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Rise of the platform era: The next chapter in construction technology

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The construction technology ecosystem is shifting toward integrated software platforms that better serve customer needs. Significant opportunities exist for strategic and financial investors.

It’s been a decade since construction players began embracing digital solutions. In the early- to mid-2010s, thousands of new market entrants offered point solutions that served existing use cases or, in some instances, created new ones. The first widely adopted construction point solutions addressed basic needs; for example, improving design capabilities or digitizing paper-based information. By the second half of the decade, industry players—spurred by end-customer feedback about their difficulty integrating point solutions—began expanding their product portfolios to create suites of integrated solutions.

While the construction technology industry is still filled with players offering point solutions or limited suites, our latest annual effort to map and understand the construction technology landscape reveals that the industry is moving toward platforms and predicts that a combination of multiple platforms will coexist in the space. As the global COVID-19 pandemic forces many construction players to digitize and use technology to ensure the safety of their workers and boost productivity, this dynamic will likely only continue to accelerate. There are significant opportunities to create value for both strategic and financial investors that are evaluating consolidation plays.
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