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.
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. In addition, it allows real-time data streams of assets, automates time-consuming tasks, and ensures employee safety and productivity.
Leading construction companies in IoT
IoT technologies are key to digitalisation in the construction industry. Sensors, asset monitors, wearables, and integration with building information modelling (BIM) can all improve safety, productivity, and, therefore, profit margins.
The design, planning, and financing areas of the construction project value chain benefit from the historic data and analytics from previous construction projects captured using IoT devices. This, combined with artificial intelligence (AI), can help forecast the materials and workers needed during the procurement stage and help forecast financing.
However, the industry uptake of IoT is not uniform globally. IoT will continue to disrupt the construction industry, particularly as edge computing develops and improves data processing capabilities, alongside the proliferation of connected devices. All construction companies should therefore invest in IoT.
Discover the leading IoT companies in the construction industry
Using its experience in the sector, World Construction Network has listed some of the leading companies providing products and services related to IoT.
The information provided in the download document is drafted for construction industry executives and technology leaders involved in IoT solutions.
The download contains detailed information on suppliers and their product offerings, alongside contact details to aid purchase or hiring decisions.
Amongst the leading vendors of IoT in the construction industry are Built Robotics, Honeywell, NavVis, Proxxi, Sensohive, Trimble, Smart Cap Technologies, Viloc, WorldSensing, and RealWear.
Future of IoT in construction
GlobalData has a positive view on the outlook for the global construction industry following the historic collapse in activity in 2020 due to Covid-19 restrictions. According to GlobalData forecasts, spending on IoT in construction will reach $9.6bn by 2025, up from $4.4bn in 2019, a compound annual growth rate of 14.6%.