Author: Laura Black

Welcome to a new era of technology, one where digital transformation will drive new processes and procedures in commercial construction, homebuilding, and infrastructure markets. Fortune Business Insights suggests the digital transformation market size was $737.88 billion in 2020 and is projected to reach $3.5 trillion by 2028, exhibiting a growth rate of 22.1% during the forecast period. The opportunities with digital transformation, the IoT (Internet of Things), and AI (artificial intelligence) are vast, offering companies the ability to save time, money, and resources, in a currently cost-constrained economy. For the construction industry specifically, homebuilders and contractors need solutions to manage…

For the past few months, we have been embarking on a blog series, looking at both emerging technologies—digital twin, metaverse, AR (augmented reality) and VR (virtual reality), and more—and core construction processes that are enabled by technology such as estimating, project management, accounting/job costing, and more. Today, let’s wrap up with final thoughts on the overall technology market, amid changing economic conditions. Perhaps it is best to start this conversation by noting a confluence of factors are creating a perfect storm that are necessitating the use of technology in construction today. We have a labor shortage, supply-chain crisis, material shortages,…

For more than two decades, BIM (building information modeling) has proliferated the headlines in the construction industry. If done right, the process can save both time and money on construction projects, and construction professionals are more often turning to it. But where exactly are we now with BIM? Let’s dig in. Allied Market Research suggests the global building information modeling market size was valued at $5.2 billion in 2019, and is projected to reach $15.8 billion by 2027, which is a 15.2% growth from during the time period. The key drivers for this process are the need for enhanced data…

Continuing on with our blog series, today let’s look at the construction estimating software market and how it is evolving. Today, there is an increasing need for cloud-based applications and mobile access, which is driving advancements in the construction estimating software market. In fact, Persistence Market Research suggests the global construction estimating software market is expected to grow from $340 million in 2021 to $357.4 million in 2022. Looking forward, it will grow to $556 million, showing a 4.5% growth rate from 2022-2032. Integration is one big estimating trend to watch in the construction industry. As one example, in January,…

We are embarking on a blog series where we identify how technology are enabling business processes in construction such as project management. Up next: accounting and job costing. In construction, accounting is complex, but critical to business operations to ensure the company can operate on tight margins. Construction job costing tracks the company’s progress to help the business make informed decisions. If done well, the company will be able to create quotes that are low enough to compete, but still high enough to turn a profit. It is certainly a fine line. In this day and age, technology—more specifically data—is…

For the second half of our blog series on hot construction technology, we are looking at how technology can enable process, procedures, and business practices. Things like collaboration, project management, scheduling, accounting, estimating, and more. All of these have existed in construction before the dawn of technology but are now being enabled by technology in new and interesting ways. Last week we dove into the topic of project management and discovered AI (artificial intelligence) is playing a bigger role than ever before, as technology providers are also aiming to created integrated project management platforms for construction. Today, let’s look at…

“Operations keeps the lights on, strategy provides a light at the end of the tunnel, but project management is the train engine that moves the organization forward.” Joy Gumz once so astutely said these words, and they are so apropos for construction where project managers are tasked with managing time, cost, and quality of often billion-dollar projects. If project management is done well, then the project is often a success, but if even so much as one ball is dropped, then time, cost, or quality could be sacrificed. There is perhaps no greater area of a construction business that technology…

Collaboration is a buzzword that has been used in the construction industry for more than a decade, but what exactly does it mean for project teams—particularly as it relates to technology? We have some thoughts. The dictionary defines collaboration as the action of working with someone to produce or create something. At its core, collaboration isn’t new. It has been part of the construction industry since the dawn of time. However, when applied in the context of technology, it means tools and systems designed to better facilitate that group work. In the first half of this blog series, we looked…

We are in the middle of a blog series where we are looking at hot construction technology, digging into projected growth for these technologies, specific examples and case studies for construction, and opportunities for the future. Already having explored 5G, AI (artificial intelligence), digital twins, wearables, AR (augmented reality), VR (virtual reality), MR (mixed reality), and the metaverse, today let’s narrow in on robotics. Naturally, robots mean different things to different people. They might drum up images of a futuristic world of George Jetson, his robo-maid, and his career of manufacturing sprockets. This robotic world is often glamorized for the…

Although adoption may not be as wide as digital twins, AI (artificial intelligence), 5G, and AR (augmented reality) and VR (virtual reality), wearables pose an interesting opportunity to the construction industry and can be categorized as a hot construction technology to watch. The overall market is anticipated to grow as well—driven largely by consumer demand, although there are potential business applications as well. Consider this. The global wearable technology market size is expected to reach $118.16 billion by 2028, registering a growth of 13.8% from 2021 to 2028, according to ResearchandMarkets. This is in line with the fact internet penetration…