The construction industry, which has managed to deliver some of the most challenging and essential projects, remains fairly resistant to change and is known for being slow to evolve. Improvements in efficiency and productivity have been an uphill battle and now the industry is faced with the COVID-19 pandemic, adding more pressure to an “industry that tends to be vulnerable to economic cycles.” There’s no question that challenges lay ahead. As a result, “smarter construction companies around the world have begun to explore new methodologies and they are finding ways to incorporate technology into their operations.”
According to a McKinsey & Company survey of industry professionals around the globe, more than 75 percent agree that there are ten key industry shifts that are going to occur. 60% of them believe that they will happen within the next five years. “A combination of sustainability requirements, cost pressures, skill scarcity, new materials, industrial approaches, digitalization, and a new breed of player looks set to transform the value chain,” the report says. Keep reading to view the top ten.
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