2020 Constructech 50: Companies that Serve Construction
Your construction company has been disrupted. Projects were halted. Workers were furloughed. New safety procedures and processes were required. Companies that recognize this are taking proactive steps to determine what’s next—and how to move forward. Central to this is technology. Digital transformation, AI (artificial intelligence), 5G, the IoT (Internet of Things), biometrics, AR (augmented reality), VR (virtual reality), blockchain, robotics, and more have never been more important than they are today.
Beyond the need for technology due to a change in business, the numbers are also pointing us toward digital transformation. CompTIA (Computing Technology Industry Assn.) Emerging Technology Community lists the top three technologies today as AI, 5G, and the IoT, while Grand View Research projects the AI market will reach almost $391 billion by 2025, and ResearchAndMarkets predicts AI and IoT devices market will surpass $105 billion in North America alone. Reports also show that the global cellular IoT market is expected to climb 18.54% from the end of 2019 to 2025. Add in the fact that the pandemic is accelerating the need for digital transformation, and the outcome is going to be ramping up for the IoT on the construction jobsite.