How are engineering and construction companies adapting digital to their businesses?
The construction industry, one of the world’s top 10 employers, faces growing demand as urbanisation accelerates, especially in developing countries. The UN predicts that 68% of people will live in cities by 2050. And, across the globe, there is a growing need for new infrastructure. However, labour shortages threaten the industry, especially in Europe, and productivity has not increased for decades.
The industry has also been slow to adopt the technologies that are needed for higher productivity and to meet the demands of an increasingly digital world. Enterprises must tackle legacy issues, as well as plan for a digital future.
The construction industry faces ongoing issues around low productivity and margins, but digital disruption is challenging the status quo. In Q4 2017, EY (Ernst & Young) took on two significant initiatives to assess and benchmark how leading construction and engineering companies see the impact of technology in their sector. The first was a series of in-person interviews and workshops with over 80 top players in the industry. The second, running parallel to the series, was EY’s Global Construction & Engineering Survey, which analysed where the industry stands today and how the majority views the potential impact of technology in the future. This report presents the survey’s findings and relevant market trends.