This study examines the top growth opportunities for the building construction market in 2024. Material shortages, price inflation, logistics issues, and labor deficiencies are top challenges in the building construction market. These challenges resulted in the market’s sluggish growth in 2023, which will only show a modest recovery of above 5% growth from 2024 onward. Building construction will be increasingly technology-enabled. Digital technologies and software will continue to make inroads in building construction and support internal processes and sustainability efforts. Investments in platforms and as-a-service business models will become increasingly relevant in this market. Improving sustainability performance will become the focus of the building construction industry, which includes green buildings, buildings with a low carbon footprint, and green construction practices. Sustainability will become part of market participants’ business resilience and key performance indicators (KPIs). Therefore, market participants will need to invest in technologies, including digital applications, to support sustainable construction processes and partner with relevant industry leaders or experts in sustainability solutions. Additionally, participants will need to establish close partnerships with digital technology providers to develop sustainability solutions that improve the efficiency of resources used in buildings and thus reduce carbon emissions and waste generation.

Author: Melvin Leong