This report focuses on identifying the top trends that will shape the future of the construction industry. The study maps 6 trends and 20 sub-trends that will directly/indirectly impact the South Africa construction forum while mapping a 5-10-year trend horizon which includes the market status, predominant opportunities, and key milestones.
The construction industry plays a major role in driving economic growth in major developed and developing countries like South Africa and has a direct impact on GDP. This makes it important to focus on some of the major shortfalls in the industry, such as its traditional ways of carrying out business and the shortage of skilled labor which has slowed down growth in this industry.
The construction industry is starting to evolve. Changing the technological environment and evolving business models will bring about a major disruption in the construction industry.
Technology is a primary disruptor – from IoT devices to innovative sensor technologies – for data collection. Novel business advances will be driven by data monetization and digital marketplaces. We will also see a shift toward new data-driven business models that will be focusing on sustainability. New generation will disrupt the workforce through its innovative entrepreneur mindset.
Sustainability: Sustainability will go beyond compliance to regulations and will become a people’s movement as greater awareness of limited resources is realized. Standard, prefabricated, modular concepts will enhance compatibility among building and infrastructure projects, improve economies of scale, enhance productivity, and accelerate the industrialization of the construction industry.