Internet of Things (IoT) is the network of physical objects or things embedded with electronics, software, sensors, and connectivity. Internet of Things (IoT) in construction refers to the management of construction processes using modern information & communication technologies to increase productivity. It involves the use of hardware devices, data analytics solutions, network and sensing technologies, software, and other components to improve construction processes. IoT helps the construction industry to improve productivity and safety at construction site by enabling remote operations and predictive maintenance and offering smart wearables. The market size of IoT in construction is projected to reach USD 16.8 billion by 2024, at a CAGR of 16.5% between 2019 and 2024.
The key players operating in the IoT in construction market offer various solutions to the construction industry and are focused on adopting both inorganic and organic growth strategies to strengthen their market positions. These players have adopted partnerships, expansions, acquisitions, and new product launches as their key growth strategies between 2017 and 2019.
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The major players operating in the IoT in construction market include Caterpillar Inc. (US), Sigfox (France), Oracle Corporation (US), CalAmp Corp. (US), Losant IoT (US), Giatec Scientific, Inc. (Canada), WorldSensing (Spain), Kore Wireless (US), Trimble Inc. (US), and Autodesk Inc. (US). These companies have a strong presence in the market and are undertaking initiatives to improve their business strategies and product portfolios.
Caterpillar Inc. (US) is an established company in the global IoT in construction market. The company has a strong market presence in North America and Europe. As a part of its growth strategy, the company is more inclined toward implementing partnership. In February 2018, the company made a deal with AT&T for supplying IoT connectivity and management services across the company’s international markets.
Autodesk Inc. (US) is one of the key players in the IoT in construction market. The company lays great emphasis on conducting research and development activities to meet the requirements of various end-use industries. As a part of its growth strategy, the company is highly focused on the strategy of new product launch. In November 2019, the company unveiled Autodesk Construction Cloud at Connect & Construct Summit in the US. This system works on three core elements, namely, advanced technology, builders’ network, and predictive insights.
IoT in Construction Market by Offering (Hardware, Software, Services), Project Type (Commercial, Residential), Application (Remote Operations, Safety Management, Fleet Management, Predictive Maintenance, Others), and Region - Global Forecast to 2024
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