The construction industry is on the cusp of significant disruption that will forever change how buildings are bought, designed, made, and assembled. The summation of the technological forces being applied to the construction industry is termed PropTech.
PropTech investment in 2016, according to Re:Tech, was a record at $4.2 billion which tripled to $12.6 billion in 2017. Data from 2018 is expected to outstrip 2017 easily. The reason is that construction employs 7% of the world’s working population and around 50% of manhours on construction sites goes towards unproductive tasks. Construction also has the lowest digitization index, a measure of technological adoption, of any major industry, creating a target for PropTech. The rewards for success are therefore huge and investment capital across the world understands that.