SCOTTSDALE, AZ -- InEight Inc., a global leader in construction project management software, has today launched its first annual Global Capital Projects Outlook. The Outlook, drawing insights from new research conducted with the world’s largest capital project owners and contractor construction professionals across the Americas, Europe and APAC, focuses on optimism levels and digitization, and found that despite COVID-19, 95% of respondents in the Americas are either fairly or very optimistic about their future, and 94% believe their organization to be resilient – the most positive of any region.
Digital transformation is considered the biggest short-term source of opportunity according to 65% of respondents in the Americas with data analytics, artificial intelligence and machine learning considered most critical for success for the next one to three years. However, respondents are divided on the ongoing impact of the economic situation, with 53% identifying economic recovery as an opportunity, and 42% identifying economic stagnation or recession as a risk to their organization’s growth in the coming year. In comparison, respondents in Europe are somewhat more concerned, with only 44% identifying economic recovery as an opportunity, and 48% considering it a threat.
Despite the varying economic interpretations, respondents are largely positive when it comes to improvements being made by the sector to deliver projects on budget. Though when it comes to delivering projects on time, 54% of respondents in the Americas say that, in the last three years, the number of projects delivered on or ahead of schedule has increased, while in APAC this opinion is carried by 61%.However, when asked about delivering projects on or under budget, the roles are reversed with 55% of those in the Americas reporting a significant or slight increase in projects being delivered on or under budget, compared to 52% of APAC respondents.
Though market nuances exist, encouragingly 83% globally are confident of completing future projects on or ahead of schedule, and 82% confident of doing so on or under budget.
Commenting on the Outlook, Jake Macholtz, CEO, InEight, says: “The results of our Outlook speak to a construction sector in the Americas that is brimming with confidence and optimism, one that has proved itself more than equal to the tremendous challenges it has faced this past year.
“However, despite this positivity, in some respects the region appears to slightly trail its international counterparts when it comes to pushing the boundaries of technology. You could attribute this to the Americas’ hyper-competitive bidding culture and laser focus on project margins which makes it challenging for firms to expend resources to explore and invest in new technology, despite the potential productivity gains.
“Encouragingly though, many respondents still report significant investments being made, or planned, to take advantage of the benefits digital transformation has to offer. Pairing this appetite with the Americas’ capital project pipeline on the brink of a significant monetary injection, further digitization could not come at a better time. With this once in a generation opportunity in front of us, I have full confidence our industry will collaboratively rise to the occasion and continue on an already well-trodden digital path.”
While regions across the globe gather digitization speed at slightly differing paces, what is a commonality, is that the construction industry is foundational to the success of economies and societies worldwide. It is encouraging that despite a difficult year, respondents remain resilient and optimistic for the future; committed to continuing as a vibrant, vital and innovation-minded industry.
To access the full report, visit http://ineight.com/globaloutlook-2021.
