The global connected construction site market had a strong performance in 2020 and is expected to have a steady revenue CAGR over the forecast period due to the penetration of the Internet of Things (IoT) and adoption of cloud-based services. Connected construction sites consist of connected worksites, machines, and workers that improve operational effectiveness, safety, and provide smart, connected worksites of the future. These sites allow for better communication and transparency in design and construction processes, asset tracking, synchronized time clocks, computer vision, augmented and virtual reality, real-time data analytics, and predictive maintenance.
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The market is driven by rising concerns to reduce risk, increase productivity, and address issues related to on-site real-time updates with a centralized hub connected to workers, machines, and worksites. The SaaS segment is expected to account for the largest revenue share, and the large construction companies segment is expected to dominate other segments in terms of revenue share. The North American market has the largest revenue share, while the Asia-Pacific market is expected to register the fastest growth in CAGR. The major companies operating in the market include HPE, Microsoft, Oracle, Trimble, among others. Although high implementation and integration costs and requirement of skilled personnel for operation and connectivity could hamper market revenue growth, increasing digitalization and adoption of IoT across the construction industry are expected to continue to drive market growth in the future.
Connected Construction Site Market: Drive Factors
· The global connected construction site market is expected to grow steadily over the forecast period, driven by several factors. One key factor is the increasing penetration of the Internet of Things (IoT) and adoption of cloud-based services in the construction industry. Digitalization provides accurate information to clients and design and construction teams for better and quicker decision-making, which is expected to drive demand for connected construction sites and support market revenue growth.
· Connected construction sites are environments of connected worksites, machines, and workers that improve operational effectiveness and safety, in addition to creating smart, connected worksites of the future. Technology improves communication and transparency of process flow during the design and construction processes in a connected construction environment. Sensors and tags connect job sites, machines, and employees, providing managers with real-time visibility and analytical capabilities.
· Other factors driving the growth of the global connected construction site market include rising concerns to reduce risk, increase productivity, and address issues related to on-site real-time updates with a centralized hub connected to workers, machines, and worksites in a single platform. Connected construction reduces risk by automating the exchange of information and avoiding task duplication.
· When using an integrated and connected platform, information can be updated once rather than switching between systems, thereby reducing data loss and saving time and resources. Teams can efficiently coordinate and communicate, enabling issues to be resolved early in the project lifecycle and delivering more profits to companies. Connected construction sites enable teams to analyze and solve issues quickly, reducing costs before they arise.
· However, high implementation and integration costs to incorporate various devices and sensors, failure in the system leading to halting of work, and requirement of skilled personnel for operation and connectivity by various technologies for hosted applications on cloud or web portals could hamper market revenue growth.
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