Investment in new technology in the construction industry is set to grow
According to a new survey by Timetric’s Construction Intelligence Center (CIC), momentum is growing behind the implementation of new innovations across the construction industry, with respondents planning continued investment in a wide variety of new technologies.
According to the Timetric survey of over 150 participants in the global construction industry, including contractors, architects, surveyors and technology suppliers, investment in new technology is set to increase, as products becoming more affordable and the benefits more apparent.
Respondents identified a number of barriers that have previously impacted on investment in new innovations, with financial factors the most commonly cited. Of all respondents, 42% stated that new technologies have tended to been cost prohibitive, while an additional 33% of respondents stated that there was a lack of financial resources within their budget allocated towards technological innovation.
However, the construction industry is starting to demonstrate real commitment to investing in new technology, and those firms that already have are clearly experiencing the benefits.
The most common driver of investment in new technology is to increase productivity, and respondents were widely positive that they had experienced this after making an investment. Of all the technologies analysed in the survey, mobile applications received the highest proportion of respondents confirming that they had already invested and had further investment planned, while 3D modelling was the second most popular technology for investment.
Joe Sawyer, Analyst at Timetric’s CIC comments: “There has traditionally been a perception that the construction industry is resistant towards implementing new technology and has been too reliant on traditional methods; however our findings demonstrate that construction companies in various regions and sectors are currently investing in a number of new technologies. There are a wide variety of new innovations that possess great potential for use in construction, and the companies that utilize them ahead of their competitors are poised to enjoy a competitive advantage in their market”.
About this report
This information is taken from the Timetric report: ‘Market Insight – Emerging Technology In Construction’.
For more information visit https://www.timetricreports.com/search/construction/“
About the Construction Intelligence Center
The Construction Intelligence Center (CIC) is the most comprehensive source of data and analysis on the global construction industry. The Construction Intelligence Center is a product of Timetric, which provides information solutions and technologies that enable organizations to drive business value and manage business risk. For more information and updates, please visit www.construction-ic.com.
Timetric is a leading provider of online data, analysis and advisory services on key financial and industry sectors. It provides integrated information services covering risk assessments, forecasts, industry analysis, market intelligence, news and commentary.
For more information and updates, please visit www.timetric.com.
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Source: Company Press Release