The world will need to spend $57 trillion on infrastructure by 2030 to keep up with global GDP growth opening the doors for new technologies.
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DRIVING PRODUCTIVITY IN CONSTRUCTION PROJECTS
MARKET
FUTURE TRENDS
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The construction industry is estimated to grow from $8.5 trillion in 2015 to $10.3 trillion in 2020 Construction output represents 10% of global GDP and tends to track the GDP growth Emerging markets are in the lead with an annual average in growth of +6.8%
KEY CHALLENGES • • • • •
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Large capital projects typically take 20% longer to finish and are up to 80% over budget 63% of direct labor time on mega-construction projects is spent waiting for materials and equipment Collaboration and productivity remain the major issues The construction industry is among the least digitalized – coordination is often done on paper Contractor profitability is at an all-time low besides of reputation and poor ethical performance
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The world will need to spend $57 trillion on infrastructure by 2030 to keep up with global GDP growth opening the doors for new technologies The construction industries in the Middle East and Africa region are predicted to be the fastest growing in 2016-2020 From 2016-2020, the construction industries in advanced economies combined are forecast to expand by 2.2% a year on average, while emerging markets will record a 5.3% annual expansion during the same period By 2020, millennials are expected to represent half of the global workforce – many with little to no experience or interest in the construction industry
Sources: 1. Demolition Summit, 2. Market Report Store, 3. McKinsey Global Institute, 4. Digitalist Magazine
SOPHIATX BLOCKCHAIN SOLUTION • • • •
Project schedules and deliverables are shared with the relevant individual party Individual party validates the tasks and thus agrees on the schedule of work to be completed Original schedules are protected by blockchain and further reschedules or revisions are being updated SophiaTX blockchain platform provides a collaborative project environment connecting diverse technologies
BENEFITS REDUCTION IN WAITING TIMES FOR MATERIALS AND EQUIPMENT
ELIMINATION OF DISPUTES
REAL-TIME SCHEDULE AND DELIVERABLE SYNCHRONIZATION
