The construction industry, despite being one of the largest in the world, has been notoriously lagging behind in technological advancement.
In a Report 2016 by KPMG, it was found that the main contributor to this slowness was that industry professionals were reluctant to take the first step in adopting technologies, preferring to wait for competitors to do so.
Still, the industry is ripe for disruption in these times, in part because of how the Covid-19 pandemic has affected the way operations are conducted.
Singapore’s cautious but promising progress
In 2019, Singapore took a big step towards digitization, collaborating with both the public and private sectors. This was in line with the government’s plans transform the construction industry. This transformative plan spurred new progress in Singapore.
In the same year, the government’s housing development board (HDB) tried to use artificial intelligence (AI) and drones. making places safer for workers. In 2020, the private sector worked together adopt AI, virtual reality (VR), 3D technology and digital platforms to streamline operations and improve security.
Southeast Asia is a high-growth market
Recently, Procore, a leading NYSE-listed construction management software, announced its plans expand into Southeast Asia (also known as the ten countries that make up the ASEAN region). This measure is due to its rapid growth in Australia and New Zealand (ANZ) over the past four years.
“ASEAN is a market of high growth and hope to collaborate with the industry to elevate his digital capacity and provide value to all the interested parts in the construction. We already have talented people based in Singapore and we are accelerating recruitment in the region to better serve the industry. ”, Shared Tom Karemacher, APAC Vice President of Procore.
Procore has a growing customer and partner base across ASEAN, with regional customers such as Obayashi Corporation, Sime Darby Property and Precise Development.
Digitization is still the future
In accordance with Deloitte, the engineering and construction industry is expected to grow by three percent annually by 2021, although profitability and margins remain low.
Digital technologies have an untapped promise to meet this challenge, especially the use of the IoT to improve connectivity. A particular strategy that has been fundamental in the transformation process is the integration of all construction processes through multiple technological solutions, better known as integrated digital delivery (IDD). Typically, IDD promotes the use of intelligent solutions, advanced information communication systems, and Construction Information Modeling (BIM), a three-dimensional (3D) technology.
Finally, digital construction will transform the technology and technology industry, and it is imperative that ASEAN’s private construction sector collaborate with their respective public sectors to drive growth as a whole.