The COVID-19 pandemic has created an acute labor shortage in the construction industry. The industry eliminated over 2 million jobs during the economic downturn. Most workers engaged in the sector are contract workers, and global lockdowns saw many of them lose their livelihoods, which resulted in the mass migration of contract workers to their native towns/cities. These workers are now engaged in other industries, and the construction industry is facing a shortage of semi-skilled and skilled workforce.
The construction industry has always faced the challenge of high fluctuation in raw material prices. For instance,material costs rose 5.3% between 2017 and 2018. Extreme variations have created uncertainty regarding the industry's overall performance. The table below portrays the price indexof a few critical raw materials in the construction industry.
Technology plays a critical role in the construction industry, and technological advancements continue to pave the way for improvements. Some programs that have dominated the industry for years include Autodesk's AutoCAD, Revit, and scheduling software solutions, such as Microsoft Project and Primavera. The significant dependence on technology has seen the industry embrace interconnected infrastructures, wherein each application is connected to the other, for higher growth momentum.
Companies, such as Procore, Bluebeam, PlanGrid, and Autodesk's BIM 360, have recently opened marketplaces that integrate specific software solutions into their platforms. Such integrations reduce the need for opening several different applications at a time to complete one task or manually transfer data from one to another, lowering redundancies effectively.
Risk management is another critical issue in the construction industry, as poor risk management issues result in severe economic losses. Predictive analytics has started gaining traction in the industryfor effective risk management.
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Industry 4.0 is transforming industries, and companies in the engineered products and infrastructure industry are finding it difficult to sustain amid an increasingly competitive landscape. Therefore, many of our solutions are designed to help these players pursue long-term growth through crucial insights into the organization, service, and strategic operations. In the defense, infrastructure, and machinery industry, most of our clients sought information on optimizing their portfolios and designing an effective team-building strategy for capital expansion and integrating disruptive digital technologies to gain pace in the fast-moving industry.
Our reports are customized as per each client’s specific needs. Typically though, these include insights into potential venture avenues, new revenue pockets in Asia-Pacific and South America energy efficiency and changing regulations, and the increasing influence of IT companies in building automation. We have also served many clients in the HVAC and lighting space, providing consulting services on LED cost, the energy efficiency of certain products, market penetration, market growth prospects, and positioning in the component and the value chain.