Historically, the construction industry is viewed as traditional and slow to embrace technological innovation. However, with investment in construction technology reaching a record $4.5 billion in 2023, that reputation is rapidly changing. Construction technology—the application of digital tools and innovations to the building process—is increasingly adopted by contractors, transforming how projects are planned, managed, and executed.
What Is Construction Technology?
Construction technology is any type of innovative tool, software, or process used to enhance construction operations. It provides solutions for issues of productivity, collaboration, and safety that are common in the construction industry. It also provides innovative ways to design, build, and plan.
Types of Construction Technology
The contech ecosystem now spans a wide range of solutions. The following examples illustrate the growing sophistication of construction technology and its expanding influence:
Communication channels
Platforms to facilitate real-time collaboration between project stakeholders.
Workflow management apps
Apps to optimize workflow by providing project managers with tools to assign tasks, monitor deadlines, and track progress.
Design and build applications
Visualization tools to assist architects, engineers, and construction professionals in design and planning.
Tool tracking and management
Solutions to track and manage the tools and equipment used on a worksite using GPS technology.
Drone mapping
Drones equipped with mapping software and cameras to survey job sites to aid with site analysis, progress tracking, and identifying potential issues.
Document tracking
Enables contractors to organize and track project-related documents efficiently. Streamline the approval processes and enhance collaboration across project stakeholders.
Payroll management
Automate and streamline payroll processes to calculate employee wages, handle tax deductions, and track hours worked.
Estimate creation
Simplify the process of making accurate project estimates by using historical data, cost databases, and algorithms to figure out accurate estimate prices.
Top 10 Construction Technology Companies
While many new construction tech companies are emerging, these 10 are leading the way in reshaping the industry:
Autodesk Construction Cloud: Autodesk Construction Cloud offers construction management tools that allow seamless collaboration, document management, and project tracking. Features like BIM 360, PlanGrid, and BuildingConnected facilitate efficient project planning, design coordination, and communication among project teams.
DroneDeploy: DroneDeploy is a drone mapping app that turns aerial imagery into detailed 3D maps and models of construction sites. It provides data for surveying, progress tracking, and site inspection. Construction professionals can use this app to gain insights and monitor project progress remotely.
Fieldwire: Fieldwire is a construction management app that aids project collaboration, task management, and document sharing. It allows project teams to communicate in real-time, access blueprints, create punch lists, and track progress. Fieldwire improves coordination and increases productivity.
Magicplan: The Magicplan app simplifies the process of creating floor plans and conducting property inspections. Users can create accurate floor plans by simply taking photos and adding measurements. It is a valuable tool for architects, contractors, and real estate professionals involved in space planning and renovations.
Hover: Hover is a powerful app for capturing accurate measurements and creating 3D models of buildings. By taking photos from a smartphone, Hover automatically generates precise measurements. This app is useful for construction professionals involved in estimation, design, and remodeling.
Sourgum: Sourgum offers a suite of tools for seamless construction roll-off dumpster rentals. Their technology allows you to order a dumpster on your phone from wherever, whenever. They also provide a job-sourcing app for waste haulers called Wayste, which connects them to hauling jobs in their area.
HH2: HH2 is a cloud-based app that focuses on construction accounting and project management. It provides features for time tracking, expense management, job costs, and reporting. With HH2, construction companies can streamline financial processes, understand project costs, and increase profit.
Smartbid (by ConstructConnect): Smartbid is a construction bidding software that simplifies the prequalification and bid management process. It allows general contractors to manage subcontractor invitations and collect and evaluate bids. Smartbid improves collaboration between contractors and subcontractors, leading to better bids.
Newmetrix: Newmetrix is a cutting-edge construction tech company revolutionizing project monitoring and performance tracking. Their innovative platform lets construction professionals gain real-time insights into project progress, resources, and productivity. By using advanced sensors and data analytics, Newmetrix enables construction teams to monitor important metrics, identify progress blocks, and optimize project timelines.
Ampd Energy: Ampd Energy is a leading construction tech company dedicated to increasing sustainability in the industry. They specialize in energy systems and production, optimizing power consumption, and integrating renewable energy sources. With Ampd Energy's cutting-edge technology, construction projects can reduce their carbon footprint, enhance energy efficiency, and lower operating costs.
The Benefits of Construction Tech
Construction technology brings numerous benefits to construction companies, project managers, employees, and other stakeholders. Here are some key advantages:
Sustainability: Construction technologies support sustainable practices and renewable energy, help reduce waste, and minimize environmental impact.
Safety: Construction technology enhances safety on job sites via streamlined inspections and hazard identifications, like predicting hazards like Covid-19 risks.
Productivity: Tech for construction automates tasks, improves project management, and makes communication seamless, increasing overall project efficiency.
Design and Planning: Contech solutions allow architects and engineers to easily create accurate 3D models, simulate construction processes, and identify design flaws before construction begins.
Equipment Management: Technology for construction optimizes supply chain management and equipment tracking by streamlining procurement and inventory management.
Budgeting and Cost Control: Contech helps with accurate cost estimation, budgeting, and expense tracking by keeping all cost data in one place.
Takeaways
The construction industry is experiencing a significant technological transformation, driven by emerging construction technology companies. Contech solutions help streamline workflows, enhance operational efficiency, and enable more data-driven decision-making. The companies highlighted here, along with many others, are shaping the future of construction by introducing innovative tools and platforms that redefine how projects are planned and executed.
