Construction industry began embracing digital solutions since the early- to mid-2010s. As a professional working in real estate, i have seen lot of new market entrants offering point solutions that served existing use cases or, in some instances, created new ones.
The first widely adopted construction point solutions addressed basic needs; for example, improving design capabilities or digitizing paper-based information. By the second half of the decade,industry players—spurred by end-customer feedback about their difficulty integrating point solutions—began expanding their product portfolios to create suites of integrated solutions.
While the construction technology industry is still filled with players offering point solutions or limited suites, we feel the industry is moving toward platforms and foresee a future where a combination of multiple platforms will coexist in the space.
In a report published by Mckinsey& Co, they have predicted a few clusters or constellations of technologies that are expected to dominate the technology landscape of construction industry.
Source : Rise of the platform era: The next chapter in construction technology , Mckinsey & Co , Oct 2020.
We at cognisite are focused on improving quality and productivity of onsite execution in the Indian construction industry and see enormous potential in the fields of 3D printing, Drone enabled inspection ,offsite fabrication and Robotics.
Sure enough there are challenges in terms of lack of a more supporting eco system to encourage innovation in this industry but there are also actions by industry players to encourage startups and MSMEs working on innovative solution.