95% of capital project and construction professionals in America are optimistic about the future of their company, 65% cite digital transformation as an important growth opportunity

SCOTTSDALE, Ariz., July 13, 2021 / PRNewswire / – InEight Inc., a leading global provider of construction project management software, today released its first annual Global Capital Projects Outlook. The Outlook, drawing insights from new research conducted with the world’s largest capital project owners and construction professionals for construction companies across America, Europe and APAC, focuses on optimism and digitization and found that 95% of respondents in America are either right or very optimistic about their future despite COVID-19 and 94% believe their company is resilient – the most positive of the region.

InEight Inc., a leading global provider of construction project management software, today released its first annual Global Capital Projects Outlook.

According to 65% of American respondents, digital transformation is seen as the greatest short-term opportunity. Data analysis, artificial intelligence and machine learning are considered to be the most critical to success for the next one to three years. However, respondents are divided on the ongoing effects of the economic situation: 53% see economic recovery as an opportunity and 42% see economic stagnation or recession as a risk to their company’s growth in the coming year. In comparison, respondents in Europe are a little more concerned, only 44% see the economic recovery as an opportunity and 48% see it as a threat.

Despite the different economic interpretations, respondents are largely positive when it comes to improving the sector in order to get projects within budget. When it comes to delivering projects on time, 54% of American respondents say that over the past three years there has been an increase in the number of projects delivered on time or earlier, while APAC disagrees with 61%. However, when asked about getting projects on or under budget, roles are reversed, with 55% of American respondents reporting a significant or slight increase in projects on or under budget, compared to 52% of APAC respondents.

The story goes on

While there are market nuances, encouragingly 83% globally are confident of completing future projects on time or sooner and 82% are confident of doing it within or under budget.

Comment on the outlook, Jake Macholtz, CEO of InEight, says: “The results of our outlook speak for a construction industry in America that is brimming with confidence and optimism and has shown itself to be more than equal to the tremendous challenges of the past year.

“Despite this positive attitude, however, the region seems to be lagging a little behind its international counterparts in some ways when it comes to pushing the boundaries of technology. This could be attributed to the extremely competitive bidding culture and focus on project margins in America, despite the potential productivity gains, it is a challenge for companies to devote resources to researching and investing in new technology.

“Fortunately, however, many respondents report that significant investments are still being made or planned to take advantage of the digital transformation. Coupled with America’s capital project pipeline, which is on the verge of a substantial cash injection, further digitization “could not come at a better time. With this once-in-a-lifetime opportunity ahead of us, I feel confident that our industry will have collaboratively grown for this opportunity and will continue on its well-trodden digital path. “

While regions around the world accelerate digitization slightly differently, one thing they have in common is that the construction industry is the basis for the success of economies and societies around the world. It is encouraging that, despite a difficult year, respondents are robust and optimistic about the future; obliged to continue as a dynamic, vital and innovation-oriented industry.

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

Via InEight’s Global Capital Projects Outlook
This report is based on a survey of 300 big business capital project and construction professionals conducted in February and six over a six week period March 2021, via an online survey. The survey consisted of 25 questions that were aimed at measuring general confidence and optimism across the industry (especially important during the pandemic) and assessing the track record, plans and attitudes towards digital transformation.

Of the 300 respondents, 100 each come from our focus regions America, Europe and APAC, both weighted equally in the report. Globally, 64% of respondents are project owners and 36% are contractors. All respondents work in the construction industry. However, to get a real picture of the global construction sector around the world, we have included the construction professions in broader industries including:

Electricity and utilities

Commercial and vertical

Infrastructure

Mining & Minerals

Wasted water

Oil, gas and chemistry

The survey was designed and conducted in collaboration with a specialist global market research partner for enterprise technology. The results were analyzed and submitted to InEight experts for comment based on their experiences and viewpoints in the industry.

About InEight
InEight provides field-proven project management software for the owners, contractors, engineers and architects who build the world around us. Over 300,000 users and 750+ customers worldwide rely on InEight for real-time insights that help manage risk and keep projects on schedule and under budget throughout their lifecycle. From pre-planning to design, from estimating to scheduling, and from field service execution to sales, InEight has more than $ 400 billion in projects worldwide in the fields of infrastructure, public sector, energy and energy, oil, gas and chemicals, mining and commerce. For more information, follow InEight on LinkedIn or visit InEight.com.

InEight is the leading developer of construction project management software.  (PRNewsfoto / InEight)

InEight is the leading developer of construction project management software. (PRNewsfoto / InEight)

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SOURCE InEight