The construction industry is embracing new Internet of Things (IoT) technologies through recent patents, leading to innovation and improvement in their businesses. These technologies, such as customized data streams, robot operations, and determining excavator angles, offer enhanced monitoring, maintenance, and safety measures. By acquiring these patents, construction companies can benefit from improved efficiency, accuracy, and automation in their operations, resulting in cost savings and better overall performance. The industry has experienced a decline in IoT-related patent applications and deals in recent quarters, but the US remains the leading country in IoT adoption within the construction sector. 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 increasingly leveraging Internet of Things (IoT) technologies to enhance operational efficiency and safety. Recent patents highlight innovative applications, such as Otis Worldwide Corp's system for detecting elevator mechanics within hoistways, which improves safety by preventing unauthorized elevator operation during maintenance. Pentair Plc's automatic discovery system for pool devices streamlines management of aquatic systems, while their wireless monitoring solution enables proactive maintenance scheduling for aquatic devices, reducing downtime. Allegion Plc's access control integration into network gear enhances security management across construction sites. These advancements not only optimize operational workflows but also significantly enhance safety and security measures, positioning these companies at the forefront of IoT innovation in the construction industry.
The industry experienced a 21% decline in the number of IoT-related patent applications in Q2 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 37% compared with Q2 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 Q2 2024, the number of IoT-related deals in the construction industry declined by 43% compared with Q2 2023. On a quarterly basis, there was 11% drop in the number of deals in Q2 2024 compared with the previous quarter.
Impact on hiring
In terms of new job posting, in Q2 2024, the construction industry experienced a 57% growth compared with the previous quarter. On an annual basis, job postings also grew by 141%. Notably, Management Occupations, with a share of 11%, emerged as the top IoT-related job roles within the construction industry in Q2 2024, with new job postings rising by 81% quarter-on-quarter. Computer and Mathematical Occupations came in second with a share of 11% in Q2 2024, with new job postings rising by 46% over the previous quarter. The other prominent IoT roles include Sales and Related Occupations with a 6% share in Q2 2024, and Architecture and Engineering Occupations with a 5% share of new job postings.
KEC International, ADT, Mid-America Apartment Communities, 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
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, the UK, Canada, China and South Korea also maintain significant positions in IoT adoption within the construction industry.
To further understand GlobalData's analysis on internet of things in the construction industry, buy the report here.
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GlobalData, the leading provider of industry intelligence, provided the underlying data, research, and analysis used to produce this article.
GlobalData patent analytics tracks patent filings and grants across companies and themes. Proprietary databases on deals and job analytics are used to respectively monitor global deal activity and uncover insights from daily job postings to identify trends, company activities, and industry dynamics across different sectors globally.
