Wouldn’t it be great if you’re familiar with new developments in the construction sector?

The reason, construction projects are increasingly becoming complex and technology is continually transforming the way we work.

So let’s take a closer look:

#1. The construction technology market is projected to reach more than $2.7 billion by 2023. [GlobeNewswire]

#2. Artificial Intelligence in the construction market is expected to reach approximately $2 billion by 2023. [Market Research Future]

#3. Robots in the global construction market are projected to reach $165 million by 2023. [Market Research Future]

#4. Commercial software has a 76% satisfaction rate when compared with other methods such as spreadsheets, paper forms and custom-designed software.[Viewpoint]

#5. 82% of contractors use apps on mobile devices to capture field data. [Viewpoint]

#6. 72% of specialty trade contractors have embraced mobile applications. [Viewpoint]

#7. 94% of general contractors are at least using one of the following technologies in their sites: wearables, drones, sensors and cameras. [Viewpoint]

#8. 23% of specialty trade contractors are still not using any technology in their sites. [Viewpoint]

#9. 70% of construction executives cited the ability to access data from the office while on the jobsite as the main reason for managing their data on the cloud. [Viewpoint]

#10. 71% of construction executives cited the ability to access data from the field while in the office as the key reason for managing their data on the cloud. [Viewpoint]

#11. 78% of contractors are using a combination of software automation and spreadsheets, [Viewpoint]

#12. The global modular construction market size is projected to grow to $114.78 billion in 2028. [Fortune Business Insights]

#13. Approximately 90% of construction firms using prefabrication achieved improved quality and productivity. [Dodge Data & Analytics]

#14. Construction is one of the least digitized industries. [Mckinsey Global Institute]

#15. 19% of UK construction firms say that their projects are entirely paper-based. [Autodesk]

#16. 26% of UK construction firms don’t have a technology strategy. [Autodesk]

#17. 50% of construction professionals in the UK are planning on improving their firm’s digital skills over the next three years. [Autodesk]

#18. Within 10 years, full-scale digitization in non-residential construction could lead to savings of $0.7-

1.2 trillion (13-21%) in engineering and construction and $0.3-0.5 trillion (10-17%) in the operations 

phase (World Economic Forum)

#19. 16% of engineering and construction companies in the UK have never used Building Information Modeling (BIM). [World Economic Forum]

#20. Mobile inspection technology and advanced e-permit systems in the United States have reduced the number of required on-site inspections by 25% and approval times by 30%. [World Economic Forum]

#21. Construction is one of the least R&D intensive sectors with just 1% of net revenues allocated to research and development. [World Economic Forum]

#22. AI can potentially increase the construction industry’s profits by 71% by 2035. [Accenture]

#23. The global market for IoT in construction is projected to reach $19 billion in 2027. [Allied Market Research]

#24. Drones reduce mapping costs by as much as 95%. [Big Rentz]

To put it differently...

It’s Your Call

In order to make important current and future decisions, you need relevant industry statistics and facts.

And that’s what the above data will do. You will make informed choices that will give your construction business an edge over your competitors.