Keeping up with emerging construction technology is crucial to remain relevant in the industry and stay ahead of your competition.
Consulting firm McKinsey & Company conducted research around construction trends in 2018 and beyond. Their findings could help you as you begin to plan for the future. What are the trends?
It should be no surprise that emerging construction technology is the theme over the next few years. If you’ve ever been hesitant to adopt or acknowledge the usefulness of different technologies, now is the time to get on board. Here’s why…
Trend #1: Technology Clusters
Technology clusters are groups of technologies that many tech companies are creating together for the purpose of enhancing value to construction firms. This includes things like Artificial Intelligence (AI) and Analytics; or 3-D Printing, Modularization, and Robotics.
When it comes to AI, while it is emerging, it’s often hard to implement because of how advanced the technology is. However, McKinsey writes, “the potential impact is so large that the industry can no longer afford to ignore it.”
Trend #2: Increased Investment in Technology
Over the course of five years, technology investments reached a high of $19 billion. McKinsey explains that not only is there a firm belief in the products, but these companies are also delivering on their promise.
But how does construction fit into that $19B? According to McKinsey, “Construction leads the ecosystem in garnering the most overall capital from 2013 to February 2018.” Specifically, they explain, that pre-construction and back office are leading the way with the largest investments.
This means that over the course of the next few years, you should keep an open mind to these types of technologies. The companies building this tech have big dollars put behind them, you can expect these tools to be worth your investment.
Future of Construction
Besides these trends, what else should you expect out of the construction industry going into 2019?
- Green construction technology: It’s no secret that building green is very in right now and there are products in the market that can help make this a priority. Things like carbon scrubbing building facades, bricks made of recycled cigarette butts, and thermally driven air conditioners.
- Increasing material costs: Unfortunately, this is one trend that isn’t expected to fade away.
- Better safety equipment: With all the injuries and fatalities the construction industry faces, it’s no surprise there will be a push for better safety equipment next year. Look out for equipment like smart boots that can tell if wearers are fatigued or have fallen down.
There’s a lot to look forward to and it’s a great time to be a part of the construction industry. Keep up with the trends and your business will thrive in 2019 and beyond.