Construction Management Software Poised to Disrupt the Real Estate Sector
In 2020, the construction and real estate software market is predicted to have a worth of 7.9 billion U.S. dollars worldwide. — According to Statista
Recognizing the opportunities that this billion-dollar industry brings in, a slew of startups are focussing to develop technology-centric solutions that can streamline construction projects and enhance productivity.
To add more value to it, investors are joining the game by giving capital-power to the modernizers of the construction industry. In fact, a number of VC firms are formed with the core purpose of making an investment in construction technology.
If we just take a look at the growth of this sector in North America, there is a noticeable surge in investment made in construction technology startups, up from $182.7M in 2013 to $581.6M in 2017. And if these investment numbers are converted into a number of deals, there is an appreciable rise from 44 (in 2013) to 87 (in 2017).
Modernizing Construction Industry with Technology
Over time, the construction industry has witnessed inefficiencies and low productivity gains. Considering the players involved in a construction projects (manager, general contractor, subcontractor, architect-engineer, suppliers, etc.) and documents (time cards, site plans) involved in the process, it is imperative to take tech-aid for streamlining construction for on-time project delivery.
The idea of modernizing the construction industry involves tackling major management and coordination issues with technology. In an attempt to this, a number of startups are developing technology-backed solutions that can help in the smooth and efficient progress of real estate projects. Same is tried to be achieved at varying stages of construction management, wherein technology can help to:
1. Create Digital Design: Construction control lay down the basis for any project. Construction project management software can offer assistance in document control and integration as the design progresses from sketches to construction documents.
2. Preconstruction: This phase of construction project management deals with planning, coordination, and project control from inception to completion.
3. Construction: Managing construction on-site is the most laborious and prolonged process. With compliance management software, the following aspects of construction can be managed with functionally and financially viable project.
Startups that are Causing Disruption in Construction Industry
Construction-technology startups are revolutionizing the project life cycle, from design management to quality control. Some of the companies that are investing in the right technology and tools to simplify engineering and construction include:
Procore Technologies, a cloud-based construction management software application. The US-based startup is backed with funding worth $229 million over time.
Francisco based PlanGrid is a construction productivity software that allows owners, general contractors, and subcontractors to collaborate on blueprints and build documents from any device.
DocuTools is a compliance management software that allows engineers to manage construction processes confidently and keep everyone involved with pinpoint accuracy.
Keeping mobility as priority and technology at the forefront, the construction management software can keep the projects expedited and simplified to a great extent. With VC pouring in their investments in construction-tech startups, there is an opportunity to experiment with varied technologies that can disrupt the way the construction industry operates.
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Originally published at https://insights.daffodilsw.com.
