Construction Industry Business Opportunity Analysis Report

This report provides an analysis of business opportunities within the construction industry. It begins with an introduction to business opportunities and their relevance in a competitive market, followed by an examination of emerging and mega trends such as green design and construction, sustainability, building information modeling, artificial intelligence, prefabricated buildings, and better safety equipment. The report then explores the impacts of these trends, including the integration of technology, increased demand for modular construction, sustainable development, safety precautions, and the rise of project management software. The opportunities section highlights the potential for prefabricated construction and the use of artificial intelligence. The conclusion summarizes the key findings, emphasizing the significance of business opportunities in the construction sector and the influence of various trends on the industry. The report is supported by references to books, journals, and online resources.

Business Opportunity
Project

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
Emerging and mega trends in construction industry....................................................................1
Impact of trends...........................................................................................................................3
Opportunity..................................................................................................................................4
CONCLUSION................................................................................................................................5
REFERENCES................................................................................................................................6

INTRODUCTION
Business opportunity is termed as opportunity to an individual to start new business in the
competitive market (Fewings and Henjewele, 2019). An entrepreneur after analysing economic
environment identifies opportunities that provides benefits to sale products, equipments and so
on. There are various opportunities that are grabbed by individuals to position the new venture in
such manner that attracts various customers. Different situations provides different opportunities
to gain benefits by satisfying customers needs and attaining economic potentiality. Construction
industry is selected to understand the aspects of business opportunities. The present report
includes detailed information about impacts of various trends that benefits in providing
opportunities. Mega trends as well as emerging trends helps in understanding environment and
grabbing business opportunities.
MAIN BODY
Emerging and mega trends in construction industry
Construction industry is a large and most popular industry as compare to other fields.
This industry contains activities and functions concerned with developing infrastructure,
construction, repairing and maintenance of buildings and other activities of real estate business.
Industry is developing that indicates a major contribution in economic growth of United
Kingdom. It is an industry led by investments and outcomes in high revenues that attract
government interest. Government contracts with such sector to create transportation, education,
and so on-based infrastructure. The core sectors of construction industry includes industrial, civil
construction, commercial and environmental (Trends in Construction Industry. 2019). Following
are some major emerging and mega trends in context of construction industry as discussed
below:
Green Design and Construction building: This trend is increasing in the construction
industry and is being embraced by many contractors who are carrying out their work in this
sector. Each construction project seeks to improve their involvement in LEED certification that
is Energy Leadership as well as Environmental Design that focuses on fresh projects along with
business construction projects. Green building methods focus with the assistance of construction
projects on decreasing the impact of carbon footprints. It enables to improve asset values and
reduce operating costs within construction industry. Architects and other related personnels have
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followed these trend which assist them in providing better services and valuable properties to
different clients that increase their brand value in industry.
Sustainability: This trend of construction industry is entirely concerned with
construction building and green design. However this trend is more wider as it combines
different technical methods that also focus on some key models which are applied by architects
to build an comfortable place for living and commercial purpose (Jaakkola, Mäkinen and
Eteläaho, 2014). Sustainable building involves components linked to the effective use of
resources, the promotion of social culture and the preservation of the natural environment. It also
help in merging new attractive features for construction of building structure and designs with an
objective to compile some natural effects in process of construction of projects in order to
eliminate cost of electricity. It provide assistance in assimilation of existing or old construction
structure into fresh and attractive structure of construction by applying different building
materials that are recycled, and in designing of structure of building in a way that apply drain
water.
Building information modelling: Such modelling provides 3D based models that helps
in planning, designing as well as constructing infrastructure. Professional architects uses this
model base as to carefully design projects or buildings on customers demand. It provides
efficiency in procedures and making modifications at the same time. This trend helps in solving
various problems that hampers work and improves design quality in order to provide complete
picture of buildings to clients. This model provides accurate information through which designs
of piping as well as structures are used at the time of construction of homes or buildings.
Artificial Intelligence: In Modern era of time, there is a demand of technology in each
sector of business and consequently, there is vital need of artificial technology in construction
sector for smooth function of its various business operations. Artificial intelligence technology
is an aggregative term for describing machines copy (mimics) human cognitive functions. A
robot is an example of artificial intelligence (AI). This technology may used by the construction
company in mitigating the various business related risk (Lechler, Edington and Gao, 2012). For
example, such as a construction project comes with quality, safety, time and control risk, for
resolving this problem, AI and machine learning solutions may be used by companies in this
sector to monitor risk on the job. AI may be used in manufacturing industry for safety purposes
also to restrict the access of unauthorised visitors in production process. By using AI
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technology, a company in this sector may reduce the quantity of its labour and can reduce its
labour cost. As a result, it may be easily adopted by an organisation in case of shortages of
labour. As per a research in this field, robotics, AI and other related technologies may reduce
building costs by up-to 20 percent. For example, company may use virtual reality goggles and
send mini robots into building under construction and these robots by using camera to monitor
the work in progress. Companies in construction business uses AI to to monitor real time
interaction with workers at worksite. Design optimisation is a critical process in which proposed
building which is to be constructed is designed in optimum way by using artificial intelligence
system. A quality control is critical in any construction activity and it is required to be
performed for better future of construction company, by using drones in construction process
quality can be maintained (Nijssen and et. al., 2012).
Prefabricated buildings: Now a days, clients do not want garbage at their homes so for
such purpose they makes contract with construction companies. Such companies manufactures
all items or structures at their factory premises and then assemble all parts at constructional sites.
This reduces impacts of natural disaster as well as offers various tactics towards development of
residential projects. This trend in growing and it results in improving construction sector also.
Various companies have started providing such facility that results in attracting numerous clients
and achieving a competitive image in the market place.
Better Safety Equipment: For minimising construction accidents due to constructions,
fatalities or contingencies, different high technological safety and rescue equipments at sites of
construction during past decade. These kind of equipments and tools contains helmets for
protection of heads, protective footwear, glasses, hand safety wears and other related. Numerous
barriers are applied to warn workers and labours when they go beyond construction field or areas
that assist in minimising troubles. Smart work boots with GPS transmitters is most popular trend
which assist in supervisors to monitor the acts of workers in case of any accident.
Impact of trends
Impact of trend: Due to the changes in external condition, advancement of technology
as well as innovation leads to the change in preferences and exiting trend of customer. As the
construction industry evolve with new ideas like modular kitchen which keeps on changing focus
on the sustainable development. Hence, the impact of emerging or upcoming trend within
construction industry are defined below:
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Integration of technology: Technology is the main source to bring evolution within
construction industry like the use of 3D printing as well as drone has made the work easier, faster
and effective. Along with this electronic items, cloud application ans self driving vehicle are
widely used to gain the better understand about the construction project and its effective
implementation (Palo and Tähtinen, 2013).
Increase in demand of modular construction projects: Nowadays prefabrication as well
as modular construction project are widely rising with the change in trend as these are the cost
effective method that leads to qualitative output. The popularity of using such mediums for the
construction of pop up building, modular kitchen are more prone to increase in future.
Sustainable development: To active the sustainable development construction industry
safeguard the interest of environment and promote the ecological benefits in their construction.
For instance, living wall within the building to provide the area for fresh air. Along with that
green designs that promote natural light and rooftop gardens are in huge trend which evolve the
interest of customer. Thus, it is the better way to promote the effective as well as efficient
construction.
Take safety precaution: People believe that construction involve huge risk that include
the cases of injury or accidents in comparison to other sectors. Moreover, it is essential for
construction industry to promote the safer way of doing work otherwise it may lead to negative
circumstances like increase in absenteeism or turnover rate. Thus, employee must get basic
amenities, facility and insurance in the working area.
Increase popularity of project management software: Construction industry are shifting
towards the electronic media or the project management software to enhance their operations.
This lead to innovative way to design the construction site which is more innovative as well as
safer. Hence, it depict the real time result and overview the project successfully.
Opportunity
Opportunity in construction industry: On the basis of existing or upcoming trend some
of the opportunities are determined below:
Promotion of prefabricated construction: It is not necessary that the industry will
conduct whole construction everywhere. There are areas from where industry can easily get the
raw material and labour so the company must carry on operations in that particular places only.
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Moreover, it is an opportunity for construction industry to bind strong relationship with supply as
well as distribution channel that can help company to expand its reach (Wilson, 2014).
Use of artificial intelligence: Construction industry can use robotics to design the
construction site these are more effective and safer way to design the whole project. Thus, it is an
effective way to fulfil the demand of customer and offer them customised services to build long
term relationship with them.
CONCLUSION
From the above report it can be concluded that business opportunities plays significant
role in providing opportunities to make an positive image in the competitive market. Major
trends are green designs along with construction buildings, better safety equipments, self healing
concrete, prefabricated buildings, artificial intelligence and hence forth. All these impacts results
in increasing demand of modular construction projects, taking safety precautions and many
more. All these trends provides opportunities related with promotion of prefabricated
construction and usage of artificial intelligence in construction sector.
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REFERENCES
Books and Journals:
Fewings, P. and Henjewele, C., 2019. Construction project management: an integrated
approach. Routledge.
Jaakkola, H., Mäkinen, T. and Eteläaho, A., 2014, June. Open data: opportunities and challenges.
In Proceedings of the 15th International Conference on Computer Systems and
Technologies. pp. 25-39 . ACM.
Lechler, T. G., Edington, B. H. and Gao, T., 2012. Challenging classic project management:
Turning project uncertainties into business opportunities. Project Management Journal.
43(6) pp. 59-69.
Nijssen, E. and et. al., 2012. Strategic value assessment and explorative learning opportunities
with customers. Journal of Product Innovation Management. 29. pp. 91-102.
Palo, T. and Tähtinen, J., 2013. Networked business model development for emerging
technology-based services. Industrial Marketing Management. 42(5). pp. 773-782.
Wilson, J., 2014. Essentials of business research: A guide to doing your research project. Sage.
Online:
Trends in Construction Industry. 2019. [Online]. Available through:
<https://www.thebalancesmb.com/top-construction-industry-trends-4125856>
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