The top motivator for adopting IoT technology is the possibility of lowering insurance premiums (67 percent), followed by recovering lost time due to incidents and winning more work because of a strong safety record, according to a new study from Dodge Data & Analytics in partnership with Triax Technologies. Nearly three-quarters of respondents believe IoT will help them control occupational risks, and about half expect it to reduce risks to the public, as well as financial risks and those related to property damage and construction defects.

Additionally, more than half of the study’s participants reported that they digitally gather (54 percent) or analyze (59 percent) data, while 77 percent said that they act on key safety and risk insights.

However, the study revealed budgetary challenges to tech adoption. Only 10 percent of contractors report a dedicated innovation budget, and when it comes to funding new risk-reducing technologies, most contractors either plan to absorb the costs in anticipation of long-term gains (44 percent) or pass on the costs (32 percent).

As part of the study, insurers noted that real-time site monitoring can help curb risks onsite, but that reductions to contractors’ premiums based on technology adoption are unlikely until there is enough actuarial data on the impact of those technologies.