Construction is the largest global industry that accounts for 13% of global GDP. It encompasses infrastructure, industrial structures, and real estate and today many companies are adjusting their business models to embrace the next normal in construction.
It is a fact COVID-19 served as a catalyst for tech uptake for construction firms. The need to collaborate in real-time as well as relying on technology to maintain better business control was brought to the forefront during the pandemic. Contractors soon realized the importance of switching to construction technology to improve performance and productivity in uncertain times.
So, the question many seem to be asking is what is the future of the construction industry after COVID-19. Well, a significant shift has already happened but what is in store for construction players is something we will discuss at length today.
Be Prepared for Industry Overhaul
All those wondering what the next normal in construction will look like should be prepared for industry overhaul and be ready to brace a changing marketplace. With technological progress gaining ground, and disruptive new entrants keen on technology uptake, the construction ecosystem is in a perfect storm.
This is an excerpt from Construct Connect, authored by Ed Williams.