Top 10 technology trends in the construction industry
According to Deloitte’s Engineering and Construction Industry Outlook, 2019 saw an array of digital technologies transform how many engineering and construction (E&C) firms operate. From robots to connected technology, technology is said to be having an unprecedented impact on the built environment. Looking back, 2020 began on a positive note for the sector; however, the impact of Covid-19 has plummeted confidence among industry leaders, Deloitte says.
Despite these challenges, E&C firms will likely continue to define a new vision and map a comprehensive digital blueprint to realign their businesses and operational processes to reflect opportunities that innovation and technology can provide, Deloitte’s 2020 Engineering and Construction Industry Outlook reports.
Modular Construction
Companies are increasingly adopting technology to increase productivity and create more value for end customers. In this respect, modular construction shifts 90% of building activities to offsite manufacturing, accelerating project timelines by 20 to 50% and cutting costs by 20%. Furthermore, it has been observed that the rise of multiple mid- to late-stage offsite construction start-ups are pushing the modular-homes space forward. Such new entrants making new bets and new funding from venture capital and private equity are also accelerating the disruption of current business models. As the Covid-19 pandemic unfolds, an increase in corporate restructuring and M&A activity is to be expected.
