The construction sector is actively facing a digitization challenge. According to a study of the level of digitization of different sectors in the US by McKinsey in 2016, the construction sector was in position 21 out of 22 analyzed sectors, with only agriculture and hunting being less digitized [1]. The same index also positions the construction sector at the end of the list in Europe [2].
According to Mckinsey [3], three trends drive the construction industry globally, and they are expected to continue doing so in upcoming years:
Investment acceleration: in 2013 the investment in energy, infrastructures, mining, and real estate was around $6 billion. This is forecasted to grow up to $13 billion by around 2030.
Megaprojects: the investment mentioned in the previous bullet point aligns with an increase in the realization of megaprojects budgeted at more than $1 billion.
Problems of finalizing projects on schedule: the construction industry are not able to finalize projects on time, according to budget and to the original project specifications: 98% of megaprojects suffer from budget overruns exceeding 30% of the budget and 77% are at least 40% later than expected.
[1] McKinsey Global Institute digitization index, 2016. [2] https://www.mckinsey.com/business-functions/mckinsey-digital/our-insights/digital-europe-realizing-the-continents-potential [3] The construction productivity imperative. July 2015. Sriram Changall, Azam Mohammad and Mark van Nieuwland. https://www.mckinsey.com/industries/capital-projects-and-infrastructure/our-insights/the-construction-productivity-imperative
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