Various factors such as education, employment, and a better standard of living large population are planning to shift to urban regions which has increased the pressure on the construction industry to speed up their projects. As per our analysis, the urbanization percentage in the most developed regions, and less developed regions is expected to reach nearly 80 percent, and 53 percent respectively in 2030. Factors such as delayed deliveries of materials, shortages of workers, and more could cause these projects to slow down hence further boosting the price of the overall project. As a result, in order to make this process efficient, reducing turnaround time has become necessary for managing all these negative aspects.
The amount of time essential to accomplish a particular task is known as TAT (turn around time). Every business for its growth necessities completing the job on time. Therefore, managing turn around time becomes crucial.
There has been growing digital transformation in the construction sector. The traditional method of projects is rigorously replaced with digital methods. Nearly 65 percent of the construction industry is giving priority to digital transformation, in order to complete their projects on time in India. This growing transformation is considered to be the fourth industry revolution in the construction industry referred to as Construction 4.0. Hence, this transformation is expected to reduce the turn around time of the process.
The construction sector relies heavily on labor. It includes different repetitive and intense operations which could be completed at a faster pace with the adoption of automation or smart robots. Also, human errors could be reduced with this adoption.
Project management software makes it easy for construction companies to manage budgets by providing forecasts and estimations. Moreover, it also provides real-time data hence reducing the sector’s task of keeping track of information.
The Internet of Things (IoT) connects construction vehicles and devices in order to influence an autonomous construction site.
For identifying process patterns and improving workflows, artificial intelligence is applied. It is also practical to find better solutions for problems utilizing data sets. Modernized business operations depend on the created data sets.
The launch of virtual reality and 3D simulations permitted architects to look over and assess projects before beginning manufacturing. Data can be evaluated and stored from here, enhancing project quality and speed.
Currently, numerous construction industries are working on including drones in their projects. These drones are estimated to be used in analyzing sites, asset inventory, and planning & designing. The deployment of drones has boosted construction workers' safety by 55%. In addition, drones make capturing data easy and quick which further saves the time required in the traditional survey. Hence, this would reduce the turn around time required in manufacturing.
The three major types of drones used in construction are:
Construction 4.0 is still developing and it is difficult to give an exact growth definition. However, looking at the digitalization of each and every sector, the construction industry is projected to be fully automatic which would replace workers completely. Moreover, similar to drones more technology is being included in the construction sector. Mobile application is one of its which is seeking popularity in construction sectors. It has offered this industry to complete construction projects remotely. Also, it has made it possible for stakeholders to access various documents further and also boost the speed of the process. Worldwide, about 83 percent of construction megaprojects were delivered late due to the slow adoption of digitalization, which pushed up the budget. Hence, with the adoption of mobile applications the TAT (turn around time) is reduced.
Construction industries is facing huge competition. Hence, they need to increase their investment in adopting digital infrastructure. Time plays a significant role in the construction industry. A buffer in the construction projects for at least one day could lead to a loss of millions of dollars. Hence, with the adoption of the construction of 4.0, the speed of construction projects is estimated to boost. Though the opportunity for digitalization in the construction sector had been identified, still there is a lack of basic knowledge that hindered new technology from being fully utilized. Hence, the lack of awareness regarding the launch of new technologies, industries might not reach their aimed target. Therefore, the government is expected to spread awareness and launch various initiatives.