Global IoT in Construction Market was valued US$ 7.8 Bn in 2019 and is expected to reach US$ xx Bn by 2026, at a CAGR of 13.7%.
Global IoT in Construction Market Introduction
With the rise of urbanization and population density, the construction industry has become one of the most important contributors to global development. According to statistics, construction accounted for 13.2% of global GDP by the end of the year 2020. The Internet of Things (IoT) is rapidly transforming the construction industry’s operations. Companies can now use IoT technology to promote construction safety, performance, and sustainability in a variety of ways, almost to the point of making the impossible possible.
Here are some examples; Sensors, RFID tags, building information modelling, 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.
Global IoT in Construction Market Dynamics
Trench collapse, falls, scaffold collapse, lack of adequate protective equipment, repetitive motion injuries, and other hazards may occur on construction sites. The use of smart wearable’s such as smart glasses, wearable cameras, protective vests, wearable, smart helmets, and other IoT devices in construction allows for real-time safety monitoring on the job site. Simultaneously, rapid technical advances, many upcoming construction ventures, and industry 4.0 are driving up demand for digital construction, which will positively affect the market’s rising demand.
Adoption of Building Information Modelling
BIM stands for building a digital model of a project. Many construction managers use BIM software, which enables them to create a digital model of a project based on real-time construction and maintenance data. IoT is transforming construction by delivering a steady stream of relevant data that, when combined with BIM, can be shared with all stakeholders involved in the project and visually represented in a dashboard.
Lowering the project’s costs
IoT devices assist site managers in keeping track of daily expenditures and monitoring construction resource efficiency by tracking supply and assets. The Internet of Things lowers project costs by ensuring that new equipment and other services arrive on time — This way, the entire team makes efficient use of its time, and the project manager does not have to extend the crew’s contracts before the project is finished.
Maintenance that is planned ahead of time
Predictive maintenance technologies are used in construction to track the condition of heavy machineries such as lifts, excavators, and other machines. Company owners may spot performance problems early on and fix the equipment until it breaks down and causes project downtime by adding sensors to monitor fuel consumption or brake temperature to a computer.
Global IoT in Construction Market Segment Analysis
The Software segment is expected to grow at a faster CAGR of xx% over the forecast period as a result of increased investments by several companies in the production of software that can represent a variety of parameters. Furthermore, the segment’s demand will be boosted by the increased adoption of analytics for improving decision-making processes.
Triax Technologies, based in the United States, launched the Intrinsically Safe (IS) version of its IoT solution for use on construction sites in July 2020. During the COVID-19 pandemic, the IS version is available on the Spot-r network and Proximity Trace hardware devices, which include touch tracing and social distancing technologies on construction sites.
Because of the increasing adoption of IoT in the application for real-time monitoring and machine control, the Remote Operations segment is expected to grow at a CAGR of xx% during the forecast period. Furthermore, the use of IoT in remote operations allows for the transmission of data from connected products and other properties, reducing outages, enabling wearable computing, and supporting operations in hazardous environments. Both of these factors would bolster the segment’s expansion.
Komatsu’s construction will soon allow monitoring construction planning, management, schedule, costs, and process optimization remotely and in near real-time thanks to the company’s upcoming Smart Construction technologies, which will harness the power of the Internet of Things. Komatsu’s Smart Construction roadmap, which was unveiled at a special event at Booth N-10825 at CONEXPO-CON/AGG 2020 to help the digital transformation of its customers’ workplaces, comprises 11 new technologies that will be available this year.
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Global IoT in Construction Market
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Global IoT in Construction Market Regional Insights
Global IoT in Construction Market
In 2019, North America dominated the IoT in the construction industry with a market share of xx%, and this trend is expected to continue in the forecast period. The United States and Canada make up the North American region. North America’s strong market share can be attributed to the region’s numerous construction OEMs adopting IoT in their projects.
Oracle Corporation, Caterpillar Inc., and CalAmp Corp. are a few of the IoT construction companies with headquarters in the city. The area is seeing increased investment in infrastructure and building projects, which is helping to drive IoT adoption in the North American construction industry.
The market for the internet of things (IoT)-enabled industrial machinery and construction equipment was estimated to be worth about 900 billion Japanese yen in 2018. The market is expected to grow steadily until 2024 when it will hit a value of over 1.3 trillion yen.
Global IoT in Construction Market Report Scope: Inquire before buying
Global IoT in Construction Market
Global IoT in Construction Market, by Region
• North America
• South America
• Asia Pacific
Global IoT in Construction Market Key Players
• Caterpillar Inc.
• CalAmp Corp
• Losant IoT
• Giatec Scientific, Inc.
• Kore Wireless
• Trimble Inc.
• Autodesk Inc
• Triax technologies
• Trimble, Inc.
• Pillar Technologies Inc.
• AOMS Technologies
• Topcon Corporation
• Hilti Corporation
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