Construction is an industry where productivity and digitalization are lagging, which costs the global economy $1.6 trillion a year. Over a third of the lost value globally in the construction sector comes from North America, with $460 billion lost in Europe, and just below this in Asia.
As a sector, construction is at the bottom of the scale when it comes to digitalization, despite the huge savings to be made; each construction project wastes around 30% of its resources due to poor planning. Furthermore, according to McKinsey, 7% of the global workforce is employed in the industry -- that's 245 million people, or a little larger than the population of Pakistan.
With global urban population growth set to increase by over 2.5 billion by 2050, it is imperative that more homes be built, and quickly. Therefore, construction has some catching up to do in terms of digitalization.
So what can be done? At last year's AR & VR World, Paul Surin, head of Built Environment at Wienerberger, discussed how digitalization and VR will transform the construction industry. Access excerpts from the presentation by clicking the image above.
If unlocking the commercial potential of augmented and virtual reality is of interest to you, hear from other industry professionals at TechXLR8 2018. TechXLR8 is taking place June 12-14, 2018. To find out more, click here. Book your pass to AR & VR World here.
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