The construction industry is integrating Internet of Things (IoT) technologies to revolutionize operations and enhance safety measures. Recent patents, including customized data streams and robot operations, promise improved efficiency and automation, driving cost savings and performance enhancements. Despite recent declines in IoT-related activities, the US continues to lead in adoption within construction, showcasing IoT’s broader impact across industries. GlobalData’s Internet of Things market report provides comprehensive analysis of the 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 to innovate and improve their businesses. Recent patents in this field include systems for detecting people in hoistways, displaying information related to excavation work, ventilating indoor spaces, integrating robots with elevators, and optimizing HVAC systems based on occupancy sensing. For example, Otis Worldwide Corp's patent on robot integration with elevators and building systems allows for seamless communication between robots and elevator systems. By acquiring these patents, construction companies can enhance safety, efficiency, and comfort in their projects. Implementing IoT technologies like these can lead to smarter construction processes, better resource management, and improved overall performance in the industry.
The industry experienced a 20% decline in the number of IoT-related patent applications in Q1 2024 compared with the previous quarter. On an annual basis, the number of IoT-related patent applications in the construction industry witnessed a drop of 6% compared with Q1 2023.
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 Q1 2024, the number of IoT-related deals in the construction industry remined flat by 0.00% compared with Q1 2023. On a quarterly basis, there was 50% increase in the number of deals in Q1 2024 compared with the previous quarter.
Impact on hiring
In terms of new job posting, in Q1 2024, the construction industry experienced a 47% growth compared with the previous quarter. On an annual basis, job postings also declined by 16%. Notably, Sales and Related Occupations, with a share of 16%, emerged as the top IoT-related job roles within the construction industry in Q1 2024, with new job postings rising by 13% quarter-on-quarter. Computer and Mathematical Occupations came in second with a share of 12% in Q1 2024, with new job postings rising by 17% over the previous quarter. The other prominent IoT roles include Management Occupations with an 11% share in Q1 2024, and Installation, Maintenance, and Repair Occupations with a 7% share of new job postings.
KEC International, ADT, Vinci, Honeywell International, and Mid-America Apartment Communities 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, France and Canada also maintain significant positions in IoT adoption within the construction industry.
In conclusion, the construction industry is experiencing a surge in innovation and efficiency driven by IoT technologies, as evidenced by recent patents and strategic deals. Despite fluctuations in patent applications and job postings, the US remains a dominant force in IoT adoption, with other key players including China, the UK, France, and Canada.
To further understand GlobalData's analysis on Internet of Things in the construction industry, buy the report here.
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GlobalData Patent Analytics tracks bibliographic data, legal events data, point in time patent ownerships, and backward and forward citations from global patenting offices. Textual analysis and official patent classifications are used to group patents into key thematic areas and link them to specific companies across the world’s largest industries.
