In Europe, the construction sector is slowly catching up in terms of digitalisation in the past few years. As a result, the productivity of the industry is growing after years of stagnation. According to the European Commission, construction productivity has only increased by 1 per cent in the past two decades. And with operational profitability often being only 5 per cent, there is little room for error.
At present, numerous contech startups have emerged to gain a foothold in the industry by applying new disruptive technologies that could upend the playing field. Also, the companies are focusing on solving a specific but industry-wide problem, such as enhancing productivity, the safety of workers, and more.