The market size of the global connected construction site 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: Drive factors
The global connected construction site market is driven by several factors, including:
1. Penetration of the Internet of Things (IoT) in the construction industry: IoT technology enables the connection of various devices and sensors used in construction sites, allowing for real-time data collection and analysis. This connectivity enables better decision-making, improved safety, and increased productivity, driving the demand for connected construction sites.
2. Adoption of cloud-based services in the construction industry: Cloud-based services enable the centralized management of construction data, making it accessible to all stakeholders involved in a project. This leads to better coordination, faster decision-making, and increased efficiency in the construction process.
3. Improved communication and transparency: Connected construction sites enable the connection of workers, machines, and job sites, providing managers with real-time visibility and analytical capabilities. This improved communication and transparency of process flow during the design and construction processes, resulting in faster decision-making and improved project outcomes.
4. Risk reduction and increased productivity: Connected construction reduces risk by automating the exchange of information and avoiding task duplication. When using an integrated and connected platform, information can be updated once rather than switching between systems, thereby reducing data loss and saving time and resources. Teams can efficiently coordinate and communicate, enabling issues to be resolved early in the project lifecycle, resulting in increased productivity and profitability.
5. Increasing digitalization and adoption of IoT across the construction industry: The increasing adoption of digitalization and IoT technologies across the construction industry is expected to continue to drive market growth in the future. This is due to the benefits of connected construction sites, such as better decision-making, improved safety, and increased productivity, which are becoming increasingly important to construction companies.
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