Internet of Things (IoT) is a digital device system connected to hardware systems, computer devices, and machine tools, with different embedded detectors to enable data transfer between various parts of the system while removing human interference. Leading players working in the construction industry tend to build IoT with building equipment, and machinery to perform tasks efficiently to reduce construction time and use resources effectively.
Market Scope and Structure Analysis
Accounting for construction and tracking equipment, remote monitoring, improved maintenance planning, and waste management are some of the key benefits of IoT, which increases product acceptance. Improved personnel safety, automatic workflow and its ability to provide space monitoring and navigation management are expected to significantly increase the need for technology in the coming years.
The surge in tendency of government to create a smart city and the rise in demand for smart homes and construction is stimulating the industrial environment. Increased focus on the construction of power stations, smart matrices, efficient homes, and developed urban communities is fueling IoT integration across the construction industry. The proliferation of commercial buildings combined with advanced technology and surge in demand for smart homes is projected to boost the market growth.
COVID-19 Impact Analysis
- The temporary suspension of the construction sector in the first half of 2020, in several countries, impacted the IoT-linked commercial construction market due to the unavailability of new construction sites and residential buildings.
- COVID-19 has already affected the sales of IoT in the commercial construction market in the first quarter of 2021 and is anticipated to harm the market growth throughout the year.
- By 2020, COVID-19 impact negatively the IoT in the commercial construction market, leading to a decline in sales of IoT in commercial construction market services as well as revenue received from them. Due to this, market growth declined in the first half of 2020.
- The pandemic has had a devastating effect on IoT at market prices. The US, India, China, and Japan have been hit hard, who are the key players in the IoT-linked commercial construction market that are being promoted globally. But construction and infrastructural development are estimated to grow a little bit, which is expected to continue the demand.
- This trend is hoped to discontinue in another half of the year as the need is anticipated to increase due to construction, and infrastructural development.
Top Impacting Factors
IoT is introduced in the construction industry hoped to improve the accuracy of measurements and raise the confidence of business owners, construction managers, and investors. IoT minimizes operational costs by delivering effective and efficient project management solutions. Application of advanced technologies such as drones, construction data, Radio Frequency Identification (RFID) tags, sensors, drive further development in the construction industry. Supply sensors enhance the efficiency of managers by ordering automatically in case of dearth and set off alarms, whereas moisture and heat sensors can enlarge the length of the machinery.
Rapid infrastructure and urban growth in developing countries are expected to drive the adoption of IoT technology in the industry. The rise in need for connected vessels management in the construction industry to assist project managers to maintain delivery tabs is expected to continue to support the demand for IoT technology. IoT construction solutions have the potential to improve waste management methods using sensor-based tools that monitor site waste levels and calculate highly efficient waste collection routes to reduce recycling and waste disposal costs. The advantage of monitoring the construction process remotely with the help of IoT technology is expected to drive rapid progress in construction areas that are not accessible to workers. Increased adoption of forecasting technology to track the state of heavy machinery and fuel consumption of various machines increases the expansion of IoT technology.
Marketing Trends
Digital payment experience by Oracle is enhanced by Manage Pay in July 2021. Manage Pay Systems Berhad (MPay), the leading fintech and payment company in Malaysia, has selected Oracle Cloud to help it improve its customer experience and deliver its product promise as a trusted partner for small and medium (Malaysian) small businesses in Malaysia. With OCI, MPay soon has a secure, reliable, and awesome platform that supports key applications within its digital environment enabling Malaysian small businesses to trade online.
Trimble merges with Infotech to streamline inspection measurement workflows for civil infrastructure projects in June 2021. It is expected to develop digital delivery technology, by enabling customers to facilitate office workflow in the field and work in the same data center to deliver real-time testing and construction projects with accuracy,
Trimble introduced a geotechnical portfolio to its geospatial automated monitoring portfolio through collaboration with Worldsensing, a wireless connectivity technology provider and an industry-leading manufacturer of geotechnical IoT monitoring systems in June 2021. It gives a completely automated wireless monitoring solution that assists reduce field visits and increases security by reducing the need for manual learning. Automatic measurements generate instant notifications and covering with the new Trimble Geotechnical Edition software, which enables users to simplify the use of monitoring systems and simplify communication with geotechnical sensors.
Key Benefits of the Report
- This study presents the analytical depiction of the IoT in Commercial construction along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with a detailed analysis of the IoT in commercial construction market.
- The current market is quantitatively analyzed to highlight the IoT in commercial construction market scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed IoT in commercial construction based on competitive intensity and how the competition will take shape in coming years.
Questions answered in the report.
- Who are the leading global players in the “IoT in commercial construction “market?
- What are the current trends and predicted trends?
- What is “IoT in Commercial Construction Market"?
- What is “IoT in Commercial Construction “Market prediction in the future?
- What are the challenges faced in the “IoT in Commercial Construction" Market?
- What are the driving factors and opportunities in the market?
- What are the key benefits of the "IoT in Commercial Construction "Market report?
IoT in Commercial Construction Market Report Highlights
| Aspects | Details |
 By Offering |
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 By Project Type |
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 By Region |
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 Key Market Players | KORE Wireless Group, Trimble, Worldsensing,, Caterpillar Inc., Losant Iot, Autodesk, Oracle Corporation, Giatee Scientific Inc., Calamp., Sigfox |
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