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Thematic Intelligence: Blockchain in Construction

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    Report

  • 43 Pages
  • June 2024
  • Region: Global
  • GlobalData
  • ID: 5996046
Blockchain is a method of storing information that makes it difficult to alter the information or cheat the system. The technology can be viewed as a digital record of transactions-like a ledger-that is decentralized, meaning no central authority, such as government or bank, validates a transaction. Instead, transactions are shared or distributed among all participants on a peer-to-peer (P2P) basis within the network. The technology suits applications where data must be shared, and data integrity and traceability are paramount. Blockchain applications are limited in construction but include supply chain management and tracking Scope 3 emissions.

Blockchain is a small but fast-growing industry

The analyst forecasts the global blockchain software and services market will grow from $12 billion in 2023 to $291 billion in 2030, expanding at a compound annual growth rate (CAGR) of 55%.
Blockchain is a method of storing information that makes it difficult to alter the information or cheat the system. The technology can be viewed as a digital record of transactions-like a ledger-that is decentralized, meaning no central authority, such as government or bank, validates a transaction. Instead, transactions are shared or distributed among all participants on a peer-to-peer (P2P) basis within the network. The technology suits applications where data must be shared, and data integrity and traceability are paramount. Blockchain applications are limited in construction but include supply chain management and tracking Scope 3 emissions.

Digitalization is a prerequisite to blockchain adoption

Strong IT infrastructure and a high degree of digitalization are prerequisites to adopting blockchain. The construction industry has generally been slow to digitalize. Construction companies that still rely on paper-based documentation will find it counterproductive to adopt blockchain and should instead focus on adopting building information modeling (BIM) as a prerequisite.

Blockchain is not always appropriate

The capabilities and drawbacks of blockchain are not widely understood. A poll conducted by the analyst in 2024 revealed that just 24% of respondents fully understood the technology. Lack of understanding, coupled with the hype surrounding blockchain, can lead to misaligned expectations, resulting in blockchain adoption being driven by novelty without consideration for its appropriateness. Construction companies must remember that blockchain is not always the optimal solution. Implementing blockchain can be complex, whereas a traditional database offers efficiency and simplicity and will suffice for many use cases.
To mitigate the risks of adopting blockchain, construction companies should use blockchain as a service (BaaS) to avoid the high upfront costs of developing blockchain solutions in-house.

Scope

  • The “Blockchain in Construction” thematic intelligence report gives you an in-depth insight into the impact of blockchain in construction, including key players, challenges, and market size and growth forecasts. The report elucidates the growing importance of blockchain in the construction sector along with the progress made by the leading construction companies to adopt blockchain. These detailed analyses are critical in developing effective business plans to gain a competitive edge.

Reasons to Buy

This report :

  • Discusses the challenges the construction industry faces and how blockchain can be used to help address them.
  • Evaluates the impact of blockchain in the construction sector, including various use cases and case studies.
  • Benchmarks leading blockchain vendors, and leading construction companies based on their adoption of blockchain.

Table of Contents

  • Executive Summary
  • Players
  • Value Chain
  • Construction Challenges
  • The Impact of Blockchain on Construction
  • Case Studies
  • Market Size and Growth Forecasts
  • Blockchain Timeline
  • Signals
  • M&A trends
  • Company filing trends
  • Hiring trends
  • Companies
  • Leading blockchain adopters in construction
  • Leading blockchain vendors
  • Specialist blockchain vendors in construction
  • Sector Scorecard
  • Construction sector scorecard
  • Glossary
  • Further Reading
  • Thematic Research Methodology
  • About the Analyst
  • Contact the Publisher
List of Tables
  • Construction Challenges
  • Key M&A transactions associated with the blockchain theme
  • Leading blockchain adopters in construction
  • Leading blockchain vendors
  • Specialist blockchain vendors in construction
  • Glossary
List of Figures
  • Key players in blockchain
  • The blockchain value chain
  • Blockchain-related keywords with the most mentions in construction company filings
  • Thematic investment matrix
  • The first property tokenized by Realbox
  • Global blockchain revenue, 2019 - 2030 ($B)
  • Global blockchain revenue by sector, 2023
  • Global blockchain revenue by region, 2023
  • Blockchain timeline
  • Blockchain-related M&A deals, 2014-2023
  • Number of mentions of blockchain in construction company filings, 2019-2023
  • Top themes mentioned alongside blockchain, 2019 - 2023
  • Blockchain jobs in construction, 2020 - 2024
  • Sector Scorecard - Who's who
  • Sector Scorecard - Thematic screen
  • Sector Scorecard - Valuation screen
  • Sector Scorecard - Risk screen
  • Our five-step approach for generating a sector scorecard

Companies Mentioned (Partial List)

A selection of companies mentioned in this report includes, but is not limited to:

  • AECOM
  • Accenture
  • Acciona
  • Alchemy
  • Alibaba
  • Alphabet
  • Amazon
  • Arup
  • Aura Blockchain Consortium
  • Ava Labs
  • Balfour Beatty
  • Bechtel
  • Bouygues
  • Briq
  • BuildCoin
  • China Communications Construction
  • China Minmetals
  • China National Chemical Engineering
  • China National Machinery Industry
  • China Railway
  • China Railway Construction
  • China State Construction Engineering
  • Clark Construction
  • Dapper
  • DigiBuild
  • Doosan
  • EHAB
  • Ferrovial
  • Fluor
  • Global Shipping Business Network
  • Hyundai Engineering & Construction
  • IBM
  • Infosys
  • Kaleido
  • Kiewit
  • Laing O'Rourke
  • Larsen & Toubro
  • Lendlease
  • M.A. Mortenson
  • Maire Tecnimont
  • McDermott
  • Mosinzhproekt
  • Multiplex
  • NTT Data
  • Oracle
  • PCL Construction
  • Petrofac
  • POSCO
  • Power Construction of China
  • R3
  • Ripple
  • Royal BAM
  • Saipem
  • Salesforce
  • Samsung C&T
  • Shapoorji Pallonji
  • Shikun & Binui
  • Shimizu
  • Siemens
  • Skanska
  • Solana
  • Stabilwerk Bau
  • STRABAG
  • Stroytransgaz
  • Tata Consultancy Services
  • TechnipFMC
  • Tecnicas Reunidas
  • Tencent
  • VINCI
  • Webuild
  • Wipro
  • Wood Group
  • Yapi Merkezi