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12 Essential Construction Industry Statistics for 2020

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2020 is underway, and we anticipate several trends to take hold and gain traction this year. It’s an exciting time in the construction industry, as new applications for AI emerge, sustainability initiatives gain momentum, and innovative technologies and software transform how firms operate. Here are 12 intriguing construction industry statistics to keep in mind as you strategize for success this year: 

AI and BIM

Sustainability

  • The global green buildings market is expected to grow at a CAGR of 10.26% from 2018 to 2023. North America leads the global green building market with a 29.41% market share.  (MRFR)
  • 89% of commercial real estate owners, end users, and industry partners believe that green building will become a code requirement. (2019 STO Building Group Sustainability Survey)
  • 60% of commercial real estate owners, end users, and industry partners surveyed plan to use sensors and other smart technologies over the next two years to track sustainability measures. (2019 STO Building Group Sustainability Survey)
  • Clients of construction firms expect partners to be sustainable — 82% say that it is important that their service providers have a robust environmental sustainability program. (STO Building Group)

Project Management 

  • The global construction project management software market was valued at over 1.2 billion in 2018 and is expected to reach $2.25 billion by 2028 at a CAGR of 6.2%. (APNews)
  • Construction businesses look for the following features the most in construction management platforms: Project tracking (73%), job costing (72%), project estimating (66%), improved accuracy (47%), and process standardization/automation (39%). (Software Connect)

Technology

TrueLook can help you take advantage of many of the trends impacting the construction industry in 2020. Watch a demo and read about our products and services to learn more.