Wonder

Log in

Building Construction Software Technology

Delivered November 20, 2019. Contributor: Benjamin H.

Goals

To obtain information about the use of technology in building construction, including case studies, challenges/pain points, disruptions, and investments.

Early Findings

  • ConstructConnect reports that construction firms are underinvesting in technology; however, "venture capitalists are betting big on the future of [construction technology]".
  • According to a report released by James Long LaSalle, Inc., venture capital firms invested a total of "$1.05 billion in global contech startups during the first half of 2018". This represents an almost 30% increase from the amount invested throughout 2017.
  • Investors have successfully "closed 478 funding deals totaling $4.34 billion" since 2009.
  • Today, software and mobile solutions are available to help in managing all aspects of a construction project.
  • In terms of artificial intelligence (AI) and machine learning (ML), construction companies are now leveraging data to increase productivity, make better decisions, reduce risks, and improve job site safety.
  • The tools that bring virtual reality (VR) and augmented reality (AR) to the worksite are becoming increasingly widespread and more user-friendly.
  • Also, as AR and VR "technology becomes more integrated in the digital workflow, the possibilities that open up seem limitless".
  • In addition to this public search, we scanned our proprietary research database of over 1 million sources and were unable to find any specific research reports that address your goals.

Proposed next steps:

You need to be the project owner to select a next step.
Our background search reveals that the adoption of technology in construction is growing and venture capital firms are investing massively in construction tech. We recommend further research to provide the following: 1) 2-3 case studies of manufacturers and/or suppliers in the building construction industry who are using software technology to improve operations and serve their clients. For each case study, we would explain how the company is using technology, as well as any successes achieved as a result. 2) 4-5 of the biggest technology concerns or challenges that manufacturers and suppliers in building construction are facing. 3) 3-5 technology or startup disruptions that have made a significant impact on construction in the past 5 years. 4) 3-5 major investments made by private equity (or venture capital) firms in the construction market.
Alternatively, we may provide 2-3 case studies of manufacturers and/or suppliers in the building construction industry who are using software technology to improve operations and serve their clients. For each case study, we would explain how the company is using technology, as well as any successes achieved as a result.