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Emerging technology in construction – risks and opportunities

New and emerging technologies are presenting the construction industry with a broad range of transformative opportunities for enhanced business growth, operational efficiencies, and much more.

09/19/2024 · 3 minute read

New and emerging technologies are presenting the construction industry with a broad range of transformative opportunities for enhanced business growth, operational efficiencies, and much more. However, with these new opportunities come new challenges and risks.

The continued integration of new products, practices and processes will see construction industry business’ risk profiles evolve over time. As they do, risk adaptation and mitigation measures should also respond in turn.

Below we have collated a broad range of emerging technologies materials – including some initial Marsh Construction insight into a number of new advancements and their associated risks as well as authoritative third-party content – to give a rounded view of how the construction industry might change in the future.

We understand that there is no prescribed short- or long-term roadmap for the construction industry’s adoption of new technologies which will vary by trade, scope of project, and technology maturity of construction stakeholders, amongst other considerations.

As such, we continue to work with tech developers, suppliers, and insurers to find ways to support construction companies manage and mitigate their risks, and look forward to sharing our latest insights with you in the future. 

Construction technology functional map

Brochure

C-Tech Club

Construction technology is moving from individual ‘tools’ to connected ‘toolkits’, with data integration and interoperability increasingly important.

In its second Catalogue of Construction Technology Types, C-Tech Club features 167 companies from 15 countries, organised around 30 types of technology as well as a ‘golden thread’ showing how the various technologies can best be made to work together. 

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Trends and tech insight

Article

McKinsey & Company

Which technology trends matter most for companies in 2024? New analysis by the McKinsey Technology Council highlights the adoption, development, and industry effects of 15 advanced technologies.

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Article

McKinsey & Company

Founders, executives, and investors in construction technology need to eliminate the barriers to efficient growth to achieve scale. This article outlines the investment trends that are accelerating the digitization of the industry, and suggests how tech businesses, and their investors, can address challenges to get on a path of efficient growth.

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Article

McKinsey & Company

The construction industry is facing increasing labour pressures – with skills gaps growing year-on-year. In this article, the scale of the issue is explored, with particular focus on critical skilled roles in the US market, as well as a number of proactive solutions, such as an investment in capital and technology. 

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Internet of Things

Video

Marsh

Internet of Things (IoT) solutions – devices with sensors and other technologies that collect and exchange data to allow for a more efficient building process while mitigating risk – are becoming more commonplace in the construction process.

In these two videos, we talk to IoT specialists about how companies can select the technology providers and partners that best suit their needs.

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Generative AI

Article

Deloitte

In this section of a broader Engineering & Construction outlook, Deloitte explores how businesses in this industry can benefit by leveraging digitalization and adopting generative AI.

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Article

Ernst & Young - Global

To unlock the value of AI and truly transform the infrastructure sector, it must adopt a new mindset, skillset, and toolset. In this article, EY suggests that greater investment and a different way of thinking and operating is required to fully reap the benefits of AI.

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Podcast

Marsh

Generative AI can present transformative opportunities for enhanced business growth, operational efficiencies, and much more. However, as with other emerging technologies, generative AI also presents challenges and risks.

In this episode of Marsh’s Risk in Context podcast series, Jaymin Kim, Senior Vice President of Emerging Technologies with Marsh's Global Cyber Insurance Center, speaks with Ravin Jesuthasan, Global Leader of Mercer's Transformation Services business, and David Stone, Office of the CISO at Google Cloud.

They explore some of the latest trends in the generative AI landscape, the potential impacts on work and the workforce, and the risks and opportunities that organizations should consider.

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Article

Marsh

GenAI has the ability to expedite and improve the accuracy of many tasks and processes in the construction industry. However, these developments are not without threats – requiring appropriate mitigation.

In this article we explore the myriad of benefits as well as the multiple threats GenAI brings to the construction industry,

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Cyber risk

Podcast

Marsh

The construction industry is becoming increasingly digitalized. While the adoption of new technologies and digital processes brings a number of advantages to construction businesses, it also increases the risk of being targeted by a cyberattack.

The rise in the number of claims, together with a more hazardous risk landscape, has led to higher cyber insurance rates and increased underwriting scrutiny. And while Marsh data shows that cyber insurance take-up rates have steadily increased in the last several years, there is still a widespread misunderstanding about the value of cyber insurance and questions about the process to secure coverage.

In a recent episode of Marsh’s Risk in Context podcast series, we address some of the most common cyber insurance myths. 

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Brochure

Marsh

The cyber risk management landscape is undergoing a significant shift, with businesses dedicating more time and resources to understand and mitigate their cyber risk exposure. However, one area that remains relatively unexplored is cyber-related property damage and resulting business interruption (PDBI).

It is crucial for organisations to understand the controls in place to manage the risks associated with digitally controlled/operated systems such as internet of things (IoT), operational technology (OT), and/or building management systems (BMS).

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Managing risks

Webinar

Marsh

The construction industry is undergoing rapid transformation, and construction firms are increasingly relying on innovative and emerging technologies to scale faster, adapt to changes, enhance digital asset awareness, and ensure compliance with partners.

During this webinar, our Marsh Canada experts explore the rapidly evolving world of technology in construction and delve into what risks are emerging that should be mitigated now.

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