The global IoT in the construction market is anticipated to grow at a significant CAGR of 15.5% during the forecast period. The application of IoT in construction plays a proactive role in the growth of the market. By equipping site workers with wearable technologies such as connected sensors on hi-vis vests, or hard hats, it becomes easy to track workers' movement, along with providing stay on schedule for deadlines and reduced overall costs. Moreover, IoT in construction assists in determining the theft from the construction sites. The COVID-19 pandemic lockdown saw a further spike in theft from construction sites, the UK’s Construction Equipment Association (CEA) reported an increase of around 50% as sites were left unmanned. Digitally-powered asset tracking can assist construction companies to mitigate these thefts. In addition, the IoT in the construction industry transforms the health and safety of workers on the construction site. According to the Health and Safety Executive, in 2019 the UK construction industry experienced 30 fatal injuries and 54,000 non-fatal injuries, including slips, falls, workers hit by flying or falling objects, and injuries caused when lifting or carrying items on site.
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The key players such as Giatec Scientific, Oracle Inc., and Oilserv Ltd., operating in the market are focusing on adopting various strategic moves such as partnership, collaboration, and expansion to remain competitive in the global market. For instance, in September 2020, PCL Construction announced a partnership with Giatec Scientific. Through this partnership, PCL and Giatec enhanced concrete testing technologies, and IoT-connected construction sites, further advancing PCL’s industry-leading job site insights and smart construction risk management platform. Moreover, the integration of Giatec’s technology adds another major benefit for concrete testing, real-time data collection, and data-driven decision making, fully enabling smart construction.
Global 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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IoT in Construction Market Report Segment by Region
North America
- United States
- Canada
Europe
- Germany
- United Kingdom
- France
- Spain
- Italy
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- Rest of Asia-Pacific
Rest of the World
- Middle East & Africa
- Latin America
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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