Market Insight - Emerging Technology In Construction

Synopsis

The report provides detailed market analysis based on a survey of contractors, surveyors, architects and others involved in the construction industry worldwide to assess current engagement levels with a number of the newest technological innovations currently gaining popularity within construction.

Summary

In the second quarter of 2016, Timetric surveyed over 100 industry executives, including contractors, surveyors, civil engineers and architects, to obtain an understanding of the state engagement with new technology in construction. The results of the survey reveal a rejection of the assertion that there is a culture of resistance towards engaging with new technology, however the majority of respondents stated that their company is not at the forefront of it's industry in terms of engaging with new technology. The most commonly cited barriers were financial and included the assertion that many new technologies are cost prohibative and that there is a lack of allocation within company budgets for investment in new technology. However those who had invested were extremely positive about the benefits of engaging with new innovations. In terms of the technologies analysed that had experienced the greatest levels of current and planned investment, the most popular was mobile applications followed by 3D modelling and then cloud technology. In comparison, autonomous vehicles received the lowest level of current and anticipated investment. Given the number of benefits available following investment, greater levels of engagement with technological innovations are expected as their affordability and capability increases and as they are given higher priority by companies in terms of investment strategies.

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Scope

The report provides detailed market analysis based on a survey of contractors, surveyors, architects and others involved in the construction industry worldwide to assess current engagement levels with a number of the newest technological innovations currently gaining popularity within construction.

Reasons To Buy

Providing insight into the most popular new innovations within construction along with an analysis of barriers and potential benefits.

Key Highlights

The ever expanding range of new technology available to those working in the construction industry has created numerous opportunities for innovation and the implementation of new methods into existing processes. When questioned on what was preventing high levels of engagement with new technology respondents stated that a key barrier related to cost, with 42% of respondents stating that new technology was cost prohibitive. This was followed by 33% of respondents stating that there is a lack of financial resources within their budget allocated for technological innovation. The most common driver of investment in new technology was to increase productivity and respondents were widely positive that they had experienced this after making an investment. The second most popular driver for investment was achieving greater competitiveness within their market and once again the majority of respondents confirmed they had experienced this following an investment in innovation. Of all the technologies analysed in the survey, mobile applications received the highest proportion of respondents confirming that they had already invested in the technology and had further investment planned within two years.

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