A report from the world Economic Forum has shown that digital technology including 3D printing, augmented reality (AR) and virtual reality (VR) could save the construction industry up to $1.7 trillion (USD) globally within 10 years.
The report was compiled y a close collaboration between the Consolidated Contractors Company, Boston Consulting Group and the World Economic Forum. The report highlights new digital technologies that are disrupting a range of industries, and posits that stakeholders can no longer afford to ignore the changes brought about by these new technologies.
Areas that were pinpointed by the report include business information modelling, 3D printing wireless sensors, digital range-finding and autonomous equipment. There is also note made of the impact of robotics, artificial intelligence and cloud technology.
The Member of the Steering Committee for the Future of Construction Initiative, Consolidated Contractors Company Manager M.I.S. & Business Processes Re-engineering, Aref Boualwan, said: “The three futuristic scenarios we identified in the report are extreme, but conceivable – they analyze how multiple current megatrends could establish different versions of a future world. The scenarios – ‘Building in a virtual world’, ‘Factories run the world’ and ‘A green reboot’ are not designed to predict the future – but to help us prepare for emerging trends.”
Boualwan further commented that the pace of change in this area has been very rapid in recent years: “Initiatives like wireless equipment, cloud & real-time collaboration, 3D scanning/printing and augmented reality and visualization. We have seen digital technologies completely transform global industries in recent years – from social media to e-commerce and digital based mobility companies. But only very recently have digital technologies begun to emerge in the engineering and construction industry. This is the way of the future – and this report will help companies across the industry adequately prepare for it.”
Update: An image has been updated on this post as of August 2018.