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Wednesday, 14 July 2021 14:07

APAC construction sector shows strong optimism and investment post-COVID with digitisation tipped as key growth area, InEight Outlook finds

By InEight Inc

Ninety-three percent of capital project and construction professionals in APAC are optimistic about their organisation’s future with 78% citing digital transformation as a key growth opportunity 

GUEST RESEARCH: InEight Inc., a global leader in construction project management software, has today launched its first annual Global Capital Projects Outlook. The Outlook, drawing insights from new research conducted with the world’s largest capital project owners and contractor construction professionals across the Americas, Europe and APAC, focuses on optimism levels and digitisation, and found that despite COVID-19, 93% of respondents in the APAC region are either fairly or very optimistic about their future, and 89% believe their organisation to be resilient. 

Digital transformation is considered the biggest short-term source of opportunity according to 78% of respondents in APAC with data analytics, artificial intelligence and machine learning considered most critical for success for the next one to three years. However, respondents are divided on the ongoing impact of the economic situation, with 59% identifying economic recovery as an opportunity, and 52% identifying economic stagnation or recession as a risk to their organisation’s growth in the coming year. 

Despite facing challenges such as border closures and material shortages, respondents are largely positive when it comes to improvements being made by the sector to deliver projects on schedule. Though when it comes to delivering projects on time, 61% of respondents in APAC say that, in the last three years, the number of projects delivered on or ahead of schedule has increased, compared to56% and 54% in Europe and the Americas respectively.However, when asked about delivering projects on or under budget, 55% of those in the Americas and 56% in Europe report a significant or slight increase in projects being delivered on or under budget, compared to 52% of APAC respondents. Delivering projects on budget remains a challenge within the region, with 20% of APAC respondents revealing that the average cost of a project that goes over budget is 15-20% over the original approved budget.

However, encouragingly 89of APAC respondents are confident of completing future projects on or ahead of schedule, and 91% confident of doing so on or under budget. These figures reflect the highest levels of confidence in comparison to the 83% and 82% reported globally. 

Commenting on the Outlook, Rob BryantEVP APAC, InEight, says: “It’s encouraging to see that the results of our Outlook show a construction sector in the APAC region that is full ofconfidence and optimism, despite facing tremendous challenges this past year. Capital project spending is on the rise in APAC, as governments go on infrastructure spending sprees to avoid recession, which has led to high confidence levels locally.

While investment in the sector is increasing, organisations increasingly acknowledge the importanance of digital transformation to keep projects on time and on budget. Respondents in the region are acutely aware that lagging behind competitors in their digital transformation efforts presents the biggest risk to their organisations in the coming year. In fact more than half of respondents list this as the biggest threat, compared to 30% in the Americas and 37% in Europe. 

The region shows strong appetite to invest in digital transformation, but this enthusiasm is being hampered by difficulties with integration and implementation, as well as issues such as a lack of available capital and return on existing investments. 

Pleasingly though, many respondents still report significant investments being made, or planned, to take advantage of the benefits digital transformation has to offer. Pairing this motivation with APAC’ssizeable capital project pipeline, further digitisation could not come at a better time.”

While regions across the globe gather digitisation speed at slightly differing paces, what is a commonality, is that the construction industry is foundational to the success of economies and societies worldwide. It is encouraging that despite a difficult year, respondents remain resilient and optimistic for the future; committed to continuing as a vibrant, vital and innovation-minded industry.

To access the full report, visit https://ineight.com/globaloutlook-2021

About Global Capital Projects Outlook from InEight
This report is based on a survey of 300 large enterprise capital project and construction professionals, conducted over six weeks in February and March 2021, via an online survey. The survey included 25 questions designed to gauge general confidence and optimism levels across the industry (especially important during the pandemic), and assess track record, plans and attitudes towards digital transformation. 

Of the 300 respondents, 100 each are drawn from our focus regions of the Americas, Europe and APAC, giving each equal weighting in the report. Globally, 64% of respondents are project owners, and 36% are contractors. All respondents work in construction, however in order to get a true reading of the global construction sector worldwide, we included those working construction roles within broader industries, including:

Power and Utilities

Commercial and vertical 

Infrastructure

Mining & Minerals

Water & waste

Oil, Gas & Chemical

The survey has been designed and conducted in conjunction with a specialized global enterprise technology market research partner, with results then analyzed and submitted to InEight experts for commentary based on their experiences and vantage points in the industry.

About InEight

InEight provides field-tested project management software for the owners, contractors, engineers and architects who are building the world around us. Over 300,000 users and more than 750 customers worldwide rely on InEight for real-time insights that help manage risk and keep projects on schedule and under budget across the entire life cycle. From pre-planning to design, from estimating to scheduling, and from field execution to turnover, InEight has powered more than $400 billion in projects globally across infrastructure, public sector, energy and power, oil, gas and chemical, mining, and commercial. For more information, follow InEight on LinkedIn or visit InEight.com.


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