Internet of Things (IoT) in Construction – Thematic Intelligence
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Internet of Things (IoT) in Construction Thematic Report Overview
The Internet of Things (IoT) refers to 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. By deploying IoT sensors and devices throughout construction sites, companies can continuously monitor and gather data on various safety parameters. These sensors can detect potentially dangerous conditions, such as gas leaks, structural weaknesses, or hazardous temperature fluctuations, and instantly relay this information to workers and supervisors. Real-time alerts and notifications can be sent to workers’ wearable devices, ensuring they are aware of any imminent threats. Due to labor shortages and cost-cutting measures increasing the need for safety in the workplace, the fewer available workers must maintain productivity levels while adhering to stricter budgets, increasing the risk of onsite accidents. In this situation, deploying IoT in construction sites is a smart move.
The Internet of Things (IoT) in Construction thematic intelligence report assesses how IoT, combined with other emerging technologies, can be used across the construction value chain. It provides an overview of the current landscape. The report also includes key players and highlights opportunities for the use of IoT in the future. The report provides an industry-specific analysis based on GlobalData databases and surveys.
|Market Size (2022)||$15.6 Billion|
|Value Chain||· Physical Layer
· Connectivity Layer
· Data Layer
· Apps Layer
· Services Layer
|Leading Adopters||· Acciona
|Specialist IoT Vendors||· Built Robotics
|Enquire & Decide||Discover the perfect solution for your business needs. Enquire now and let us help you make an informed decision before making a purchase.|
IoT in Construction – Industry Analysis
The IoT market including its hardware, services, and software components across the construction sector was valued at $15.6 billion in 2022. The market is expected to achieve a CAGR of more than 16% during 2022-2027. IoT software will be the largest part of the IoT services in the construction sector by 2027.
Global IoT Revenue Forecast in Construction by Product and Services, 2019-2027 ($ Billion)
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IoT in Construction - Value Chain Analysis
The IoT value chain is split into five layers: physical, connectivity, data, apps, and services.
Physical layer: This layer can be further subdivided into connected things, cameras and lenses, sensors and microcontrollers, and microprocessors. Most connected devices such as smartphones, tablets, and laptops have a physical dimension controlled by humans. In the IoT, most connected things will be run by other connected things. For manufacturers of other devices such as washing machines, door locks, and light bulbs, among others, the challenge is whether they can retain the bulk of the added value during the transition to IoT. Their use of the data collected by various embedded chips, sensors, antennae, and beacons is also in question. Some industry profits will likely be siphoned out by technology companies that increasingly provide IoT solutions as a service.
IoT Value Chain Analysis
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Leading IoT Adopters
Some of the leading construction companies currently deploying IoT are:
Specialist IoT Vendors
Some of the specialist IoT vendors in the construction sector are:
- Built Robotics
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Construction Sector Scorecard
At GlobalData, we use a scorecard approach to predict tomorrow’s leading companies within each sector. Our sector scorecard has three screens: a thematic screen, a valuation screen, and a risk screen.
The thematic screen ranks companies based on overall leadership in the 10 themes that matter most to their industry, generating a leading indicator of future performance.
The valuation screen ranks our universe of companies within a sector based on selected valuation metrics.
The risk screen ranks companies within a particular sector based on overall investment risk.
Construction Sector Scorecard – Thematic Screen
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- This report provides an overview of the IoT theme. The detailed value chain comprises five layers: the physical layer, connectivity layer, data layer, app layer, and services layer. Leading and challenging vendors are identified across both segments.
- It identifies construction challenges, such as ESG, labor shortages, and safety, and an impact assessment of IoT on the construction industry, addressing these challenges.
- It includes three case studies, outlining market-leading use cases of IoT in construction to enhance building monitoring capabilities, equipment maintenance, and develop a connected worker safety system.
- It contains comprehensive industry analysis, including forecasts for IoT revenues to 2030, and insight from GlobalData’s Job Analytics and Patent Analytics databases.
- The report has extensive coverage and analysis of relevant companies’ positions in the IoT theme. This includes leading adopters, vendors, and specialist IoT vendors in construction.
- It includes GlobalData’s 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.
The construction industry is widely considered one of the least digitized industries and has been slower to adopt AI than other sectors. This is due to a number of unique challenges the industry faces. Historically, computers did not have the processing power necessary to crunch the data needed for BIM, as it is often vast and unstructured. Access to this data was also notably inconvenient. However, in 2023, due to developments in computer power, semiconductors, and cloud computing, which facilitates data sharing, AI implementation has grown considerably.
IoT technologies are key to digitalization in the construction industry. Sensors, asset monitors, wearables, and integration with BIM can all improve safety, productivity, and, therefore, profit margins. For an industry that has large sites to manage, strict project timelines, hazardous working conditions, and tight profit margins, IoT can create a manageable view of construction sites for project managers, streamline operations, and protect workers.
Reasons to Buy
- This report will help you to understand IoT and its potential impact on the construction sector.
- Benchmark your company against your competitors, by comparing how prepared 46 companies in the construction sector are for IoT disruption.
- Identify and differentiate between the leading IoT vendors and formulate an adoption plan for your company.
- Position yourself for future success by investing in the right IoT technologies. Cut through the noise with GlobalData’s priority 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).
- Develop relevant and credible sales and marketing messages for construction companies by understanding key industry challenges and where IoT use cases are most useful.
- Identify attractive investment targets by understanding which companies are most advanced in the themes that will determine future success in the construction industry.
Larsen & Toubro
Palo Alto Networks
Tata Consultancy Services
Table of Contents
The Impact of IoT on Construction
Market Size and Growth Forecasts
IoT Value Chain
Our Thematic Research Methodology
Frequently asked questions
What was the size of the IoT market across the construction sector in 2022?
The IoT market across the construction sector was valued at $15.6 billion in 2022.
What is the IoT market growth rate?
The IoT market is expected to grow at a CAGR of more than 16% during 2022-2027.
Who are the leading adopters currently deploying IoT?
Some of the leading construction companies currently deploying IoT are Acciona, ABB, and AECOM.
Who are the leading specialist IoT vendors in the construction sector?
Some of the leading specialist IoT vendors in the construction sector are Built Robotics, Earthcam, and Honeywell.
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