The construction industry is leveraging IoT technologies to innovate and streamline operations, benefiting from recent patents enhancing indoor climate control, optimizing energy management, and improving HVAC systems. Notably, a significant decline in IoT-related deals and job postings within construction signals a shifting landscape, emphasizing the necessity for strategic talent acquisition and recalibration to facilitate IoT integration and innovation. Beyond construction, IoT’s impact resonates across diverse industries. GlobalData’s Internet of Things (IoT) Market 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. Recent patents in this field include systems and methods for controlling a heating and air-conditioning (HVAC) system, a sensing and communications unit for optically switchable window systems, controlling an HVAC system using an optimal setpoint schedule during a demand-response event, and an air-conditioning device control method. These patents enable construction companies to enhance the indoor climate control of buildings, improve energy management during demand response events, and optimize the operation of HVAC systems. By acquiring these patents, construction companies can benefit from advanced IoT technologies and applications, leading to increased efficiency, cost savings, and improved user experience in their construction projects.
The industry experienced a 38% decline in the number of IoT-related patent applications in Q3 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 27% compared with Q3 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 Q3 2023, the number of IoT-related deals in the construction industry declined by 56% compared with Q3 2022. On a quarterly basis, there was 50% drop in the number of deals in Q3 2023 compared with the previous quarter.
Impact on hiring
In terms of new job posting, in Q3 2023, the construction industry experienced a 17% drop compared with the previous quarter. On an annual basis, job postings also declined by 46%. Notably, computer and mathematical occupations, with a share of 20%, emerged as the top IoT-related job roles within the construction industry in Q3 2023, with new job postings drop by 22% quarter-on-quarter. Installation, maintenance, and repair occupations came in second with a share of 11% in Q3 2023, with new job postings dropping by 29% over the previous quarter. The other prominent IoT roles include management occupations with an 11% share in Q3 2023, and architecture and engineering occupations with a 9% share of new job postings.
Vinci, Mid-America Apartment Communities, ABB, Honeywell International, 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
China is the leading country in IoT adoption within the construction industry, boasting the highest number of IoT-related patents, jobs, and deals. Meanwhile, the US, Sweden, South Korea and Australia 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, Honeywell International, Mid-America Apartment Communities, and Johnson Controls International are actively hiring. The US leads in IoT adoption, with China, France, Norway, and Canada also contributing significantly to the industry's advancement.
To further understand GlobalData's analysis on internet of things in the construction industry, buy the report here.