The Emerging Contech Industry- Another Marvel of the Technology Era
From the beginning of human civilization, man has always found ways to evolve not just themselves but also in creating various tools to help them in their daily lives. Over time, through trial and error, these tools transcended into solving not just complex problems but also to simplify daily lives. From tools to hunt to tools used to build shelters and other structures.
The Neolithic age saw some great advancements in construction, the relentless pursuit of man to build and create over the years led to some of the greatest man-made creations known to humankind. Now, the question that everyone has is that, how did people with just primitive tools build such prodigious structures? We can only admire their tenacity to dream big and achieve them, some failed and some remained.
The current era of technology provides us with a much more advanced approach to the construction industry. With the incorporation of systems and processes; AI, virtual reality/augmented reality, 3D imaging- to name a few, the industry has seen a daunting shift. Today, we can monitor any and every step of each process and assess progress almost instantly to prevent failures.
These advancements are still fairly new and have been only developed over the last 20 years. The industry is highly complex and the methods used before were traditional and slow. With new — pioneering technology and the constantly rising population, the need for an ascent in infrastructure had never been this important. Due to time constraints, companies started facing huge losses and setbacks. Though some have the potential to face such roadblocks and get over them, most of them cannot.
This gave rise to the opportunity of utilizing technology in construction. Some brilliant minds identified these problems and used tech to solve them, this has not only benefited the industry as a whole but has also started exhibiting results. Technology has been beneficial in every facet of construction, safety for workers with enhanced tools, usage of drones for site inspection, using AI to ascertain the resources required, improving management and forecasting methods, increasing accessibility for data sharing, and storing — to name a few. These innovations have given rise to the so-called Contech ecosystem, also notably a very lucrative investment opportunity for the past couple of years.
According to the Wall Street Journal, the industry has seen an investment inflow of 6.1 billion dollars in 2018, this was an increase of 1.632% from that of 352 million which was invested in 2016. In 2019, this number had almost touched the 10 billion dollar mark. With such high amounts of investment we can interpret that the best is yet to come, the industry is still growing and we will be able to see many more groundbreaking uses of technology in the near future.
Yovza technology is one such company that is contributing to the emerging need for infrastructural development. They are creating a network of contractors and suppliers to create a nexus of stakeholders — this allows them to connect and have a larger pool of selection. It started its operations by simplifying the approval workflow with a cloud-based platform, providing a network base for various stakeholders of a project, and real-time analytics of the project. Their approach is not just to improve the construction management system but to also highlight the environmental benefits of utilizing virtual approvals as opposed to printed documents. This not only saves the planet but also saves time and effort which has been scarce in today’s world. With a growing influence in the industry, the company has strategically planned to solve and attend each and every problem that the construction industry faces today.