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 labour-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 Labour, there are approximately 252,000 construction sites in the US that employ 6.5 million people.
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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IoT in Construction Market Segmentation
By Component
- Hardware
- Software
By Application
- Fleet Management
- Predictive Management
- Safety Management
- Remote Operations
By End User
- Residential
- Non-residential
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Regional Analysis
North America
- United States
- Canada
Europe
- UK
- Germany
- Spain
- France
- Italy
- Rest of Europe
Asia-Pacific
- India
- China
- Japan
- South Korea
- Rest of APAC
Rest of the World
Company Profiles
- Amazon
- CalAmp Corp.
- Giatec Scientific Inc.
- Hexagon AB
- Kore Wireless Group
- losant IoT
- Pillar Technologies, Inc.
- Telit
- Topcon Corp.
- Triax Technologies, Inc.
- UnaBiz Pte., Ltd.
- Worldsensing S.L.
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