Market Research Report
Application of Big Data Analytics in Construction Industry, Forecast to 2022
|Published by||Frost & Sullivan||Product code||702304|
|Published||Content info||80 Pages
Delivery time: 1-2 business days
|Application of Big Data Analytics in Construction Industry, Forecast to 2022|
|Published: August 30, 2018||Content info: 80 Pages||
With Big Data Coming Into Picture Construction Industry is Expected to Witnesses Transformational Growth
Big Data solutions are emerging across the construction industry, driven by increased connectivity and Internet usage, the rapid proliferation of connected vehicles, and the continued investment in Big Data analytics innovations. However, the threat of data privacy and security continues to challenge potential adoption as businesses are still struggling to pinpoint how best to monetize these solutions. Some of the key challenges include a lack of reliable data sources, concerns about data security and individual privacy, and a lack of specific Big Data-related skills.
With the progress in technology, construction and engineering companies are generating and also capturing more data than ever before. Data collection techniques have also evolved very rapidly. Presently, smartphones, drones, wearables, jobsite sensors, telematics, and GPS systems on heavy equipment and other mobile solutions are the preferred gadgets for data collection. All of this extra data being captured and recorded can become overwhelming as companies try and find ways to structure and analyze this data in order to make actionable decisions to improve their bottom line.
With the advancements in artificial intelligence and machine learning technology in the construction industry, companies will be able to use a combination of internal and external data sets to predict future outcomes on projects. Data analytics will help firms determine the most profitable projects to pursue and how to manage them efficiently. This in turn will enhance the productivity by shortening construction times, lowering costs, and reducing risks.
5G connectivity has taken a huge step in the construction industry. Machine-to-machine communication will be among the key focus areas. Many market leaders have already started to explore the 5G opportunity in the construction industry. Volvo Construction Equipment will be the first in the world to trial 5G mobile technology collaborating with mobile operator Telia Company. This report further gives a brief overview of 5G technology and its implication for the construction industry.
The objective for the study is to present the current scenario and future insights into the Big Data market in the construction industry for global geographies. The study gives an overview of the Big Data Analytics market, exposing its restraints also a section with the start-ups disrupting the construction industry with Big Data.