A Global Perspective on Construction

Keeping an eye on global trends is a good predicator of how construction businesses will operate in the months ahead, helping executives learn how best to leverage technology in the future.

One new report looks at the AEC (architecture, engineering, and construction) and how the market will change, while also identifying how technology will evolve.

The United States was the largest market in the architecture, engineering consultants, and other related services industry in 2016, accounting for some $250 billion, according to Research and Markets. China was the second largest market, accounting for about $115 billion. The U.K. was the third largest market. Russia was the lowest of the featured countries in the architecture, engineering consultants, and other related services market.

The changes in the market are also impacting how technology is leveraged both in the office and at the construction jobsite.

For instance, this report shows that many professional firms are opting for virtual offices to avoid costs that come with permanent offices such as office rent and computer hardware. By having few permanent offices, hosting their IT infrastructure on the cloud, and hiring freelance and contract employees near the client location, these firms are able to compete aggressively on price, while maintaining reasonable margins.

The industry has found ways to maximize profits and help owners save who can then spend more on construction, which will boost that market.

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