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#News(General) [ via IoTForIndiaGroup ]
The global IoT in construction industry will grow at a CAGR of 35.98% during the forecast period 2017-2024.
There are several industries where IoT can be of great influence and construction industry is one among them. Some of the major areas where IoT could be deployed in construction industry are remote support and operation, equipment servicing, fleet management, fuel savings, and for BIM (building information modeling). With the implementation of IoT systems, the construction companies can save time and cost.
Global IoT market in construction industry is categorized based on the presence of diversified small and large vendors. As large players such as Cisco and Caterpillar are increasing their footprint, small vendors are competing with them in the global market by maintaining competitive pricing and customized product offering. By entering into alliances and strategic partnerships with other players in the market, the global vendors are expected to grow further during the forecast period.
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