The market size of the global connected construction market significantly grew in 2020 and is expected to register a steady revenue CAGR during the forecast period. The key drivers of this market's growth are the adoption of cloud-based services and the penetration of the Internet of Things (IoT) in the construction industry. Connected construction aims to create smart, connected work sites by connecting worksites, machines, and workers, which enhances operational effectiveness and safety. In a connected construction environment, technology improves communication and transparency of process flow, allowing for accurate information for better decision-making. Asset tracking, synchronized time clocks, computer vision, augmented and virtual reality, real-time data analytics, and predictive maintenance are some of the ways that connected construction sites can aid project management. Although high implementation and integration costs, work stoppages, and the need for skilled personnel can hamper growth, the benefits of connected construction sites are expected to continue opening up lucrative business opportunities for major players and new entrants in the global market. The SaaS deployment segment is expected to account for the largest revenue share over the forecast period, and large construction companies are expected to dominate the end-use segment in terms of revenue share. North America is the largest market for connected construction sites, with the highest revenue share, and the Asia-Pacific connected construction site market is expected to have the fastest growth in CAGR over the forecast period. Major companies operating in this market include HPE, Microsoft, Oracle, and Trimble.
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Connected Construction Site Market: product development
The Connected Construction market has seen significant product development in recent years. Some of the notable product developments include:
- IoT-enabled sensors and devices: IoT-enabled sensors and devices are being used extensively in construction sites to collect real-time data on various parameters such as temperature, humidity, noise, vibration, and air quality. This data is then used to optimize construction processes, improve safety, and reduce downtime.
- Wearables: Wearables such as smart helmets and vests equipped with sensors are being used to monitor the health and safety of workers in construction sites. These wearables can track the worker's vital signs, detect fatigue, and alert the worker and the site supervisor in case of an emergency.
- Drones: Drones are being used extensively in construction sites for aerial surveys, monitoring, and inspection. They can capture high-resolution images and videos of the construction site, which can be used to detect issues and make informed decisions.
- Robotics: Robotics is being used in construction sites to automate repetitive tasks such as bricklaying, painting, and welding. This not only saves time but also improves the accuracy and quality of the work.
- Mobile apps: Mobile apps are being developed to provide real-time updates on the construction site's progress, schedule, and budget. They also enable workers to communicate and collaborate with each other more effectively.
These product developments are helping construction companies to improve safety, reduce costs, and enhance productivity. As the technology continues to evolve, we can expect to see more innovative products in the connected construction site market.
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