Insights

October 2019

By October 28, 2019 No Comments

October 2019

Our aim is to steer knowledge, growth and innovation by enhancing the competitiveness and diversification of industries and entrepreneurs and attract investments that accelerates a sustainable economic growth the UAE has envisioned for its future.

H.E. Mohammed Al- Shihhi

Undersecretary, Ministry of Economy

CONTECH The Future of Construction

The Foundation

ConTech is the technology used to innovate the way we plan, design, and build structures, as well as the manufacture and installation of their components. There are many definitions that would lay down the foundations of the how would ConTech would benefit the construction industry processes and methodological relation to other construction industry technological advances. Researching this innovative business venture indicate an increasing trend to file patents in this domain by many leading construction stakeholders like Hitachi, Mitsubishi, Toshiba Corp, Sekisui Chem and Shimizu Construction. China and Japan are the leading jurisdictions which has highest number of Patents in this domain.

The current year has witnessed great advancements in this sector which are noteworthy and are expected to a significant continuous growth. This article will highlight some trends in ConTech that would dramatically change the construction industry process and tools to enhance the connectivity of the industry with other tech systems e.g., FinTech, PropTech and ManTech.

ConTech Vs PropTech

Many experts would confuse Contech as part of PropTech ecosystem, but the methodological foundations of the ConTech would be the most important element in creating the own ConTech domain that is fundamentally separate it from the Proptech Domain. It is impossible to consider ConTech siloed away from the rest of technological innovation in the built environment.

ConTech is the domain where the traditional of construction industry is shifted to enhance constructability and efficiency of the built environment. The best example I can give for this is Building Information Modeling or BIM, according to Autodesk (one of the leading providers of BIM technology) “is an intelligent 3D model-based process that gives architecture, engineering, and construction (AEC) professionals the insight and tools to more efficiently plan, design, construct and manage buildings and infrastructure.” This fundamental methodological foundation by itself would separate the ConTech from the PropTech domain where the later only focus up to date on sales and leasing of the real-estate properties.

To better explain the difference, we will review some of the ConTech best examples of the current construction industry and how each is switching the industry process to unprecedented frontier.

  • 01. Augmented Reality (AR)

    One of the most talked about technology trends in construction industry. AR combines physical and digital views to present it in real-time more efficiently and accuracy.  It is enhancing ways human and digital machines work together. The AR global market is expected to grow US $198.17 billion by year 2025 (Source 1)

    TIP Analysis team; Data extracted from Thomson Innovation and Questel Orbit Intelligence.

     

  • 02. Building information Modelling (BIM)

    An intelligent 3D model-based process which act as a catalyst for improving design quality, site-management, cost-efficiency and timely project delivery.   Singapore adopted a mandatory practice of Building information modelling (BIM) as traditional design planning is not good enough to deal with the future. (Source2 ). The BIM market is expected to reach US $ 10.65 billion by year 2025. (Source 3). Asia Pacific (APAC) is expected to witness the highest CAGR in BIM by year 2024. The countries in this region have a significant market include China, Japan, India and South Korea. (Source 4)

     

    (Source 3; Source 4)

  • 03. Drones Remote Management

    Drones are being used by builders to collect data in real-time to monitor projects on-site. Aerial insights benefit in many ways by improving project progress tracking and early identification of problems before it goes worst and become costly.

    Big Construction giants from China to Japan and from other corner of the world are partnering with the drone manufacturers to use in their construction sites. More and more countries are investing in drones to revolutionize the construction work operations and culture. If used correctly, drones enable faster, more economical, and higher-resolution surveying without sacrificing on accuracy. A successful construction site drone program can provide accurate, up-to-date information on site’s progress and productivity, and information can be used to ensure high-quality work and minimize operational risks and costs.

     

    Picture Source- Source 5

     

  • 04. Big Data Software

    Traditional information systems are good at recording basic information about project schedules, CAD designs, costs, invoices, and employee details. However, they are limited in their ability to work with unstructured data like free text, printed information or analog sensor readings. Often, they can only handle orderly digital rows and columns of numbers. On the other hand the construction software provides a platform to construction stakeholders to collaborate and connect for optimize decision making,  cost validation and risk management. The big data software can enhance and redefine the construction industry in design, build and management of construction projects.

    The Global Construction Software and Data Ecosystem Market held valued of US $ +2750 million in 2018 and anticipated to grow at a CAGR of +9% from year 2019 to 2026. (Source 6). By using the big data combined by analytics we can provide more helpful indications of risk levels before a threshold is exceeded and an alert generated.  They also offer insights that traditional systems simply cannot.

TIP STATISTICS

SIGNED UP TO TIP 2019

GITEX Future Stars

October 6 – 9

GITEX Future Stars is the fastest growing global startup event in the Middle East, Africa & South East Asia for rule breakers, game changers and dream makers. Happened last October 6-9, 2019 at the Dubai World Trade Centre.

It is co-located with GITEX Technology Week, it gives start-ups a global stage to shine and seize the future. It’s a forum where imaginative ideas can be seen in action, where technologies like blockchain and AI become business realities, and where industries evolve in real-time.

WATCH VIDEO

World Green Economy Summit (WGES)

October 20-21

The World Green Economy Summit (WGES) is one of the leading global forums in the green economy, bringing together world-class experts from around the world to directly focus on advancing the global green economy and sustainability agenda, happened last October 20-21, 2019 at the Dubai International Convention and Exhibition Centre.

The Summit, held under the patronage of HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, is organized by Dubai Electricity & Water Authority and World Green Economy Organization, in cooperation with Dubai Supreme Council of Energy and WETEX.

WATCH VIDEO

Fintech Abu Dhabi
MENA’s Leading FinTech and Financial Event

October 21 – 23

Happened last 21-23 of October 2019, organized by Abu Dhabi Global Market, Powered by Unbound, FinTech Abu Dhabi. Fintech Abu Dhabi welcomed over 5,000+ delegates from over 70 countries in Abu Dhabi – MENA’s Leading FinTech hub. Across three stages, over 130 expert speakers including, 13 Unicorns, 6 emerging Unicorns, and a stellar and formidable list of global female leaders sharing their knowledge on key themes driving the financial technology industry forward.

WATCH VIDEO

WETEX Dubai

October 21 – 23

WETEX Dubai Solar Show exhibition aims to achieve integration between all sectors of the energy industry and bring together trade and technical sectors whilst facilitating the creation of new trade opportunities, enhancing an exchange of ideas and experiences and showcasing the latest innovations. This was held last October 21-23, 2019 at the Dubai World Trade Centre.

WATCH VIDEO

TIP Infosession at Higher Colleges of Technology

October 23

Last October 23, 2019, TIP shared the stage with Higher Colleges of Technology in Abu Dhabi to further discuss the opportunities that this platform created for all the innovators in all walks of life. TIP Infosession aims to educate the young innovators on focusing on the advancement of their innovations. From ideas to patenting to execution and funding.

WATCH VIDEO