Size of the market
$41 TRILLION ON SMART CITIES
The various construction sectors are one of the largest in the world accounting for between $10trillion to $15trillion being spent on construction and related services each year, roughly 10% to 20% of global GDP.
Key growth markets are China, India, USA & Europe.
4 BILLION CITY FOLK
The number of people living in urban environments is growing as people leave rural life in search of more economic security and prosperity.
By 2030, around 4billion people, about 60% of the global population, will be living in urban areas such as cities.
This migration is creating pressure on cities to grow. To make cities function more efficiently, smart cities are necessary to ensure that limited resources can be used more effectively to cope with the urban population growth.
Fixing the productivity gap within the various construction sectors, such as infrastructure, mining, oil & gas and utilities, could help to save between $1trillion to $2trillion that is wasted each year due to poor productivity when compared to other industries.
This poor productivity problem has grown over the last few decades as technology has helped to improve sectors such as manufacturing and logistics.
But the introduction of technology into the construction sectors has been almost non-existent by comparison.
Around 600m people work within the construction sectors, roughly 7% of the global population.
Not everyone of those people will be expected to run a blockchain. However, between 20% to 40% (120,000,000 to 240,000,000) of those people will likely be using blockchain technology as part of their daily work.