The construction industry is leveraging new Internet of Things (IoT) technologies for enhanced monitoring, maintenance, and safety, fostering innovation and efficiency. Despite recent declines in IoT-related patent applications and deals, the US remains a leading adopter in the construction sector, with the impact of IoT extending across industries. The impact of IoT extends beyond the construction sector, influencing various industries. GlobalData’s Internet of Things market report provides comprehensive analysis of the IoT market. 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 new Internet of Things (IoT) technologies through recent patents to innovate and improve their businesses. For example, Senseware Inc's patent enables customized data streams for different parties at monitored locations, while RTX Corp's patent involves robot operations for elevator system maintenance. Leica Geosystems Technology A/S has patents related to determining excavator swing boom angles based on various factors. These technologies offer enhanced monitoring, maintenance, and safety measures for construction companies. By acquiring these patents, companies can benefit from improved efficiency, accuracy, and automation in their operations, ultimately leading to cost savings and better overall performance in the field of IoT applications within the construction industry.
The industry experienced a 51% decline in the number of IoT-related patent applications in Q4 2023 compared with the previous quarter. On an annual basis, the number of IoT-related patent applications in the construction industry witnessed a drop of 5% compared with Q4 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 Q4 2023, the number of IoT-related deals in the construction industry declined by 50% compared with Q4 2022. On a quarterly basis, the number of deals in Q4 2023 compared to the previous quarter, remained flat.
Impact on hiring
In terms of new job posting, in Q4 2023, the construction industry experienced a 13% drop compared with the previous quarter. On an annual basis, job postings also declined by 54%. Notably, Computer and mathematical occupations, with a share of 21%, emerged as the top IoT-related job roles within the construction industry in Q4 2023, with new job postings drop by 4% quarter-on-quarter. Management occupations came in second with a share of 12% in Q4 2023, with new job postings dropping by 7% over the previous quarter. The other prominent IoT roles include installation, maintenance, and repair occupations with a 9% share in Q4 2023, and architecture and engineering occupations with a 8% share of new job postings.
Honeywell International, Mid-America Apartment Communities, Vinci, ABB, 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, the UK, Germany and Australia also maintain significant positions in IoT adoption within the construction industry.
In conclusion, the construction industry, despite facing a decline in IoT-related patent applications and deals, continues to prioritize innovation, strategic investments, and talent acquisition, with the US leading in IoT adoption and influence across global markets.
To further understand GlobalData's analysis on Internet of Things in the construction industry, buy the report here.