Improving productivity is an ongoing challenge for construction businesses all over the world. Though the construction industry is one of the leaders in the world’s economy, it lacks when it comes to productivity.
According to January 2021 reports by ResearchAndMarkets.com, the worldwide construction industry is projected to reach an estimated $10.5 trillion by the year 2023, growing at a CAGR of 4.2% from 2018 to 2023. Due to the increasing urbanization in many countries around the globe, business is flourishing for the construction industry. However, to fully embrace such immense growth and demand, the industry needs to solve its biggest problem which is related to productivity and complex business operations.
Despite having huge demand and scope, the construction industry has always performed inadequately, as per research by McKinsey. It represents 13% of the global GDP but has experienced a productivity growth of only one percent per year for the last 20 years.
It might be an…