Data analytics has enabled a wide range of beneficial applications in the construction industry, from predictive analytics and accurate budgeting to subcontractor performance analytics and warranty analysis.
IoT in construction
The utilisation of Internet of Things (IoT) technology within the construction industry is new, however initial implementations have demonstrated potential. According to Fortune Business Insights, the global IoT in construction market is expected to reach US$9.2bn by 2026, with a CAGR of 16.5 percent during the forecast period.
While government leaders recognise the benefits of IoT, poor information availability due to a lack of cyber infrastructure and connectivity is a major challenge.
Survey findings
of survey respondents were familiar with the applications of IoT technologies in the construction industry.
of respondents were not familiar with such applications.
of respondents ether agree or strongly agree that 'IoT technologies have a positive impact on construction site safety and resource efficiency'. The remaining 50 percent of respondents are neutral or disagree to this statement.
The importance of data analytics in IoT
Data analytics is crucial for IoT operations, enabling organisations to extract insights from the vast data generated and identifying bottlenecks, inefficiencies and optimisation opportunities.
The range of IoT applications within the construction industry is extensive, as IoT devices can be associated with equipment, machinery, materials and personnel. However, our survey results suggest that the application of IoT on regional construction sites is still in its infancy, at the exploratory phase, where there remains a strong need to first understand the value and benefit of such applications.
Integration of IoT devices for site monitoring
The use of IoT devices in construction site management, such as smart sensors, provide up-to-date information on environmental conditions, structural integrity and safety compliance. This constant monitoring improves safety procedures and guarantees adherence to regulatory guidelines. Furthermore, IoT devices aid in gathering crucial data for optimising resource allocation and utilisation.
By monitoring these parameters, construction managers can identify potential issues before they become major problems.
Although 50 percent of our survey respondents agreed that IoT technology would have a positive impact on construction projects, almost half were unsure of the impact. While there are many advantages of IoT there are also challenges such as high implementation costs, dependency on reliable internet connectivity, limited compatibility and technical expertise, resistance to change and security concerns.
Survey findings:
of survey respondents agreed that IoT technologies would have a positive impact on construction site safety and resource efficiency.
were unsure whether such technology would or would not have an impact.
said they felt IoT technology would have a negative impact on construction projects.
Predictive modelling for project outcomes
Predictive modelling uses past data, current inputs and algorithms to predict multiple factors in construction projects. Through simulating various situations, stakeholders can anticipate potential results and strategise accordingly. This empowers project managers to make informed decisions, resulting in successful project execution.
Our survey findings indicate that 75 percent of respondents recognise the positive impact of data analytics and predictive insights on future risk assessment and mitigation strategies in the construction industry. However, a sizeable portion of respondents remained uncertain about the potential benefits, highlighting the need for further education, training and awareness regarding the advantages of predictive modelling in enhancing project outcomes.
Survey findings
of survey respondents agreed or strongly agreed that data analytics and predictive insights will improve risk assessment and mitigation strategies in the future.
Most remaining respondents were unsure whether such insights would or would not improve risk assessments and mitigation strategies.
How data analytics drives informed decision-making
By using data-driven decision-making, individuals can gain valuable insights and anticipate demand for construction skills and building products for specific locations, building types and project sizes. With access to comprehensive project information and intelligence, decision-makers can identify trends within a vast amount of data, leading to improved decision-making.
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