry digitalization.
The wearable tech industry will be worth $156bn by 2024, up from $52bn in 2019. Smartwatches are driving this, with high consumer uptake. However, there is a huge opportunity for wearables in the construction industry. Several startups operate in this space: for example, Proxxi protects users from getting electrocuted, and Plinx uses proximity sensors for social distancing. Wearables can also improve communication channels between field and desk workers. As digitalization develops, wearables will become synonymous with construction works.
- Global IoT in construction revenue is forecast to reach $9.6bn by 2025, up from $4.4bn in 2019. This is a compound annual growth rate (CAGR) of 14.6% between 2019 and 2025.
- China has registered the most IoT in construction patents over the last five years, with 645 compared to 567 in the USA, according to the publisher’s patent analytics database.
- According to a the publisher survey, improving the health and safety of construction workers is the biggest business focus for construction industry executives.
- The construction companies leading in IoT are Shimizu, Vinci, Skanska, Acciona, Aecom, Laing O’Rourke, Balfour Beatty.
- Comprehensive IoT value chain identifying the five layers of IoT technologies: device layer, connectivity layer, data layer, app layer, and services layer. The value chain explains these layers and drills down into different issues and trends within these layers.
- Analysis of the main challenges facing the construction industry and impact assessment of IoT on the construction industry, addressing many of these challenges.
- Extensive coverage and analysis of relevant companies’ relative positions in the IoT theme. This includes leaders and laggards in IoT.
- Listing and analysis of all AI-related M&A activity in construction industry from January 2020-present.
- Forecast valuations of the IoT in construction market up to 2025, segmenting the market by IoT services, IoT software, and IoT hardware.
- Unique thematic scorecard that ranks construction companies according to their positioning in the ten themes most important to the industry, of which IoT is one.
- Construction executive opinion survey results and data on IoT patents and jobs for leading construction companies.
- Case study examples of market leading use cases of IoT in the construction industry.
- Balfour Beatty
- Bouygues Construction Materiel
- Built Robotics
- Gammon Construction
- General Electric (GE)
- Johnson Controls International
- Koninklijke BAM
- Laing O’Rourke
- Larsen & Toubro (L&T)
- PCL Construction
- Samsung Electronics
- Smart Cap Technologies
- Software AG
For more information about this report visit https://www.researchandmarkets.com/r/6isfr5
ResearchAndMarkets.com is the world’s leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
View source version on businesswire.com:https://www.businesswire.com/news/home/20211004005595/en/
Laura Wood, Senior Press Manager
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
INDUSTRY KEYWORD: SOFTWARE MOBILE/WIRELESS ARCHITECTURE INTERNET HARDWARE DATA MANAGEMENT TECHNOLOGY OTHER CONSTRUCTION & PROPERTY RESIDENTIAL BUILDING & REAL ESTATE COMMERCIAL BUILDING & REAL ESTATE CONSTRUCTION & PROPERTY URBAN PLANNING BUILDING SYSTEMS
SOURCE: Research and Markets
Copyright Business Wire 2021.
PUB: 10/04/2021 09:52 AM/DISC: 10/04/2021 09:52 AM