18th December, 2023
The global architecture, engineering, and construction (AEC) industry, a $12 trillion market, is undergoing a substantial digital transformation.
A key report by PlanRadar indicates that 77% of construction firms plan to increase their ConTech investment within the next three years.
As a result, this points to a growing emphasis on technologies like Building Information Modelling (BIM), the Internet of Things (IoT), and automation.
Conversely, a significant challenge is that over 70% of construction firms globally are struggling with technology adoption.
This disconnect underscores the urgent need for intuitive and effective digital solutions in the industry.
The construction industry has been traditionally slow in embracing new technologies.
Advanced technologies like 3D printing and AI have seen limited uptake, while BIM and energy efficiency initiatives show more promise.
The slow adoption rate reveals a notable gap between the potential of technology and its actual implementation in construction processes.
Reflecting global trends, the digital transformation in Australia’s construction sector is marked by both progress and hesitation.
While 39% of companies are leading the way in digital investments, 17% express concerns about ROI, and 21% cite high implementation costs as major barriers, as per PlanRadar’s findings.
Significantly, this cautious approach mirrors the global sentiment in the industry.
In addressing these challenges, MYOB Advanced Construction stands out.
It offers a comprehensive, cloud-based construction management solution, specifically tailored to the sector’s needs.
Also, the platform’s robust features support project management, budgeting, compliance, and more, directly addressing key challenges identified in the PlanRadar survey.
Finally, it serves as a strategic tool for smoother digital adoption and demonstrates clear ROI for construction firms.
Leon Ward, a digital construction specialist at PlanRadar, emphasises the importance of digital technologies in ensuring smarter, safer, and more sustainable construction projects.
Also, the industry’s optimism is evident, with over half of the survey respondents planning to increase their digitalisation budget, indicating a readiness to embrace advanced Con-Tech solutions.
The construction industry’s journey towards digitalisation is characterised by both challenges and opportunities.
The adoption of ConTech promises enhanced efficiency, safety, and collaboration.
Consequently, staying adaptable and open to technological advancements is crucial for successfully navigating the future of construction.
Embracing digital transformation, demonstrated by MYOB Advanced Construction, is key to long-term success in the global market.
Finally, for more ConTech insights, PlanRadar’s Ebook, ‘Digitisation in the Construction & Real Estate Sector,’ offers detailed information.