In the last year, the construction industry experienced waves of economic variability and vast technological advancements. While the global construction industry is expected to reach an estimated $10.5 trillion by 2023, construction costs continue to rise.
Construction businesses can protect themselves and their bottom lines by staying up to date on the latest industry developments. Recently, we sat down with a few Procore thought leaders to get their take on the construction technology trends that are likely to dominate in 2023.
Using Enhanced Financial Software to Work More Efficiently
"Most financial software was built for the back office. However, change isn’t happening in the back office – it’s happening in the field. The construction industry can expect to see more field-friendly change management solutions.
Eventually, the industry will fully adopt implementing payment with computers – with photos taken before and after, you can get daily progress on visual parts of construction so that people can get paid faster." - Wyatt Jenkins, SVP of Product
Blockchain Exploration Begins with Smart Contracts
"In 2023, the construction industry will take a big step forward with integrations across the blockchain. With blockchain on track to be a $137 billion market in 2030, the industry will begin exploring blockchain through the concept of smart contracts and being able to complete a project from start to finish – including change orders and invoices – automatically. While full implementation in the industry is several years out, early adopters will begin exploring the technology." - Joy Durling, Chief Data Officer
The Labor Shortage Continues to Rise
"The number one issue in the industry is the labor shortage. Currently, there are a lot of experienced professionals who go out on a job site and understand their work intuitively. However, many individuals entering the industry don’t have that experience. The use of data will be critical to getting these less-tenured industry workers up to speed quickly." - Sandra Benson, Global Head of Industry Transformation
Drones Improve Site Safety and Inspections
"Drone usage in the construction industry will continue to rise in 2023. According to CNBC, drone usage is up by 239%. The industry will continue to leverage this technology to improve identifying site hazards and safety concerns as well as quickly inspecting structures for defects. - Joy Durling, Chief Data Officer
As 2022 comes to an end, the construction industry remains committed to developing and deploying innovative ways to overcome today’s most pressing challenges. Our recent Groundbreaker Award winners demonstrate this sentiment precisely.
To read about their inspirational stories and the incredible people behind them, see the full list of winners here. You can also apply or nominate an industry leader for a 2023 Groundbreaker Award at the same link.