IoT in Construction Market: Introduction
- IoT in construction comprises the use of internet connected sensors that are used by labors or placed around job sites. IoT in construction helps to collect various types of data about activity, conditions and performances on the construction site and send this details to a central dashboard where data is analyzed to help inform decision.
- Traditionally, maximum internet connected devices have been mobile phones and computer. So, variety of sensors can now cheaply and easily be upgraded with a chip (like Sim card), hence the term IoT. The IoT devices can be connected to central database to monitor real time situation and it provides security, productivity, safety and cost reduction.
- IoT in construction-based solutions can support the construction process in many ways. IoT can develop construction implementation planning, by updating the construction tasks, and sequences management while keeping all stakeholders continuously informed. Furthermore, IoT can also escalate the productivity within construction implementation itself.
- The adoption of IoT in the construction market is expected to increase among end-user to mitigate the risk and reduce the number of accidents in construction sites and eliminate the cost of construction.
IoT in Construction Market: Dynamics
IoT in Construction Market: Key Drivers
- IoT in construction industry is improving safe working practices for the construction sites workers. The wearable IoT devices have actual potential for upgrading safety on building sites. If all team on a job site wear a clip-on devices or wrist band, data about their activity and moment can be used to determine any risk behavior.
- IoT in construction industry provides feedback information about under construction and completed sites. The sensors can monitor things like unusual vibrations of machine and notifies the user.
- IoT in construction is helping to improve overall safety on job sites. The construction sites are equipped with IoT devices, cameras, and sensors that monitor many features of construction operations and inform the team whenever it senses possible safety hazards. This programmed process can be repeated every minute and log all unsafe events
- Lack of limited awareness and high initial cost to implement and integrate the IoT in construction is expected to hamper the market.
Impact of COVID-19 on the IoT in Construction Market
- Increasing cases of COVID-19 across the globe are resulting in an economic slowdown. Developed countries are strongly affected by the pandemic. COVID-19 has a negative impact on IoT in the construction market. During COVID-19 many construction sites are closed, due to the complete lockdown situation. As a result, there has been a financial recession in the construction industry in almost all countries and has created unemployment.
North America to Hold Major Share of the IoT in Construction Market
- North America is the global leader in IoT in the construction market with the largest share mainly because of developed economies. Construction businesses in the North American region have made massive investments in the construction market, and numerous vendors have advanced to cater to the fast-growing market. Enormous growth is expected in the North American region during the forecast period.
Key Players Operating in the Global IoT in Construction Market
- ALICE Technology, Inc.
ALICE Technology, Inc. was incorporated in 2013 and is headquartered in California, U.S. The company develops IoT-driven construction engineering software for real estate, general contractors, and subcontractors. The company's technology produces and analyzes valid schedules for extensive construction projects, allowing contractors and owners to design, bid, and build more efficiently.
- IBM Corporation
IBM Corporation is a prominent technology company that produces software and hardware. It is also an established research company and one of the leading platform providers to the IoT in construction market. IBM Corporation’s product categories include analytics, cloud, Watson, customer engagement, Internet of Things, industry solutions, IT infrastructure, mobile, and security. IBM cloud services includes cloud managed services, cloud advisory services, and cloud migration services
Other key players operating in the global IoT in Construction market include Caterpillar Inc., Oracle Corporation, CalAmp Corp., Losant IoT, Giatec Scientific, Inc., WorldSensing, Trimble Inc., Autodesk Inc., and Sigfox.
IoT in Construction Market: Research Scope
IoT in Construction Market, by Application
- Remote Operations
- Safety Management
- Fleet Management
- Predictive Management
IoT in Construction Market, by Project Type
IoT in Construction Market, by Offerings
IoT in Construction Market, by Industry
- Large enterprises
- Small and Medium-sized Enterprises (SMEs)
IoT in Construction Market, by Region
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.