Future Of Construction In the World of IoT
With an exponential surge in internet consumption, the Internet of Things(IoT) is taking the world by storm. A significant number of enterprises and consumers have already migrated to IoT citing its potential benefits in the coming years both involving user convenience and business benefits.
The Rise of IoT Ecosystem
The term IoT was first conceived by a British Entrepreneur in the year 1999 referring to a network of objects connected with the internet to seamlessly accumulate and exchange data. As per industry experts in the technology domain, the world will have 50 billion connected devices by the year 2020.
This massive explosion of connected devices can be attributed to the growth of the ecosystem nurturing the growth of IoT ranging from advancements in wireless technologies to embedded sensors to Micro Electrochemical Systems.
Top Sectors Benefiting From IoT
While IoT is power-packed to revolutionise the legacy business processes, the sectors which are benefiting most from industrial IoT solutions include manufacturing, energy, power production, construction, logistics, oil and gas, agriculture and transportation.
As per a survey materialised by Forbes Insights and Chipmaker Intel, financial services, healthcare and manufacturing are ruling the roost when it comes to reaping IoT capabilities and connecting the technology with Artificial Intelligence and Analytics.
IoT Is Here To Stay
It is an undisputed fact that IoT is our future. The technology has matured to significantly enhance the day to day activities of end consumers along with offering additional revenue streams to businesses across the globe.
As per apex research firm Gartner, revenues generated by IoT will surpass $300 billion by the year 2020. It is therefore imperative for businesses to invest in the technology and roll out services powered by the technology.
IoT technology providers can monetise the growing demands for connected business processes with a strategic combination of cutting edge technologies, IoT strategies and business partnerships.
Transforming The Construction Industry With IoT
IoT is modernising the construction industry by fetching the industry players with greater visibility and control over their assets, ensuring faster delivery time and significant cost efficiencies.
Asset tracking, Telematics and better management of heavy machineries are redefining the core norms of the sector.
Actionable insights are being gathered from all connected machines and devices on mobile devices for a prompt response from construction managers.
Real-time insights of assets, equipment and employees have also concluded in better utilisation of resources to revamp the construction process.
Also ensuring a safer work environment at construction sites is of utmost importance wherein IoT is playing a dominant role with real-time alerts and GPS based tracking to proactively improve the security of high-value assets.
Building Information Modelling
Sensors embedded on already constructed projects can send meaningful information to managers regarding the impact of changing climate and passage of time.
This results in a deeper understanding of how structures react to natural calamities enabling construction players to develop more robust and energy efficient projects.
