Innovative real estate and construction management technologies are emerging quickly. Technology in these industries enables massive improvements in large-scale productivity, safety, efficiency, and cost-effectiveness.
Real estate and construction management have a long innovation history. These innovations have spurred massive advancements in the type of projects we can produce. For example, tower crane technology advancements increased construction and opened up massive skyscraper possibilities.
After an amazing boom, the pandemic has made the industry more focused on innovation and automation. It seems that real estate and management technology will significantly reshape the industry’s future.
Technologies and trends to watch in real estate and construction management
The recent developments in the technology landscape – especially in the areas of computer vision (CV), natural language processing (NLP), machine learning (ML), cloud computing, drone-tech, and Internet-of-Things (IoT) have opened up several new real-world possibilities. The construction-tech companies are leveraging these technologies in innovative ways to unlock a bunch of use-cases that hitherto seemed near-impossible.
In the future, various technologies will play a vital role in real-estate development. Different technologies serve different purposes in real estate and construction. For example:
- Digital twin adoption to prevent costly mistakes and rework.
- Augmented Reality to automate measurements and provide safety information
- Construction robots will take off the industry in performing repeated jobs. These can ease the work burden on human resources.
- Drones already have a massive contribution to surveying construction sites. Other ways these will make a difference in real estate include Security surveillance, equipment tracking, and mapping.
- Artificial intelligence with ML will help in areas where intelligent and efficient decision-making is necessary to affect safety and productivity.
- Blockchain is another intuitive technology to improve real estate projects’ efficiency. It can also reduce supply chain disruption for effective construction management.
ConstructionTech is sweeping the real estate industry.
The concept of ConstructionTech is serving the real estate industry as an innovative digital transformation. This term is derived from construction and technology. Previously, technology in real estate was majorly about listing commercial and residential properties. Now it is infiltrating real estate’s every aspect.
Construction managers are exploring technology usage across the industry. Major construction sectors that will benefit from technology in real estate and construction management include:
- Construction planning
- Project design
- Property construction
- Construction project management
- Building facilities management
- Property management
Technologies in these sectors are reimagining the existing norms and processes. At the same time, technology is creating the way for developing and managing the building for the future. Over the next few years, ConstructionTech will grow tremendously to bring ease in transactions, large-scale project management, and enhanced safety at construction sites.
How will technology reshape different stages of real estate and construction management?
Over the years, construction managers and real estate developers have been opening up more to integrate technology at different stages. Developers have begun using BIM, robotics, drones, VR and 3D printing. These tools are helping them to reduce construction time, improve construction quality, and elevate construction technology efficiency.
High-performance buildings will also evolve with technology that will help reduce carbon footprints and improve sustainability. Developers will prefer to work with different management tools. These tools will certainly help improve construction management efficiency in the best possible way. On the other hand, landlords can take advantage of a collaborative work environment. This technology will help them improve innovation, workplace culture, and more.
In an industry that is risk-averse, collectively the AI, ML and CV technologies offer reliability, accuracy, transparency and easy integration with the existing workflows of the construction sector. Even then, these are still early days for ConstructionTech. We are excited about the giant strides the future holds.
