With increased investments in health care, public safety, and other public infrastructure, the engineering and construction sector is expected to thrive. While the companies in the sector continue to grapple with labor shortages and other pandemic-induced headwinds, the introduction of smart technology to improve efficiency should bode well.
The industry landscape is rapidly shifting as engineering firms, contractors, and value chain participants recognize the benefits of technology investments to link, integrate, and automate processes and move the whole value chain onto a secure, intelligent infrastructure. Moreover, the rapidly growing residential construction sector, driven by rising population and other government initiatives, should boost the sector's growth. The global construction market is expected to reach $14.41 billion by 2030 at a CAGR of 7.3%.
