The construction sector is witnessing a paradigm shift with the Internet of Things technology penetrating various construction activities. Reportedly, players in the construction industry are harnessing the huge potential of altering industry dynamics benefitting clients, people, companies, and communities. Rapid fluctuations in end-user demand along with changes in nature as well as economies of construction and breakthroughs in the supply chain have provided an impetus to the construction industry. There are four major trends that are predicted to drive the growth of the construction sector in the forthcoming years, namely, smart operations, strategic sourcing, prefabrication, and modular construction.
Furthermore, growing sustainability & resilience trends are witnessed in the construction sector. However, the construction industry is faced with a plethora of challenges such as a lack of innovation, inconsistency in the effective execution of construction processes, and weak project monitoring activities. Given the construction sector’s economic and environmental significance, even a minimal improvement in performance will have a lasting impact on societal, environmental, and economic domains.
For instance, a nearly 1% decline in the costs of construction activities can save nearly $100 billion yearly for society. Reportedly, the shortfall in infrastructure capacity is expected to be nearly $15 trillion-$16 trillion by 2030. Reducing this gap will create nearly 100 million new jobs and produce about $6 trillion per year in economic activity in a long run. For the record, about 30% of the revenue is likely to come from improvements in construction activities and asset operations. Moreover, productivity in the construction sector has received a tremendous boost owing to standardization, prefabrication, and modularization of components used in construction activities.
