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The next chapter in construction technology | McKinsey
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mdc-u-ts-10"></div></section><section class="mdc-u-grid mdc-u-grid-col-md-12 mck-u-animation-blur-in-400"><div class="mdc-u-grid-col-md-start-2 mdc-u-grid-col-md-end-12 mdc-u-grid-col-lg-start-3 mdc-u-grid-col-lg-end-11"><div data-component="mdc-c-description" class="mdc-c-description___SrnQP_8032924 mdc-u-ts-5"><div class="mck-u-links-inline">The construction technology ecosystem is shifting toward integrated software platforms that better serve customer needs. Significant opportunities exist for strategic and financial investors.</div></div></div></section><main data-layer-region="article-body" class="mdc-u-grid mdc-u-grid-gutter-xxl"><div class="mdc-u-grid mdc-u-grid-col-1 mdc-u-grid-col-md-12"><div class="mdc-u-grid-col-md-start-2 mdc-u-grid-col-md-end-12 mdc-u-grid-col-lg-start-3 mdc-u-grid-col-lg-end-11"><div class="mdc-o-content-body mck-u-dropcap"><div data-component="mdc-c-module-wrapper" data-module-theme="default" data-module-background="transparent" data-module-category="" class="DownloadsSidebar_mck-c-downloads-sidebar__iFmyt mck-o-xs-right-span"><div data-layer-region="downloads-right-rail"><h3 data-component="mdc-c-heading" class="mdc-c-heading___0fM1W_8032924 mdc-c-heading--title___5qyOB_8032924 mdc-c-heading--border___K8dj3_8032924"></h3><div><div data-component="mdc-c-link-container" class="mdc-c-link-container___xefGu_8032924"><a data-component="mdc-c-link" href="#/download/%2F~%2Fmedia%2Fmckinsey%2Findustries%2Fprivate%20equity%20and%20principal%20investors%2Four%20insights%2Frise%20of%20the%20platform%20era%20the%20next%20chapter%20in%20construction%20technology%2Frise-of-the-platform-era-the-next-chapter-in-construction-technology-vfinal.pdf%3FshouldIndex%3Dfalse" class="DownloadsSidebar_mck-c-downloads-sidebar__download-link__fPqFQ mdc-c-link___lBbY1_8032924" target="_self" data-layer-event-prefix="Download Link" data-layer-action="click" data-layer-report-type="" data-layer-file-name="rise-of-the-platform-era-the-next-chapter-in-construction-technology-vfinal" data-layer-report-name="rise-of-the-platform-era-the-next-chapter-in-construction-technology-vfinal>"><span data-component="mdc-c-icon" class="mdc-c-icon___oi7ef_8032924 mdc-c-icon--size-md___yi5fA_8032924 mck-download-icon"></span><span class="mdc-c-link__label___Pfqtd_8032924"> (9 pages)</span></a></div></div></div></div> <p><strong>It’s been a decade since construction players</strong> began embracing digital solutions. In the early- to mid-2010s, thousands of new market entrants offered point solutions that served existing use cases or, in some instances, created new ones. The first widely adopted construction point solutions addressed basic needs; for example, improving design capabilities or digitizing paper-based information. By the second half of the decade, industry players—spurred by end-customer feedback about their difficulty integrating point solutions—began expanding their product portfolios to create suites of integrated solutions.</p> <div data-component="mdc-c-module-wrapper" data-module-theme="light" data-module-background="lightest-grey" data-module-category="" data-module-gradient-position="bottom-right" class="mck-c-inline-module-container SideBar_mck-c-sidebar__bgimg-wrapper__Qj4Dt mck-o-sm-left-span SideBar_mck-c-sidebar__sidebar-wrapper__Dpjw2 SideBar_mck-c-sidebar__sidebar-wrapper--istablet__IQ6ii mck-u-screen-only mck-c-module-wrapper" data-layer-region="sidebar"><div class="SideBar_mck-c-sidebar__epoAm mck-o-md-center"><div class="SideBar_mck-c-sidebar__share-icons-wrapper__9gB_c"><div data-component="mdc-c-link-container" class="mdc-c-link-container___xefGu_8032924 mdc-c-link-container--display-column___X0HDD_8032924 SideBar_mck-c-sidebar__share-icons___eQy6"><div data-component="mdc-c-dropdown-menu" class="mdc-c-drop-down"><button data-component="mdc-c-button" aria-label="" type="button" id="button_id" class="mdc-c-button___U4iY2_8032924 mdc-c-button--ghost mdc-c-button--size-medium mdc-c-drop-down__rootmenu___yJzvz_8032924" aria-expanded="false" aria-haspopup="menu"><span data-component="mdc-c-icon" class="mdc-c-icon___oi7ef_8032924 mdc-c-icon--default___f-hQM_8032924 mdc-c-icon--size-md___yi5fA_8032924 mck-share2-icon"></span></button><div data-component="mdc-c-module-wrapper" data-module-theme="light" data-module-background="white" data-module-category="" class=""></div></div><button data-component="mdc-c-button" aria-label="Expandable Sidebar" type="button" id="button_id" class="mdc-c-button___U4iY2_8032924 mdc-c-button--ghost mdc-c-button--size-medium SideBar_mck-c-sidebar__toggle-btn__EL8iE" aria-expanded="false" data-layer-event-prefix="UI Item" data-layer-action="click" data-layer-category="sidebar" data-layer-subcategory="open" data-layer-text="open sidebar"><span data-component="mdc-c-icon" class="mdc-c-icon___oi7ef_8032924 mdc-c-icon--radial___y3csX_8032924 mdc-c-icon--size-xxl___cL3ZT_8032924 mck-plus-no-circle-icon"></span></button></div></div><div class="SideBar_mck-c-sidebar__content-outer__UdWCq"><div class="SideBar_mck-c-sidebar__eyebrow__5GSEq"></div><div class="SideBar_mck-c-sidebar__content__raEwe"><h2 data-component="mdc-c-heading" class="mdc-c-heading___0fM1W_8032924 mdc-u-ts-3 SideBar_mck-c-sidebar__content-heading__NJekY"><div>About the authors</div></h2><div class="SideBar_mck-c-sidebar__content-description__4p9iI mdc-u-ts-7"><div class="mdc-o-content-body">This article was a collaborative effort by Katy Bartlett, <a href="/our-people/jose-luis-blanco">Jose Luis Blanco</a>, Brendan Fitzgerald, Josh Johnson, <a href="/our-people/andrew-mullin">Andrew L. Mullin</a>, and <a href="/our-people/maria-joao-ribeirinho">Maria <span>João</span> Ribeirinho</a>, representing views from McKinsey’s Private Equity & Principal Investors and Engineering Construction & Building Materials practices.</div></div></div></div></div></div> <p>While the <a href="/industries/private-capital/our-insights/from-start-up-to-scale-up-accelerating-growth-in-construction-technology">construction technology industry</a> is still filled with players offering point solutions or limited suites, our latest annual effort to map and understand the construction technology landscape reveals that the industry is moving toward platforms and predicts that a combination of multiple platforms will coexist in the space. As the global COVID-19 pandemic forces many construction players to digitize and use technology to ensure the safety of their workers and boost productivity, this dynamic will likely only continue to accelerate. There are significant opportunities to create value for both strategic and financial investors that are evaluating consolidation plays.</p> <!-- --> <h2>COVID-driven impacts</h2> <p>The continuing pandemic has also had an impact on the construction technology industry. As thousands of health professionals heroically battle the COVID-19 virus, construction industry leaders are also charting a path toward keeping their employees, contractors, and end users safe. Indeed, the bulk of short- and long-term pandemic-driven <a href="/capabilities/operations/our-insights/how-construction-can-emerge-stronger-after-coronavirus">construction industry issues</a> will be solved with technology.</p> <p>Top construction companies were already investing heavily in technology prepandemic. By necessity, contractors, architects, engineers, and suppliers have quickly shifted to working and collaborating digitally—from video-call site meetings to filling digital orders. While there has already been a rapid increase in collaboration technology uptake, the pandemic has also triggered a painful shakeout. Many contractors are seeing shrinking backlogs and more competitive bidding environments, which have analogously impacted the construction tech industry. Construction tech players have been forced to lay off employees and cut costs to manage cash flow. Continued uncertainty on recovery timelines and the risk of virus resurgence could drive an additional wave of bankruptcies among smaller players, further accelerating the trend toward industry consolidation.</p> <p>Taking the good with the bad, we expect that the continuing COVID-19 pandemic will drive a net acceleration in the use of technology and the <a href="/capabilities/operations/our-insights/the-next-normal-in-construction-how-disruption-is-reshaping-the-worlds-largest-ecosystem">construction industry will continue its transformation</a> from a highly complex, fragmented, and project-based industry to a more standardized, consolidated, and integrated one.</p> <h2>Construction tech in the platform era</h2> <p>In 2018, we first assembled multiple data sets and employed advanced analytics to map the global construction technology industry ecosystem. We recently refreshed our analysis and found that the largest clusters of use cases include 3-D printing, modularization, and robotics; digital-twin technology; artificial intelligence (AI) and analytics; and supply-chain optimization and marketplaces (Exhibit 1).</p> <div data-component="mdc-c-module-wrapper" data-module-theme="default" data-module-background="transparent" data-module-category="" class="mck-c-inline-module-container mck-o-md-center"><div class="mck-c-content-header"><div class="ContentHeader_mck-c-content-header__eyebrow__cBTe_"></div></div><div class="mck-u-inline-module-border-bottom"><picture data-component="mdc-c-picture" class="Exhibit_mck-c-exhibit__image__pyIDm"><source media="(min-width: 768px)" srcSet="/~/media/mckinsey/industries/private%20equity%20and%20principal%20investors/our%20insights/rise%20of%20the%20platform%20era%20the%20next%20chapter%20in%20construction%20technology/svgz-platofrmera-ex1final.svgz?cq=50&cpy=Center"/><img alt="The largest construction industry clusters of use cases include 3-D printing, modularization, and robotics" src="/~/media/mckinsey/industries/private%20equity%20and%20principal%20investors/our%20insights/rise%20of%20the%20platform%20era%20the%20next%20chapter%20in%20construction%20technology/svgz-platofrmera-ex1final.svgz?cq=50&cpy=Center" loading="lazy"/></picture></div><div class="mck-u-sr-only"></div></div> <p>The industry has continued to grow briskly with venture-capital (VC) activity rising to several billion dollars at the end of 2019 from low levels a decade ago (Exhibit 2). VC investment in construction tech outpaced the overall VC industry 15-fold through 2019, with clear indicators for continued momentum.</p> <div data-component="mdc-c-module-wrapper" data-module-theme="default" data-module-background="transparent" data-module-category="" class="mck-c-inline-module-container mck-o-md-center"><div class="mck-c-content-header"><div class="ContentHeader_mck-c-content-header__eyebrow__cBTe_"></div></div><div class="mck-u-inline-module-border-bottom"><picture data-component="mdc-c-picture" class="Exhibit_mck-c-exhibit__image__pyIDm"><source media="(min-width: 768px)" srcSet="/~/media/mckinsey/industries/private%20equity%20and%20principal%20investors/our%20insights/rise%20of%20the%20platform%20era%20the%20next%20chapter%20in%20construction%20technology/svgz-platofrmera-ex2.svgz?cq=50&cpy=Center"/><img alt="Venture-capital investment growth in construction tech has far outpaced the overall venture-capital space." src="/~/media/mckinsey/industries/private%20equity%20and%20principal%20investors/our%20insights/rise%20of%20the%20platform%20era%20the%20next%20chapter%20in%20construction%20technology/svgz-platofrmera-ex2.svgz?cq=50&cpy=Center" loading="lazy"/></picture></div><div class="mck-u-sr-only"></div></div> <p>Despite this continuing influx of VC-funded participants, the industry has seen significant consolidation over the past five years. From 2014 to 2019, investors poured $25 billion into engineering and construction (E&C) technology, up from $8 billion over the previous five years. Of this $25 billion however, $17 billion in transactions involved either M&A activity or private equity (PE) investment (Exhibit 3).</p> <div data-component="mdc-c-module-wrapper" data-module-theme="default" data-module-background="transparent" data-module-category="" class="mck-c-inline-module-container mck-o-md-center"><div class="mck-c-content-header"><div class="ContentHeader_mck-c-content-header__eyebrow__cBTe_"></div></div><div class="mck-u-inline-module-border-bottom"><picture data-component="mdc-c-picture" class="Exhibit_mck-c-exhibit__image__pyIDm"><source media="(min-width: 768px)" srcSet="/~/media/mckinsey/industries/private%20equity%20and%20principal%20investors/our%20insights/rise%20of%20the%20platform%20era%20the%20next%20chapter%20in%20construction%20technology/svgz-platofrmera-ex3.svgz?cq=50&cpy=Center"/><img alt="Investment in construction tech has more than doubled over the past decade." src="/~/media/mckinsey/industries/private%20equity%20and%20principal%20investors/our%20insights/rise%20of%20the%20platform%20era%20the%20next%20chapter%20in%20construction%20technology/svgz-platofrmera-ex3.svgz?cq=50&cpy=Center" loading="lazy"/></picture></div><div class="mck-u-sr-only"></div></div> <p>These investment trends, coupled with end users’ frustration with integrating the proverbial sea of point solutions, have driven a clear shift toward the development and launch of integrated platforms rather than point solutions. We define platforms as technologies that enable visibility into management of business or operations processes through native capabilities and seamless integration with other technologies to aggregate data and process control in a single place. Currently, 20 percent of companies offer solution suites addressing more than five use cases, compared with just 13 percent in 2017.</p> <p>Platforms are attractive because of their ability to increase customer stickiness compared with point solutions. The more features and interfaces with other tools offered, the higher the likelihood the platform will become critical to day-to-day operations for customers’ businesses, increasing switching costs and boosting profitability through both reduced churn and increased pricing leverage. From an industry perspective, the growth in platforms implies that large companies will need to continue to scale to remain competitive, while smaller companies offering point solutions will need to simultaneously consider their integration with the broader ecosystem in addition to the core value proposition of their technology. Failure to account for these trends could adversely affect revenue growth and, more broadly, competitive positioning in the market.</p> <p>There is compelling economic logic for platforms, and we see many other industries moving in this direction. This does not, however, signal the end of point solutions. Even among platform competitors, there remains space for multiple winners in the broader construction technology market. Most of the existing platforms have grown from a core foothold in a given customer segment such as general contractors and architects, or a project phase such as construction execution or design and engineering. As winners emerge in each of these focus areas, other competitors looking for growth will either need to cross segments and compete against a different incumbent platform on that incumbent’s “home turf” or create the capability to easily integrate across multiple platforms. Given that the most successful incumbent platforms are owned by some of the industry’s largest and most well-capitalized technology firms, we believe the most likely outcome will be the continued growth of multiple, interconnected platforms in the future.</p> <h2>Consolidation opportunities</h2> <p>Construction technology is still a heavily fragmented, point-solutions-driven market with ample opportunity for integration plays that create either new platforms or attractive component acquisition targets for growing incumbent platforms. This fragmentation is more evident when analyzing construction tech offerings across the project life cycle. The construction and commissioning phase continues to be the most active, with twice the investment activity and more active players than other phases (Exhibit 4). Preconstruction and “overarching technologies,” which include advanced technological applications such as AI, robotics, and advanced visualization, were the next largest.</p> <div data-component="mdc-c-module-wrapper" data-module-theme="default" data-module-background="transparent" data-module-category="" class="mck-c-inline-module-container mck-o-md-center"><div class="mck-c-content-header"><div class="ContentHeader_mck-c-content-header__eyebrow__cBTe_"></div></div><div class="mck-u-inline-module-border-bottom"><picture data-component="mdc-c-picture" class="Exhibit_mck-c-exhibit__image__pyIDm"><source media="(min-width: 768px)" srcSet="/~/media/mckinsey/industries/private%20equity%20and%20principal%20investors/our%20insights/rise%20of%20the%20platform%20era%20the%20next%20chapter%20in%20construction%20technology/svgz-platofrmera-ex4.svgz?cq=50&cpy=Center"/><img alt="The construction and commissioning phase has twice the investment activity and more active players." src="/~/media/mckinsey/industries/private%20equity%20and%20principal%20investors/our%20insights/rise%20of%20the%20platform%20era%20the%20next%20chapter%20in%20construction%20technology/svgz-platofrmera-ex4.svgz?cq=50&cpy=Center" loading="lazy"/></picture></div><div class="mck-u-sr-only"></div></div> <p>Digging deeper to use cases within these project phases reveals a significant focus on field productivity, engineering-design tools, planning and scheduling, and facility management and improvement-focused solutions (Exhibit 5). Interestingly, however, 49 percent of companies addressing these use cases were involved in a transaction between 2014 and 2019, and roughly 14 percent of companies were founded in the past five years. Use cases based on AI and advanced analytics experienced the highest proportionate share of activity, with nearly 80 percent of companies involved in investment or transaction activity. This segment also has the highest portion of new companies, a trend that we anticipate will develop and continue. Given the current shift toward platforms and the large population of young companies, multiple opportunities exist for either strategic or financial investors to build value through roll-ups and other integration plays.</p> <div data-component="mdc-c-module-wrapper" data-module-theme="default" data-module-background="transparent" data-module-category="" class="mck-c-inline-module-container mck-o-md-center"><div class="mck-c-content-header"><div class="ContentHeader_mck-c-content-header__eyebrow__cBTe_"></div></div><div class="mck-u-inline-module-border-bottom"><picture data-component="mdc-c-picture" class="Exhibit_mck-c-exhibit__image__pyIDm"><source media="(min-width: 768px)" srcSet="/~/media/mckinsey/industries/private%20equity%20and%20principal%20investors/our%20insights/rise%20of%20the%20platform%20era%20the%20next%20chapter%20in%20construction%20technology/svgz-platofrmera-ex5.svgz?cq=50&cpy=Center"/><img alt="Project phases reveal a focus on field productivity, engineering-design tools, planning and scheduling, and facility management and improvement solutions." src="/~/media/mckinsey/industries/private%20equity%20and%20principal%20investors/our%20insights/rise%20of%20the%20platform%20era%20the%20next%20chapter%20in%20construction%20technology/svgz-platofrmera-ex5.svgz?cq=50&cpy=Center" loading="lazy"/></picture></div><div class="mck-u-sr-only"></div></div> <h2>Looking toward the future</h2> <p>While the trend toward consolidation and platform development is clear, there are still opportunities for strategic and financial investors to create value. We have identified a number of potential paths that an investor might take, focusing either on distinctive point solutions or investments that help build or scale the adoption of construction tech platforms.</p> <div data-module-category="" class="PullQuote_mck-c-pullquote__DbaQ5 mck-o-md-center"><blockquote data-component="mdc-c-blockquote" class="PullQuote_mck-c-blockquote__6n21p PullQuote_mck-c-blockquote--hide-quotes__CpGpg mdc-c-blockquote mdc-c-blockquote--is-quotes___TozKo_8032924"><p>Financial and strategic investors continue to fuel a rapid expansion of the construction technology industry. The pandemic has only served to provide additional urgency.</p></blockquote></div> <h3>Distinctive point solutions</h3> <ul> <li><em>Capitalize on continued growth and penetration of mature solutions.</em> Technologies such as building-information modeling (BIM) and electronic document management are nearly ubiquitous among major firms. But there are still opportunities to tailor solutions and build scale with smaller subcontractors and other market players, such as those in building materials–delivery tracking. The growth of platforms is not likely to reduce the need for these foundational technologies.</li> <li><em>Scale early major disruptive solutions such as robotics.</em> There are major opportunities for the tech industry in cutting edge robotics apps for repetitive construction tasks such as brick laying, road paving, lumber cutting to standardized dimensions, and 3-D printing of building materials. These apps enable onsite fabrication and more complex assemblies.</li> <li><em>Scale the underlying tech infrastructure.</em> As hardware and software volume and diversity continue to increase on job sites, there will be a corresponding need for supporting solutions. Construction-drone and electric-vehicle docking, wireless-internet backbone connectivity to support Internet of Things–enabled devices, information security, data- quality management, and data architecture are all examples of where investments in IT infrastructure can help capture opportunities from these technologies.</li> <li><em>Digitize payments. </em>The vast majority of construction industry payments are made by paper ticket. Offerings that increase technology penetration in the payments space, particularly with small- to medium-size businesses, will become increasingly critical to enable the full digitization of the construction industry value chain. Tools for processes, such as quote-to-cash and procure-to-pay, will enable broader data visibility across the value chain and free up working capital for contractors, suppliers, and owners alike.</li> </ul> <h3>Platform solutions</h3> <ul> <li><em>Scale platforms with a specific angle.</em> While the generalist technology platform companies are well established, other companies have opportunities to build platforms that cater to specific industry subsegments or value providers. For example, an incumbent construction-materials company recently announced the launch and scaling of a platform solution targeting the bulk-materials supply chain and producers operating in that space.</li> <li><em>Develop solutions enabling broader connection in the built environment.</em> Integrative technologies will be needed to better connect tech solutions and the physical built environment. The near-real-time collection of project data coupled with the integration of design, project management, and scheduling tools will further unlock the promise of platform solutions as companies strive for truly end-to-end digital projects.</li> <li><em>Invest in building a data-analytics engine.</em> The construction industry has few, if any, truly predictive analytics solutions at the project or industry scale. Furthermore, many descriptive analytics tools are limited to trade-association surveys or dashboards built from mined company data and suffer from low update frequencies or low granularity. Both investors and the industry overall can create significant value by developing analytics and insights platforms that leverage the growing pool of inter- and intra-company data. These platforms will enable more proactive, data-driven management of both individual projects and companies overall.</li> </ul> <hr/> <p>The mandate for change and technological adoption in construction has never been stronger, and financial and strategic investors continue to fuel a rapid expansion of the construction technology industry. The COVID-19 pandemic has only served to provide additional urgency to the preexisting productivity and data-visibility issues facing construction companies. While this next phase of platform growth and adoption will better equip construction industry leaders to effectively plan and manage projects, construction technology is still a rapidly growing, highly dynamic space. Further efficiencies will be unlocked with deeper integration of technology solutions directly on the job site and with predictive analytics leveraging data from connected teams and equipment. In the end, the “platform era” will simply create the platform upon which these emerging technologies are built.</p></div><div class="container-placeholder"></div></div></div><div class="mdc-u-grid mdc-u-grid-gutter-xl"><section role="contentinfo" data-layer-region="article-about-authors" class="mdc-u-grid mdc-u-grid-col-md-12 AboutAuthor_mck-c-about-author__nRJzu"><div class="mdc-u-grid-col-md-start-2 mdc-u-grid-col-md-end-12 mdc-u-grid-col-lg-start-3 mdc-u-grid-col-lg-end-11"><h5 data-component="mdc-c-heading" class="mdc-c-heading___0fM1W_8032924 mdc-c-heading--title___5qyOB_8032924 mdc-c-heading--border___K8dj3_8032924 mdc-u-align-center"></h5><div data-component="mdc-c-description" class="mdc-c-description___SrnQP_8032924 mdc-u-ts-8 mck-u-links-inline mck-u-links-inline--secondary mdc-u-mt-5"><div><p><strong>Katy Bartlett</strong> is a consultant in McKinsey’s Denver office; <strong><a href="/our-people/jose-luis-blanco">Jose Luis Blanco</a></strong> is a partner in the Philadelphia office, where <strong>Josh Johnson</strong> is an expert; <strong>Brendan Fitzgerald</strong> is an associate partner in the New York office; <strong><a href="/our-people/andrew-mullin">Andrew Mullin</a></strong> is a senior partner in the Toronto office, and <strong><a href="/our-people/maria-joao-ribeirinho">Maria <span>João</span> Ribeirinho</a></strong> is a partner in the Madrid office.</p></div></div></div></section><section class="mdc-u-grid mdc-u-grid-col-md-12 mck-u-screen-only"><div class="mdc-u-grid-col-md-start-2 mdc-u-grid-col-md-end-12 mdc-u-grid-col-lg-start-5 mdc-u-grid-col-lg-end-9"><h5 data-component="mdc-c-heading" class="mdc-c-heading___0fM1W_8032924 mdc-c-heading--title___5qyOB_8032924 mdc-c-heading--border___K8dj3_8032924 mdc-u-align-center">Explore a career with us</h5><div data-component="mdc-c-link-container" class="mdc-c-link-container___xefGu_8032924 mdc-c-link-container--align-center___ar3mu_8032924"><a data-component="mdc-c-link" href="/careers/search-jobs" class="mdc-c-button___U4iY2_8032924 mdc-c-button--secondary___Boipq_8032924 mdc-c-button--size-large___jwpUy_8032924" aria-label="Search Openings" data-layer-event-prefix="CTA Link" data-layer-action="click" data-layer-category="careers" data-layer-subcategory="search" data-layer-text="Search Openings"><span class="mdc-c-link__label___Pfqtd_8032924">Search Openings</span></a></div></div></section></div></main></div><div data-component="mdc-c-module-wrapper" data-module-theme="light" data-module-background="lightest-grey" data-module-category="StandalonePromo" class="RelatedArticle_mck-c-article-related__GGA76 mck-u-screen-only" data-layer-region="related-articles"><div class="mdc-o-container__wrapper is-wrapped mdc-u-spaced-mobile"><h5 data-component="mdc-c-heading" class="mdc-c-heading___0fM1W_8032924 mdc-c-heading--title___5qyOB_8032924 mdc-u-align-center">Related Articles</h5><div class="mdc-u-grid mdc-u-grid-col-md-2 RelatedArticle_items-container__s2uD0"><div class="mdc-u-grid mdc-u-grid-gutter-lg Card_card__diA2r Card_hover-effect__RGb9b"><div class="Card_wrapper-image__8b4P6"><a data-component="mdc-c-link" href="/capabilities/operations/our-insights/breaking-the-mold-the-construction-players-of-the-future" class="mdc-c-link___lBbY1_8032924"><picture data-component="mdc-c-picture" class="Card_wrapper-image__8b4P6"><style>.picture-uniqueKey-break-0 { aspect-ratio: 16/9 }</style><img alt="Breaking the mold The construction players of the future" class="picture-uniqueKey-break-0" src="/~/media/mckinsey/business%20functions/operations/our%20insights/breaking%20the%20mold%20the%20construction%20players%20of%20the%20future/hero-gii-breaking-the-mold.jpg?cq=50&mw=767&car=16:9&cpy=Center" loading="lazy"/></picture></a></div><div class="Card_wrapper-text__U6Y3k"><div data-component="mdc-c-content-block" class="mdc-c-content-block___7p6Lu_8032924 Card_content-block__pF6Z1"><span>Article - <i>Voices on Infrastructure</i></span><h6 data-component="mdc-c-heading" class="mdc-c-heading___0fM1W_8032924 mdc-u-ts-6"><a data-component="mdc-c-link" href="/capabilities/operations/our-insights/breaking-the-mold-the-construction-players-of-the-future" class="mdc-c-link-heading___Zggl8_8032924 mdc-c-link___lBbY1_8032924"><div>Breaking the mold: The construction players of the future</div></a></h6></div></div></div><div class="mdc-u-grid mdc-u-grid-gutter-lg Card_card__diA2r Card_hover-effect__RGb9b"><div class="Card_wrapper-image__8b4P6"><a data-component="mdc-c-link" href="/industries/industrials-and-electronics/our-insights/construction-and-building-technology-poised-for-a-breakthrough" class="mdc-c-link___lBbY1_8032924"><picture data-component="mdc-c-picture" class="Card_wrapper-image__8b4P6"><style>.picture-uniqueKey-const-0 { aspect-ratio: 16/9 }</style><img alt="Construction and building technology: Poised for a breakthrough?" class="picture-uniqueKey-const-0" src="/~/media/mckinsey/industries/advanced%20electronics/our%20insights/construction%20and%20building%20technology%20poised%20for%20a%20breakthrough/construction-1536x1536.jpg?cq=50&mw=767&car=16:9&cpy=Center" loading="lazy"/></picture></a></div><div class="Card_wrapper-text__U6Y3k"><div data-component="mdc-c-content-block" class="mdc-c-content-block___7p6Lu_8032924 Card_content-block__pF6Z1"><span>Report</span><h6 data-component="mdc-c-heading" class="mdc-c-heading___0fM1W_8032924 mdc-u-ts-6"><a data-component="mdc-c-link" href="/industries/industrials-and-electronics/our-insights/construction-and-building-technology-poised-for-a-breakthrough" class="mdc-c-link-heading___Zggl8_8032924 mdc-c-link___lBbY1_8032924"><div>Construction and building technology: Poised for a breakthrough?</div></a></h6></div></div></div></div></div></div></div></main></div><script id="__NEXT_DATA__" type="application/json">{"props":{"pageProps":{"locale":"en","dictionary":{},"sitecoreContext":{"route":{"name":"Rise of the platform era The next chapter in construction technology","displayName":"Rise of the platform era The next chapter in construction technology","fields":null,"databaseName":"web","deviceId":"fe5d7fdf-89c0-4d99-9aa3-b5fbd009c9f3","itemId":"dd36e78c-97e1-4227-a9d9-3f10dd87e549","itemLanguage":"en","itemVersion":1,"layoutId":"ae753eb4-a035-40b4-83bf-4b4438df6742","templateId":"683910db-02ba-40ba-92e7-726c880160a9","templateName":"ArticleJSS","placeholders":{"jss-main":[{"uid":"232bb7e9-289f-492d-a916-2b6185e44a84","componentName":"ArticleTemplate","dataSource":"","fields":{"data":{"articleTemplate":{"title":{"jsonValue":{"value":"Rise of the platform era: The next chapter in construction technology"}},"sEOTitle":{"value":"The next chapter in construction technology"},"description":{"jsonValue":{"value":"The construction technology ecosystem is shifting toward integrated software platforms that better serve customer needs. Significant opportunities exist for strategic and financial investors."}},"sEODescription":{"value":"The construction technology ecosystem is shifting toward integrated software platforms that better serve customer needs. Opportunities abound for investors."},"displayDate":{"jsonValue":{"value":"2020-10-30T00:00:00Z"}},"body":{"value":"[[downloadssidebar]]\n\u003cp\u003e\u003cstrong\u003eIt\u0026rsquo;s been a decade since construction players\u003c/strong\u003e began embracing digital solutions. In the early- to mid-2010s, thousands of new market entrants offered point solutions that served existing use cases or, in some instances, created new ones. The first widely adopted construction point solutions addressed basic needs; for example, improving design capabilities or digitizing paper-based information. By the second half of the decade, industry players\u0026mdash;spurred by end-customer feedback about their difficulty integrating point solutions\u0026mdash;began expanding their product portfolios to create suites of integrated solutions.\u003c/p\u003e\n[[Sidebar 1]]\n\u003cp\u003eWhile the \u003ca href=\"/industries/private-capital/our-insights/from-start-up-to-scale-up-accelerating-growth-in-construction-technology\"\u003econstruction technology industry\u003c/a\u003e\u0026nbsp;is still filled with players offering point solutions or limited suites, our latest annual effort to map and understand the construction technology landscape reveals that the industry is moving toward platforms and predicts that a combination of multiple platforms will coexist in the space. As the global COVID-19 pandemic forces many construction players to digitize and use technology to ensure the safety of their workers and boost productivity, this dynamic will likely only continue to accelerate. There are significant opportunities to create value for both strategic and financial investors that are evaluating consolidation plays.\u003c/p\u003e\n[[MostPopularArticles 5]]\n\u003ch2\u003eCOVID-driven impacts\u003c/h2\u003e\n\u003cp\u003eThe continuing pandemic has also had an impact on the construction technology industry. As thousands of health professionals heroically battle the COVID-19 virus, construction industry leaders are also charting a path toward keeping their employees, contractors, and end users safe. Indeed, the bulk of short- and long-term pandemic-driven \u003ca href=\"/capabilities/operations/our-insights/how-construction-can-emerge-stronger-after-coronavirus\"\u003econstruction industry issues\u003c/a\u003e\u0026nbsp;will be solved with technology.\u003c/p\u003e\n\u003cp\u003eTop construction companies were already investing heavily in technology prepandemic. By necessity, contractors, architects, engineers, and suppliers have quickly shifted to working and collaborating digitally\u0026mdash;from video-call site meetings to filling digital orders. While there has already been a rapid increase in collaboration technology uptake, the pandemic has also triggered a painful shakeout. Many contractors are seeing shrinking backlogs and more competitive bidding environments, which have analogously impacted the construction tech industry. Construction tech players have been forced to lay off employees and cut costs to manage cash flow. Continued uncertainty on recovery timelines and the risk of virus resurgence could drive an additional wave of bankruptcies among smaller players, further accelerating the trend toward industry consolidation.\u003c/p\u003e\n\u003cp\u003eTaking the good with the bad, we expect that the continuing COVID-19 pandemic will drive a net acceleration in the use of technology and the \u003ca href=\"/capabilities/operations/our-insights/the-next-normal-in-construction-how-disruption-is-reshaping-the-worlds-largest-ecosystem\"\u003econstruction industry will continue its transformation\u003c/a\u003e\u0026nbsp;from a highly complex, fragmented, and project-based industry to a more standardized, consolidated, and integrated one.\u003c/p\u003e\n\u003ch2\u003eConstruction tech in the platform era\u003c/h2\u003e\n\u003cp\u003eIn 2018, we first assembled multiple data sets and employed advanced analytics to map the global construction technology industry ecosystem. We recently refreshed our analysis and found that the largest clusters of use cases include 3-D printing, modularization, and robotics; digital-twin technology; artificial intelligence (AI) and analytics; and supply-chain optimization and marketplaces (Exhibit 1).\u003c/p\u003e\n[[Exhibit 1]]\n\u003cp\u003eThe industry has continued to grow briskly with venture-capital (VC) activity rising to several billion dollars at the end of 2019 from low levels a decade ago (Exhibit 2). VC investment in construction tech outpaced the overall VC industry 15-fold through 2019, with clear indicators for continued momentum.\u003c/p\u003e\n[[Exhibit 2]]\n\u003cp\u003eDespite this continuing influx of VC-funded participants, the industry has seen significant consolidation over the past five years. From 2014 to 2019, investors poured $25 billion into engineering and construction (E\u0026amp;C) technology, up from $8 billion over the previous five years. Of this $25 billion however, $17 billion in transactions involved either M\u0026amp;A activity or private equity (PE) investment (Exhibit 3).\u003c/p\u003e\n[[Exhibit 3]]\n\u003cp\u003eThese investment trends, coupled with end users\u0026rsquo; frustration with integrating the proverbial sea of point solutions, have driven a clear shift toward the development and launch of integrated platforms rather than point solutions. We define platforms as technologies that enable visibility into management of business or operations processes through native capabilities and seamless integration with other technologies to aggregate data and process control in a single place. Currently, 20 percent of companies offer solution suites addressing more than five use cases, compared with just 13 percent in 2017.\u003c/p\u003e\n\u003cp\u003ePlatforms are attractive because of their ability to increase customer stickiness compared with point solutions. The more features and interfaces with other tools offered, the higher the likelihood the platform will become critical to day-to-day operations for customers\u0026rsquo; businesses, increasing switching costs and boosting profitability through both reduced churn and increased pricing leverage. From an industry perspective, the growth in platforms implies that large companies will need to continue to scale to remain competitive, while smaller companies offering point solutions will need to simultaneously consider their integration with the broader ecosystem in addition to the core value proposition of their technology. Failure to account for these trends could adversely affect revenue growth and, more broadly, competitive positioning in the market.\u003c/p\u003e\n\u003cp\u003eThere is compelling economic logic for platforms, and we see many other industries moving in this direction. This does not, however, signal the end of point solutions. Even among platform competitors, there remains space for multiple winners in the broader construction technology market. Most of the existing platforms have grown from a core foothold in a given customer segment such as general contractors and architects, or a project phase such as construction execution or design and engineering. As winners emerge in each of these focus areas, other competitors looking for growth will either need to cross segments and compete against a different incumbent platform on that incumbent\u0026rsquo;s \u0026ldquo;home turf\u0026rdquo; or create the capability to easily integrate across multiple platforms. Given that the most successful incumbent platforms are owned by some of the industry\u0026rsquo;s largest and most well-capitalized technology firms, we believe the most likely outcome will be the continued growth of multiple, interconnected platforms in the future.\u003c/p\u003e\n\u003ch2\u003eConsolidation opportunities\u003c/h2\u003e\n\u003cp\u003eConstruction technology is still a heavily fragmented, point-solutions-driven market with ample opportunity for integration plays that create either new platforms or attractive component acquisition targets for growing incumbent platforms. This fragmentation is more evident when analyzing construction tech offerings across the project life cycle. The construction and commissioning phase continues to be the most active, with twice the investment activity and more active players than other phases (Exhibit 4). Preconstruction and \u0026ldquo;overarching technologies,\u0026rdquo; which include advanced technological applications such as AI, robotics, and advanced visualization, were the next largest.\u003c/p\u003e\n[[Exhibit 4]]\n\u003cp\u003eDigging deeper to use cases within these project phases reveals a significant focus on field productivity, engineering-design tools, planning and scheduling, and facility management and improvement-focused solutions (Exhibit 5). Interestingly, however, 49 percent of companies addressing these use cases were involved in a transaction between 2014 and 2019, and roughly 14 percent of companies were founded in the past five years. Use cases based on AI and advanced analytics experienced the highest proportionate share of activity, with nearly 80 percent of companies involved in investment or transaction activity. This segment also has the highest portion of new companies, a trend that we anticipate will develop and continue. Given the current shift toward platforms and the large population of young companies, multiple opportunities exist for either strategic or financial investors to build value through roll-ups and other integration plays.\u003c/p\u003e\n[[Exhibit 5]]\n\u003ch2\u003eLooking toward the future\u003c/h2\u003e\n\u003cp\u003eWhile the trend toward consolidation and platform development is clear, there are still opportunities for strategic and financial investors to create value. We have identified a number of potential paths that an investor might take, focusing either on distinctive point solutions or investments that help build or scale the adoption of construction tech platforms.\u003c/p\u003e\n[[pullquote 1]]\n\u003ch3\u003eDistinctive point solutions\u003c/h3\u003e\n\u003cul\u003e\n \u003cli\u003e\u003cem\u003eCapitalize on continued growth and penetration of mature solutions.\u003c/em\u003e Technologies such as building-information modeling (BIM) and electronic document management are nearly ubiquitous among major firms. But there are still opportunities to tailor solutions and build scale with smaller subcontractors and other market players, such as those in building materials\u0026ndash;delivery tracking. The growth of platforms is not likely to reduce the need for these foundational technologies.\u003c/li\u003e\n \u003cli\u003e\u003cem\u003eScale early major disruptive solutions such as robotics.\u003c/em\u003e There are major opportunities for the tech industry in cutting edge robotics apps for repetitive construction tasks such as brick laying, road paving, lumber cutting to standardized dimensions, and 3-D printing of building materials. These apps enable onsite fabrication and more complex assemblies.\u003c/li\u003e\n \u003cli\u003e\u003cem\u003eScale the underlying tech infrastructure.\u003c/em\u003e As hardware and software volume and diversity continue to increase on job sites, there will be a corresponding need for supporting solutions. Construction-drone and electric-vehicle docking, wireless-internet backbone connectivity to support Internet of Things\u0026ndash;enabled devices, information security, data- quality management, and data architecture are all examples of where investments in IT infrastructure can help capture opportunities from these technologies.\u003c/li\u003e\n \u003cli\u003e\u003cem\u003eDigitize payments. \u003c/em\u003eThe vast majority of construction industry payments are made by paper ticket. Offerings that increase technology penetration in the payments space, particularly with small- to medium-size businesses, will become increasingly critical to enable the full digitization of the construction industry value chain. Tools for processes, such as quote-to-cash and procure-to-pay, will enable broader data visibility across the value chain and free up working capital for contractors, suppliers, and owners alike.\u003c/li\u003e\n\u003c/ul\u003e\n\u003ch3\u003ePlatform solutions\u003c/h3\u003e\n\u003cul\u003e\n \u003cli\u003e\u003cem\u003eScale platforms with a specific angle.\u003c/em\u003e While the generalist technology platform companies are well established, other companies have opportunities to build platforms that cater to specific industry subsegments or value providers. For example, an incumbent construction-materials company recently announced the launch and scaling of a platform solution targeting the bulk-materials supply chain and producers operating in that space.\u003c/li\u003e\n \u003cli\u003e\u003cem\u003eDevelop solutions enabling broader connection in the built environment.\u003c/em\u003e Integrative technologies will be needed to better connect tech solutions and the physical built environment. The near-real-time collection of project data coupled with the integration of design, project management, and scheduling tools will further unlock the promise of platform solutions as companies strive for truly end-to-end digital projects.\u003c/li\u003e\n \u003cli\u003e\u003cem\u003eInvest in building a data-analytics engine.\u003c/em\u003e The construction industry has few, if any, truly predictive analytics solutions at the project or industry scale. Furthermore, many descriptive analytics tools are limited to trade-association surveys or dashboards built from mined company data and suffer from low update frequencies or low granularity. Both investors and the industry overall can create significant value by developing analytics and insights platforms that leverage the growing pool of inter- and intra-company data. These platforms will enable more proactive, data-driven management of both individual projects and companies overall.\u003c/li\u003e\n\u003c/ul\u003e\n\u003chr /\u003e\n\u003cp\u003eThe mandate for change and technological adoption in construction has never been stronger, and financial and strategic investors continue to fuel a rapid expansion of the construction technology industry. The COVID-19 pandemic has only served to provide additional urgency to the preexisting productivity and data-visibility issues facing construction companies. While this next phase of platform growth and adoption will better equip construction industry leaders to effectively plan and manage projects, construction technology is still a rapidly growing, highly dynamic space. Further efficiencies will be unlocked with deeper integration of technology solutions directly on the job site and with predictive analytics leveraging data from connected teams and equipment. In the end, the \u0026ldquo;platform era\u0026rdquo; will simply create the platform upon which these emerging technologies are built.\u003c/p\u003e"},"isFullScreenInteractive":{"boolValue":false},"hideStickySocialShareBar":{"boolValue":false},"desktopID":{"value":""},"mobileID":{"value":""},"desktopURL":{"value":""},"mobileURL":{"value":""},"desktopPaddingPercentage":{"value":""},"mobilePaddingPercentage":{"value":""},"desktopOverrideHeight":{"value":""},"mobileOverrideHeight":{"value":""},"cerosOembedURL":{"value":""},"cerosRenderMode":{"targetItem":null},"cerosBackgroundColor":{"targetItem":null},"hideByLine":{"boolValue":false},"tableOfContentsTitle":{"value":"TABLE OF CONTENTS"},"accessStatus":{"targetItem":{"key":{"value":"RegisteredUsers"},"value":{"value":"Registered Users"}}},"articleType":{"targetItem":{"displayName":"Article"}},"hasSpecialReport":{"boolValue":false},"contentType":{"targetItem":{"displayName":"Article"}},"sourcePublication":{"targetItem":null},"externalPublication":{"value":""},"excludeFromClientLink":{"boolValue":false},"originalPublishDate":{"jsonValue":{"value":"2020-10-30T00:00:00Z"}},"footnotes":{"value":""},"contributoryPractice":{"targetItems":[{"displayName":"Private Capital"}]},"aboutTheAuthors":{"value":"\u003cp\u003e\u003cstrong\u003eKaty Bartlett\u003c/strong\u003e is a consultant in McKinsey\u0026rsquo;s Denver office;\u0026nbsp;\u003cstrong\u003e\u003ca href=\"/our-people/jose-luis-blanco\"\u003eJose Luis Blanco\u003c/a\u003e\u003c/strong\u003e is a partner in the Philadelphia office, where\u0026nbsp;\u003cstrong\u003eJosh Johnson\u003c/strong\u003e is an expert; \u003cstrong\u003eBrendan Fitzgerald\u003c/strong\u003e\u0026nbsp;is an associate partner in the New York office;\u0026nbsp;\u003cstrong\u003e\u003ca href=\"/our-people/andrew-mullin\"\u003eAndrew Mullin\u003c/a\u003e\u003c/strong\u003e is a senior partner in the Toronto office, and \u003cstrong\u003e\u003ca href=\"/our-people/maria-joao-ribeirinho\"\u003eMaria\u0026nbsp;\u003cspan\u003eJo\u0026atilde;o\u003c/span\u003e Ribeirinho\u003c/a\u003e\u003c/strong\u003e is a partner in the Madrid office.\u003c/p\u003e"},"authors":{"targetItems":[]},"nonPartnerAuthors":{"targetItems":[]},"interactiveToUse":{"targetItem":null},"enableArticleComponents":{"boolValue":false},"relatedArticles":{"targetItems":[{"sourcePublication":{"targetItem":null},"publicationSource":null,"externalPublication":{"value":"Voices on Infrastructure"},"title":{"value":"Breaking the mold: The construction players of the future"},"url":{"path":"/capabilities/operations/our-insights/breaking-the-mold-the-construction-players-of-the-future"},"eyebrow":{"targetItem":{"name":"Article"}},"articleType":{"targetItem":{"name":"Article"}},"contentType":{"targetItem":{"name":"Article"}},"description":{"value":"The engineering and construction industry, long berated for lagging behind in terms of digitalization, is picking up steam. 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