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Revolutionary Trends impacting the state of Construction Industry
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Construction industry plays a major role in driving economic growth in major developed and developing countries while directly impacting world GDP. This makes it important to focus on some of the major short falling of the industry like its age old ways of carrying business and shortage of skilled labors which has caused a slow growth for the industry. Construction industry is starting to evolve and changing technological environment and evolving business models will drive a major disruption in the construction industry.Frost & Sullivans “Future of Construction, Global, 2030" focuses on identifying the top trends that will shape the future of Construction industry. The study maps 6 Trends and 20 Subtends that will directly /indirectly impact the global construction forum while mapping a 5-10 years 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 crewed data monetization, and digital marketplaces. We will also see a shift towards new Data Driven business models that will be focusing on sustainability. Gen Z will be seen disrupting the workforce by their innovative entrepreneur mindsetsDigitization: Digitization will be driven by technologies such as AI, 5D BIM, AR/VR , and electrification powered by 5G speed connectivityAutonomy: Construction industry will see a shift towards automation, with safety being one of the major challenges facing construction industry. Drones will play a major role in in reducing the human presence in on site and increasing accuracy of data collectionSustainability: 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 thereby accelerate the industrialization of the construction industryNew Business Models: Construction industry is having a significant criterion shift, focusing on creating new business models which are technology and data driven that fosters better collaboration between stakeholders and increase productivity which has been a pain point in the history of construction industrySocial Trends: With aging workforce and digitization Construction industry will be forced to adapt better workforce management strategies to accommodate urbanization and Gen Z mindsetEconomic Trends: Unstable economic trends will make it difficult to overcome age old productivity challenges in the sector leading to adoption of unique solutions to attract more investments
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