After a turbulent period of adjusting forecasts and changing expectations, 2022 has been a year of reemergence and growth in the construction industry. With digitalization as the post-pandemic buzzword, construction companies across the globe are using smart contracts, building information modeling (BIM) systems, drones, and construction management software to enhance the efficiency of workers. Following these trends, market evaluations forecast that the construction management sector valued at $ 1,814.47 Million in 2021 is projected to reach $ 3,955.19 Million by 2030, growing at a CAGR of 9.43 percent from 2023 to 2030.
Among the various trends that are driving the construction management industry, BIM is significant. BIM is predominantly leveraged in the architectural, engineering, and construction industries (AEC). BIM integration has driven the industry towards a more transparent, accountable, and efficient process system. With its vast scope, the technology has included several aspects of construction, like 3D modeling, facility management, collaboration, coordination, cost estimation, and procurement. According to market research, the market size for BIM was estimated to be $5.20 billion in 2019 and is projected to rise to $15.06 billion by 2027.
To put the spotlight on other key developments, Construction Tech Review illustrates how companies are using the latest technological developments to improve construction management and enhance customer experience. This edition also features thought leadership articles from Lee Sellenraad, Principal, CCM, Certified Lean Innovation at Avison Young Consulting, Alex Harrell, Director of Strategic Planning at TNT Crane & Rigging, and Herbert Chu, Regional Director of Maintenance and Construction in RAM Partners. They shed light on how technology aids business delivery in construction management.
In this edition of Construction Tech Review, we also bring the story of construction management solution providers delivering the best outcomes for their clients. In the list, DRMcNatty stands out for its different approach to combating data sprawl and inefficiencies; DRMcNatty has built a reputation as an overall provider of project management solutions to companies across various verticals, including transportation agencies, utility providers, and construction companies. The list also comprises Elecosoft, a software company that delivers technical innovation to the construction management space, and Vi-Soft, which specializes in developing and maintaining cloudbased quality assurance and quality control (QA/QC) software designed for the construction industry.
Through the following pages, we aim to highlight the innovative trends and latest developments in the construction management space. We would like to know your thoughts