IoT is key to digitalization in the construction industry. The Internet of Things, or IoT, describes the use of connected sensors and actuators to control and monitor the environment, the things that move within it, and the people that act within it. IoT is hugely beneficial to the construction industry. It allows different assets and people to be monitored and accounted for across a traditionally fragmented industry.
Asset monitoring sensors are the most useful IoT technology for creating a complete picture of a construction project for all stakeholders. Sensors allow all assets to be monitored, and low latency connectivity means this can happen in real-time, including from sites in remote locations. Displaying this data in dashboards and apps or integrating it with building information modeling (BIM), means all stakeholders can view project progress.
The design, planning, and financing areas of the construction project value chain also benefit from the data and analytics from previous construction projects. This, combined with artificial intelligence (AI), can help forecast the materials and workers needed during the procurement stage and help forecast financing. Collecting more data on assets contributes to industry digitalization.
The wearable tech industry will be worth $156bn by 2024, up from $52bn in 2019, according to GlobalData forecasts. Smartwatches are driving this, with high consumer uptake. However, there is a huge opportunity for wearables in the construction industry. Several startups operate in this space: for example, Proxxi protects users from getting electrocuted, and Plinx uses proximity sensors for social distancing. Wearables can also improve communication channels between field and desk workers. As digitalization develops, wearables will become synonymous with construction works.
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- GlobalData forecasts global IoT in construction revenue will reach $9.6bn by 2025, up from $4.4bn in 2019. This is a compound annual growth rate (CAGR) of 14.6% between 2019 and 2025.
- China has registered the most IoT in construction patents over the last five years, with 645 compared to 567 in the USA, according to GlobalData's patent analytics database.
- The three most expensive disclosed IoT-related acquisitions in construction since January 2020 were: Hitachi acquiring GlobalLogic for $9,500m, APi Group acquiring Chubb Fire & Security for $3,100m, and Cantor Fitzgerald acquiring View for $800m.
- According to a GlobalData survey, improving the health and safety of construction workers is the biggest business focus for construction industry executives.
- The construction companies leading in IoT are Shimizu, Vinci, Skanska, Acciona, Aecom, Laing O'Rourke, Balfour Beatty.
- Comprehensive IoT value chain identifying the five layers of IoT technologies: device layer, connectivity layer, data layer, app layer, and services layer. The value chain explains these layers and drills down into different issues and trends within these layers.
- Analysis of the main challenges facing the construction industry and impact assessment of IoT on the construction industry, addressing many of these challenges.
- Extensive coverage and analysis of relevant companies' relative positions in the IoT theme. This includes leaders and laggards in IoT.
- Listing and analysis of all AI-related M&A activity in construction industry from January 2020-present.
- Forecast valuations of the IoT in construction market up to 2025, segmenting the market by IoT services, IoT software, and IoT hardware.
- Unique thematic scorecard that ranks construction companies according to their positioning in the ten themes most important to the industry, of which IoT is one.
- Construction executive opinion survey results and data on IoT patents and jobs for leading construction companies.
- Case study examples of market leading use cases of IoT in the construction industry.
Reasons to Buy
- Survive the COVID-19 downturn by understanding how IoT can navigate problems, enhance site safety, streamline operations, and automate tasks.
- Position yourself for future success by investing in the right IoT technologies. Cut through the noise with GlobalData's invest-explore-ignore ratings for each IoT technology for each segment of the industry (conceptual design, feasibility studies, planning and permitting, financing, design and engineering, construction, and operations and maintenance).
- Benchmark your company against 48 companies in the construction sector in terms of how prepared each business is for IoT disruption.
- Develop relevant and credible sales and marketing messages for construction companies by understanding key industry challenges and which IoT products are desired.
- Identify attractive investment targets by understanding which companies are most advanced in the themes that will determine future success in the construction industry.