Seizing opportunity in today’s construction technology ecosystem

In September of 2018, Mckinsey & Co. penned a comprehensive analysis into the modern day compatibility of emerging technologies and the construction industry. By researching growing trends, new solutions and methods of technological usage, recommendations for seizing opportunities for development and growth are also provided.

"After decades of under-digitization, the engineering and construction (E&C) sector is making bold moves in a new era. Last year, we mapped the industry’s technology ecosystem with a focus on the solutions that are proliferating in the construction phase of the project life cycle. The research shed light on the emergence of technology clusters, industry-wide technology investment of more than $10 billion in less than a decade, and the lack of integrated solutions that span three identified use case clusters: on-site execution (“field”), digital collaboration (“team”), and back-office and adjacencies (“office”).

This year, we expanded the study to include the entire asset life cycle—concept and feasibility, design and engineering, pre-construction, construction, and operations and maintenance—across more than 2,400 technology solutions companies, creating the most comprehensive database of the construction ecosystem worldwide. In this article, we explore three key topics based on our latest research:

1. What are the emerging trends from this year’s research? We explore how the landscape has changed over the past year in terms of constellations of technology, accelerated investment, and an expansion in the number of use cases.

2. How will the market evolve in the coming years? We discuss the changes we expect over the next few years, including continued fragmentation of the industry, which will lead to consolidation, as well as an intensifying fight for talent.

3. How can the industry accelerate its transition to a digital future? We outline recommendations for AEC firms, technology providers, and owners to accelerate the impact of technology.

Authors: Jose Luis Blanco, Matthew Parsons, Andrew Mullin, Kaustubh Pandya, & Maria Joao Ribeirinho

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