Information and Communication Technology IoT in Construction Market is projected to grow up to 17.5% CAGR during the forecasting pe...

IoT in Construction Market is projected to grow up to 17.5% CAGR during the forecasting period 2021-2027.

The internet of things (IoT) is a system of digital, mechanical and networked machinery, computer equipment and machine components that has a unique embedded identification that allows data flow among the many operational sections of a system while avoiding interference. Eminent building players are inclined to assimilate the IoT with construction equipment, machineries and equipment to perform operations efficiently in order to cut building time and to use resources effectively. Several industries can affect IoT and one of them is the building industry. IoT can be used for remote assistance and operation, equipment maintenance, fleet management, fuel savings as well as BIM's main areas (building information modeling). Building firms can save time and costs by implementing IoT technology. This paper examines the market for a 10-year trend and forecast period. The study gives extensive insights into the dynamics of the market, which enable informed corporate decision making and development strategies based on market opportunities.

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Key Driving Factors: Waste management efficiency has improved.

Measuring garbage levels using an equipped sensor device will enable building management to develop a flexible waste management programme. Product managers can therefore ensure that they do not employ garbage disposal professionals when the dumpster is not full this thorough monitoring of waste disposal will increase the process' cost-effectiveness. IoT is capable of ensuring that no waste is left on site, determining the cause of trash pile-up, and optimising routes to waste disposal locations to decrease fuel expenses. This reduces running costs and the volume of waste generated by building work.

Budgeting and Resource Management

Any construction company's most serious difficulty is sticking to the budget. Frequently, available resources are not handled in line with their true worth, workers are idle, and the true value of the use of rented equipment is not correctly assessed. IoT can assist real-time business owners in tracking and generating a clear plan of complex budgeting in a single step, using the most commonly used and helpful techniques to reduce project costs by ensuring timely delivery of new equipment and other resources. Not only that, but it can also assist in making plans by keeping track of available resources and ensuring that they are used to their full potential.

This report offers the major market player’s profiles, such as Caterpillar Inc. (US), Oracle Corporation (US), Hitachi Ltd. (Japan), CalAmp Corp. (US), Sigfox (France), and Autodesk Inc. (US)

Based on Application:  The IoT in the construction market has been divided into safety management, predictive maintenance, remote operations, fleet management, and others based on application. During the projection period, remote operation will be the largest sector of the entire market. The significant market share of the remote operations application is due to the growing use of IoT for machine control and real-time monitoring.

The IoT in Construction Market report has been categorized as below

By Application

  • Remote Operations

  • Safety Management

  • Fleet Management

  • Predictive Maintenance

  • Others

By Project Type

  • Commercial

  • Residential

By Offering

  • Hardware

  • Software

  • Services

By Region

  • North America

  •  Europe

  • Asia Pacific

  • Rest of World

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Published Date : July-2021