Real Estate & Construction
    Assessment of Digital Maturity

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    Synopsis

    This industry group includes Construction, Real Estate and Urban Planning. construction markets are large. Construction is one of the world’s largest industries, comprising architecture, engineering, sub-contractors, general contractors and building product manufacturers, with a current US$7 trillion worldwide market (US$1.3 trillion US market) and an anticipated US10.7 trillion market by 2023. In construction, the system gaining most traction is Building Information Modeling (BIM), which replaces traditional hardcopy blueprints with 3-D computer modeling. VR/AR/MR technologies are enabling the fabrication, construction, and delivery without the use of traditional tools (blueprints, measuring tape, levels, etc) and in most instances, with less workers in up to 40% less time. Pre-Fabrication, Panelization, and Robotics are also increasing construction productivity. In real estate ownership and use markets, a business that has been primarily based on personal relationships is becoming more digital. Lease administration, property listings, billing, financing and investing are all undergoing a digital transformation, changing traditional industry relationships and disrupting intermediation practices. In addition to real estate marketplaces such as Zillow, instant buyer or i-buyer platforms, such as Opendoor, who buy properties online, are also entering the home sales market to eventually displace the real estate agent. Digital transformation in urban planning is also gathering pace with several cities becoming increasingly digitalized. Overall however, Industry mindset, and regulatory changes needed for adoption of new technologies and processes remain barriers to rapid change. Overall our assessment of digital maturity in the construction, real estate and urban planning market is around 70% with the US lagging behind Europe in terms of adoption and new startups.

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