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Global Capital Projects Outlook 2023

June 2023
Research parameters
Topic:
Project management technology
Countries:
US, Canada, UK, Germany, Sweden, Norway, Denmark, Italy, Singapore, Japan, Philippines, South Korea, Malaysia, Australia
No. of interviews:
304
Methodology:
Quantitative and qualitative
Respondent profile:
Owners and Contractors within the construction industry

Brief

InEight aimed to build on the success of their previous two campaigns by launching a third one. Furthermore, this new campaign not only highlighted historical data but also introduced fresh elements to the report, ensuring that InEight remained relevant to their audience.

Solution

Vanson Bourne conducted an online survey targeting construction industry businesses and contractors.

The questionnaire was designed to measure general confidence and optimism levels across the industry. Additionally, itĀ aimed to evaluate companies’ track records and assess their plans and attitudes toward digital transformation, offering a clear view of the industry’s mindset.

In addition to the quantitative data, Vanson Bourne conducted four qualitative interviews with InEight customers to explore insights in the sector.

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Outcome

The results were included in an annual report from the client, which was published in June 2023. Consequently, the year-on-year data enabled InEight to benchmark progress within the construction industry.

Moreover, it offered valuable insights, highlighting a promising future for integrated technologies that enhance collaboration and communication between stakeholders. The client received great traction with the report and strengthened their position in the market

Read the reportĀ 

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Key findings

Construction and capital projects spending levels continue to increase year on year, from a 68% increase in 2021, to 76% in 2022 and 86% in 2023. With spending increasing each year, organizations need to understand the best ways to utilize their money
Organizations are seeing projects going behind schedule or over budget on nearly half of all construction related projects (47% and 45% of the time respectively), on average, with over-budget projects spending 21% over the original approved budget, on average
Integrated Project Delivery is expected to be used predominantly by over half (53%) of organizations in the next 3-5 years, with the drivers for this change being supply chain challenges (41%), opportunities for data analytics / AI (39%) and the availability of new technologies that support different models (36%)
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