Ninety-six percent of capital project and construction professionals are optimistic about their organisation’s future, according to the second annual Global Capital Projects Outlook by InEight, with digital technology the top driver of growth in the construction industry.
InEight Pty Ltd, on behalf of its parent company, InEight Inc., has launched its second annual Global Capital Projects Outlook. The Outlook draws insights from research conducted with 300 of the world’s largest capital project owners and contractor construction professionals across the Americas, Europe and APAC.
Commenting on the Outlook, Jake Macholtz, CEO, InEight, says: “Everyone we speak to is talking about growth opportunities for both owners and contractors. The optimism, resilience and confidence of the industry is almost tangible it’s so strong.”
“This is especially encouraging given the economic backdrop organisations are operating within and the implementation challenges associated with digital transformation. It seems to be that the prospect of leveraging digital technologies to build a better world is keeping spirits high.”
The research reveals that 94% of respondents are either very or fairly optimistic about their organisation’s growth prospects for the next year. Digital technologies (60%) and economic growth/recovery (54%) offer top opportunities for growth, however almost all (92%) respondents said that their experience of change management left room for improvement, signaling a need for a more sophisticated, human-centric approach to technology implementation.
The Outlook found that respondents see digital technology as broadly helpful in their day-to-day roles. Of most benefit: gaining detailed and holistic information on projects and events (59%), giving reassurance that environment, health & safety (EHS) policies are being followed (59%) and prioritising tasks/managing project workflow (52%).
When asked what benefits they hoped digital transformation could deliver in future, respondents said more control and understanding of reality (55%), better communication (53%), more automation (51%) and improved access to project information (51%).
“Respondents are clear on the benefits of digital technologies and eager to realise this new vision of the future,” Macholtz says.
A tenuous operating environment
Against a backdrop of supply chain shortages, inflationary pressure and energy challenges, capital project owners and contractors are unshakably positive about the direction of the industry. APAC respondents reported a steady level of construction and capital projects spending increase (75% in 2022 and 74% in 2021). Resilience also remains high, with 90% of respondents considering their organisation to be very or fairly resilient.
To access the full report, visit ineight.com/annual-global-capital-projects-report
About Global Capital Projects Outlook from InEight
The report is based on a survey of 300 large enterprise capital project and construction professionals, conducted in March 2022, via an online survey.
The survey included 26 questions designed to gauge general confidence and optimism levels across the industry, and assess track record, plans and attitudes towards digital transformation.
Of the 300 respondents – with 100 participants drawn from each of InEight’s focus regions of the Americas, Europe and APAC, giving each equal weighting in the report – globally, 67% of respondents are project owners, and 33% are contractors.
All respondents work in construction, however in order to get a true reading of the global construction sector worldwide, InEight included those working in construction roles within broader industries, including:
- Oil, Gas and Utilities
- IT/Computer services
- Health Services
- Local Government
- Central Government or Non-Departmental Public Body (NDPB)
- Chemicals and Pharmaceuticals
- Healthcare Products and Technologies
The survey has been designed and conducted in conjunction with a specialised global enterprise technology market research partner, with results then analysed and submitted to InEight employees for commentary based on their experiences and vantage points in the industry.
Where possible, results have been compared to InEight’s previous survey in 2021. However, this is not possible in all cases due to new questions and wording alterations in this year’s edition.