The construction industry is changing—and the technology providers that recognize this are rising to the top, offering solutions aimed not only at improving business efficiencies and their bottomlines, but also at helping contractors and builders rethink how projects are managed at both the jobsite and the office.
Terms such as virtual reality, augmented reality, drones, the Internet of Things, total robotic stations, mobile apps, and more are making headlines these days—and with good reason too, as they afford construction companies the opportunity to think outside the box when it comes to technology implementation, and offer a unique value-added service to clients. However, “innovative” in and of itself isn’t enough when it comes time to select a technology partner for the long haul. Contractors and builders need to rely on technology companies that have built systems on a good framework, offer quality customer services, and have the financial backing to continue operations for years to come. Construction companies need to partner with strong companies, not just select innovative products.
And this is what many Constructech readers have set out to do. According to the 2015 Constructech IT Playbook, a larger percentage of readers are investing between $500,000 and $1 million in technology, and IT staff numbers are also growing. Where is the money going? A large percentage (43%) are planning to invest in both brand new state-of-the-art technology, while still shoring up and updating existing technologies. Simply put, companies want a blend of both, combining cutting-edge while also putting a greater focus on underlying technology and existing data extraction.
This is where the Constructech 50 enters the equation. This listing is a collection of the most prominent construction technology providers with a strong and ongoing market presence, and is chosen after months of research, interviews, and findings from the marketplace.
This year’s list comes at a time when the market is beginning to show signs of growth. The most recent numbers from the U.S. Census Bureau, www.census.gov, Washington, D.C., show construction spending during April 2016 was estimated at a seasonally adjusted annual rate of $1,133.9 billion, which is 4.5% above the April 2015 estimate of $1,085 billion. In fact, during the first four months of this year, construction spending was 8.7% above the $307.9 billion for the same period in 2015.
This is all good news, but what’s coming in the month’s ahead? In a new report, PwC, www.pwc.com, Birmingham, Ala., forecasts the volume of construction output will grow by 85% worldwide by 2030, with China, United States, and India leading the way. There are mixed reviews for the months ahead.
Keeping all of this in mind, this year’s list remains relatively stable. Many of the providers on last year’s Constructech 50 list are returning this year, as they step up to the plate to prove they have what it takes to provide software in a competitive market. Only seven companies came off the list this year.
The companies that joined are a compilation of new providers that are proving they are strong players. Others are companies that have been in the industry for years and are demonstrating they have the wherewithal to join the list, as they have good customer testimonials and product updates, as well as a solid business plan for the future.
Overall, the company’s on this year’s Constructech 50 have the right mix of management guidance and vision that will drive advances in construction technology well into the future. This is where the Constructech 50 becomes very valuable for construction companies. Looking beyond the product and marketing hype, the judges spend time speaking with industry analysts, construction companies, and even the vendors themselves to identify the leading 50 organizations serving the market.
The end result is a list that identifies the best companies in the space. The Constructech 50 looks beyond just the products to the core of the company in order to help corporate owners, general contractors, homebuilders, specialty contractors and trades, and any organization performing services in construction determine which companies are the best to do business with.
The pages that follow highlight a select few of these leaders in the space, with insight from the editors on why the company made it on the list, as well as key highlights of each company. Still, it is these 50 powerhouses that are proving they are the leaders in the construction-technology space.
As the construction market continues to change in the months ahead, these technology companies are the ones to turn to in order to increase business efficiencies and ultimately improve the bottomline.
How the Judging Works
Each year Constructech magazine has a call to entry in the spring for companies interested in making the Constructech 50. Companies are encouraged to complete a detailed online ballot with specifics about the organization. While this background information helps the judges in the review process, Constructech magazine also conducts interviews with industry analysts, construction companies, and even the vendors themselves to gain a better understanding of the company’s position in the market.
Applicants are judged on a variety of criteria including, but not limited to, a strong product/service specifically aimed at the construction industry,
customer satisfaction and growth, industry outreach and educational efforts, as well as the company’s financial standing in order to serve clients and build products for the long term.
With all the necessary information in hand, the judges determine if a company should stay on the list or not. Additionally, the judges review hundreds of new companies to consider adding to the list. There are several sessions where the judges come together to discuss each company, takeaways, and determine if further research is needed. Finally, after several meetings, the list is compiled, resulting in the Constructech 50 each year.