The global construction technology market, estimated at ~$4B in size, is poised for explosive growth in the years ahead as builders, both big and small, finally embrace digitalization and automation. Online and digital solutions have barely penetrated workflow and information management within construction. This despite the fact that a typical large scale project can involve upwards of 30 million documents and 8,000 participants. More broadly, IT is massively under deployed at just 1% of total construction spend—virtually all in wages. This compares to 10%+ for manufacturing and 4%+ on average for other sectors of the economy. Private capital is now pouring into construction tech companies, tracking six times ahead of the prior three year average. M&A is up sharply as well. This report takes a closer look into the drivers and companies behind this rapidly evolving ecosystem.
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