Projections:
1. Mergers and acquisitions are positioned to lead to a majority of deals globally.
2. IDC forecasts that smart cities spending will reach $158 billion globally by 2022, an opportunity for the entire spectrum of firms in our industry to help cities execute on their visions.
Current challenges:
1. Finding and retaining talent
2. Responding to material price volatility due to tariffs and other trade-related headwinds
3. Absorbing the rapid pace of technology development pervading our personal and business lives
4. Given the population growth in cities, there is a startling gap between the rising growth of urban dwellers and the infrastructure to support them.
Opportunities:
1. Digital is transforming the industry itself and helping us imagine, create, and build the spaces, structures, and cities of tomorrow.
2. Engineering, design, and construction firms have a unique opportunity to leave a mark on the smart cities of the future, using advanced technologies to design and build them today.
3. Advanced technologies hold the promise to help firms achieve operational efficiencies, thereby reducing costs while improving margins.
4. Digital technologies like robotic process automation (RPA) have the ability to make significant impacts on back-office operations for engineering and construction firms.
Trends:
1. Cities around the world are investing in the “connected infrastructure” that will enable better management of urban assets such as public transit, wastewater systems, and roads
2. Key strategies include plans for public–private partnerships, as the cost of many projects could be cost-prohibitive for a city to undertake. Private funding in cooperation with government entities is one avenue to fund these major projects.
3. Building information modeling (BIM) systems that allow contractors to create 3D models and make immediate changes to designs today are evolving quickly.
4. With the inclusion of cost and project scheduling, and energy efficiency and facility management to add four more dimensions, 7D BIM systems can help bring projects in on time and on budget. The Statue of Unity in India is an excellent example of efficient project management by utilizing the BIM system. Turner Project Management India was the project consultant on this iconic structure.
5. Drones, wearables, augmented reality (AR), and GPS tracking services are revolutionizing job sites, streamlining surveying, improving worker safety, and capturing valuable data.
6. Data Analytics is moving business decisions from reactive to predictive and could enable engineering and construction firms to outpace their competition.
7. Companies are using a data-driven approach to unlock smart decision making, identify the optimal location for their project, and source the best materials to use, all through an interface that enables decision makers to ask questions and work through scenarios.
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