REVOLUTIONIZING THE FUTURE OF THE CONSTRUCTION INDUSTRY: STRATEGIZING AND REDEFINING CHALLENGES

The construction industry is ripe for disruption. With the vast pace of new technologies innovating the whole life cycle of construction, the revolution seems vital. The ideas of digitization and digitalization in Industrial Revolution 4.0 are currently entering the market in most industries including the construction industry. While most other industries have undergone tremendous changes recently, the construction industry has been reluctant about plenarily embracing the newly emerging technological adoption. Varying sophistication of construction, this paper was empirically evaluating large construction firms’ point of view on challenges of the construction industry in the era of Revolution 4.0 using survey data form. The findings reveal that construction companies need to deal with the manifold PESTEL (political, economic, social, technological, environmental, and legal) challenges. By adopting the Revolution 4.0 hindered by lack of policies, financial problem, limited demand for innovation among large economic players, lack of trust towards foreign partners, and limited adaptability of foreign software. Clearly, this paper helps scholars and industry players to redefine the development of the construction industry into detailed strategic plans or policies in the future. In a nutshell, transforming the construction industry into digitization and digitalization might confront few challenges but the longterm benefits obtained throughout application should not be forgotten.