The integration of internet of things (IoT) technology has ushered in a transformative era within the construction industry, with its impact reverberating across diverse sectors. Companies are securing patents in areas like vehicle control, remote worksite execution, load control and window shading coordination for improved safety, productivity, and energy efficiency. While IoT-related patent applications experienced a slight dip, strategic deals and job opportunities in roles related to IoT, particularly in computer and mathematical occupations, underscore the industry’s commitment to technological advancement. The impact of IoT extends beyond the construction sector, influencing various industries. GlobalData’s Internet of Things (IoT) Market Size, Share and Trends, Analysis and Forecast report helps keep abreast of the latest trends in internet of things, market opportunity forecast and the competitive landscape. Buy the report here.
This article presents a quarterly round-up of the latest trends in the construction industry regarding IoT. It provides an overview of recent developments in IoT-related deals, talent acquisition, and patent filings within the construction industry.
Diverse applications of internet of things in construction industry
Construction companies are leveraging internet of things (IoT) technologies to innovate and improve their businesses. These technologies are evident in the latest patents obtained by construction companies. For example, Hitachi Ltd has developed a vehicle control system that enhances safety and productivity by utilizing infrastructure-to-vehicle and infrastructure-to-infrastructure communication. This system allows for effective communication between manned and unmanned vehicles, enabling the unmanned dump to adjust its travel speed accordingly. Caterpillar Inc has patented a worksite plan execution method that allows for the remote execution of worksite plans by machines. This method includes validating the readiness of the worksite and transmitting instructions to the machine for task execution. Lutron Electronics Co Inc has developed a state retention load control system that monitors power removal events and communicates this information to control devices. Springs Window Fashions, LLC has patented a coordinated window shade adjustment system that optimizes daylighting and protects against direct solar radiation. Lastly, Sloan Valve Company has created a system for transmitting electronic plumbing fixture data and health data to a user device for analysis and presentation of health recommendations. These patents demonstrate how construction companies are leveraging IoT technologies to enhance safety, productivity, remote operations, energy efficiency, and user experience in their respective fields.
The industry experienced a 12% decline in the number of IoT-related patent applications in Q2 2023 compared with the previous quarter. On an annual basis, the number of IoT-related patent applications in the construction industry witnessed a rise of 9% compared with Q2 2022.
Strategic deal trends in internet of things in construction industry
Construction companies are not only focusing on innovation to enhance their patent portfolios but are also making strategic investments in IoT. These investments aim to secure lucrative deals with partners and position themselves at the forefront of industry advancements. Some of the recent deals underscore the importance of IoT in the construction industry.
In Q2 2023, the number of IoT-related deals in the construction industry grew by 14% compared with Q2 2022. On a quarterly basis, there was 14% increase in the number of deals in Q2 2023 compared with the previous quarter.
Impact on hiring
In terms of new job posting, in Q2 2023, the construction industry experienced a 32% drop compared with the previous quarter. On an annual basis, job postings also declined by 14%. Notably, computer and mathematical occupations, with a share of 18%, emerged as the top IoT-related job roles within the construction industry in Q2 2023, with new job postings drop by 36% quarter-on-quarter. Installation, Maintenance, and repair occupations came in second with a share of 13% in Q2 2023, with new job postings rising by 45% over the previous quarter. The other prominent IoT roles include management occupations with a 10% share in Q2 2023, and production occupations with a 6% share of new job postings.
Valmont Industries, Vinci, Honeywell International, Mid-America Apartment Communities, and Johnson Controls International are among the top companies leading in IoT hiring within the construction industry.
Countries driving adoption of internet of things in construction industry
The US is the leading country in IoT adoption within the construction industry, boasting the highest number of IoT-related patents, jobs, and deals. Meanwhile, China, France, Norway and Canada also maintain significant positions in IoT adoption within the construction industry.
In conclusion, the construction industry is witnessing both challenges and opportunities in IoT adoption. While patent applications show annual growth, recent job postings and deal trends fluctuate. Key players like Valmont Industries, Vinci and Honeywell International are actively hiring in the IoT domain.
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