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Revolutionary Trends Impacting the State of Construction Industry
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The construction industry plays a major role in driving economic growth in major developed and developing countries and has a direct impact on world GDP. This makes it important to focus on some of the major shortfalls in the industry, such as its traditional ways of carrying out business and the shortage of skilled labor which has slowed down growth in this industry.The construction industry is starting to evolve. Changing technological environment and evolving business models will bring about a major disruption in the construction industry.Frost & Sullivan’s 'Future of Construction, Global, 2030' focuses on identifying the top trends that will shape the future of the construction industry. The study maps 6 trends and 20 subtrends that will directly /indirectly impact the global construction forum while mapping a 5-10-year trend horizon which includes the market status, predominant opportunities, and key milestones.Technology is a primary disruptor—from IOT devices to innovative sensor technologies—for data collection. Novel business advances will be driven by data monetization and digital marketplaces. We will also see a shift toward new data-driven business models that will be focusing on sustainability. Gen Z will disrupt the workforce by their innovative entrepreneur mindset.Digitization: Digitization will be driven by technologies, such as AI, 5D BIM, AR/VR, and electrification powered by 5G speed connectivity.Autonomy: The construction industry will see a shift toward automation, with safety being one of the major challenges for the construction industry. Drones will play a major role in reducing the human presence on site and increasing the accuracy of data collection.Sustainability: Sustainability will go beyond compliance to regulations and will become a people’s movement as greater awareness of limited resources is realized. Standard, prefabricated, modular concepts will enhance compatibility among building and infrastructure projects, improve economies of scale, enhance productivity, and accelerate the industrialization of the construction industry.New Business Models: The construction industry is undergoing a significant criterion shift and is focusing on creating new business models which are technology and data driven; they also foster better collaboration between stakeholders and increase productivity which has been a pain point in the history of the construction industry.Social Trends: With aging workforce and digitization, the construction industry will be forced to adapt better workforce management strategies to accommodate urbanization and Gen Z.Economic Trends: Unstable economic trends will make it difficult to overcome age-old productivity challenges in the sector, leading to the adoption of unique solutions that will attract more investments.
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