Businesses, both large and small, unquestionably alter numerous projects, plans, tasks, and people while completing projects. Digital project delivery solutions seek to transform the manner in which industry delivers projects in the digital environment. There are certain factors such as insufficient planning, contractor and supplier constraints, and poor controls or management, contributing to plan revisions leading to missing project deliveries. Digital project delivery solutions try to reduce the errors that occur while delivering the project. Digital services are more efficient, convenient, secure, and accessible than the more manual services they replace and provide a better customer experience. Digital project delivery solutions involve the use of digital technology from design and engineering to procurement and construction through digital handover for operations and maintenance system readiness. It is a data-centric approach to project execution.The technology convergence of social collaboration, mobility analytics, big data, and cloud are creating more opportunities for digital project delivery solutions vendors. Digital project delivery makes available technology platforms to drive growth of industries (such as construction), from traditional 2D planning and siloed workflows to an extremely cooperative and capable 4D visual planning and virtual design and construction (VDC) project management process.
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The digital project delivery solutions market is rising across the globe due to the growing increase in digital delivery in the public sector. Digital project delivery solutions provide companies with the benefit of cost-effectiveness and enhanced security and quality. Adoption of digital project delivery solutions is increasing, as it helps in designing and digitizing customer journeys along with achieving customer adoption of digital customer journeys. Thus, all these factors are anticipated to drive the market during the forecast period.
Lack of awareness about implementation of specific digital project delivery solutions among various small enterprises is limiting the market growth. Sometimes, it becomes challenging to integrate digital solutions into product lifecycle management. However, the digital project delivery solutions market is expected to grow significantly due to the growing demand for project management solutions in order to achieve efficient business processes.
Digital technologies are set to improve capital project delivery. The digital project delivery solutions market can be segmented based on component, industry, deployment type, and geography. The component segment can be bifurcated into solutions and services. Furthermore, based on solutions, the digital project delivery solutions market can be segmented into digital twin, e-Procurement, advanced work packaging, mobility, and management services and training services, project dashboard and O&M systems readiness. On the basis of deployment, the digital project delivery solutions market is segmented into cloud and on-premise. In terms of industry, the digital project delivery solutions market is segmented into government, energy & utilities, construction and others. Demand for digital project delivery solutions is increasing, as it improves craft labor productivity and predictability. Geographical segmentation of the digital project delivery solutions market includes North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America. Increasing adoption of digital technologies such as cloud, big data and others by various companies is expected to drive the growth of the digital project delivery solutions market in this region.
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Digital project management can be defined as the organizing, planning, and inspiring of project teams along with managing procedures and processes, and resources, to reach an Internet related or online marketing goal on time and on budget. Key player active in the digital project delivery solutions market includes KBR Inc., Irayo Technologies Pvt. Ltd, Digility, Web Bay, Valeyo, Tarams Software Technologies, Accenture Inc., Integrated Facilities Solutions Ltd, Synchro Software, and UCI. Key players are implementing numerous strategies such as acquisitions & mergers, R&D investments, production innovation and others in order to gain competitive advantage in the market. Recently, in June, 2018, Bentley Systems, Incorporated, announced the acquisition of Synchro Software, for its product expansion in 4D construction modeling software, for project management and scheduling.