As 2015 arrives, so do new trends in the Manufacturing and Construction industries. Both are expected to see new changes to the industry business models as new factors contribute to the growth of the sectors, including new technologies and boosts in the economy.
Some of the biggest trends expected to be seen in manufacturing include:
- The Internet of Things (IoT) is expected to change the manufacturing workforce to manage more technical systems and create more room for automation in the workplace. This is going to allow more opportunities to work on R&D and change the careers in manufacturing. Implementing IoT will drive efficiencies and save on labor and service costs.
- Social media use in manufacturing is just beginning to take a leap in success. Social media has encouraged manufacturers to become more customer focused instead of focusing on traditional business-to-business strategies. Because consumers prefer to communicate through social media and have such quick access to purchases through their smartphones and tablets, manufacturers are changing their B2B to B2C models.
- Next-Shoring is becoming increasingly needed due to more technical use in labor and the rising wages in Asia. Manufacturing companies are realizing it is easier to develop products closer to home instead of overseas to be made closer to where they will be sold. Next-shoring also allows manufacturers to increase the speed at which products are stocked and in stores. The quicker inventory that can be sold, the quicker warehouse, shipping, and docking is freed to do more work.
Some of the biggest trends expected to be seen in the construction industry include:
- Commercial buildings will increase faster than in 2014, about 15%. Because of the economic environment, there are many positive factors contributing to construction growth in commercial, with office construction being the leading sector. Also expected to have growth are technology and finance firms as well as hotels and warehouses.
- Single family housing will also see approximately 15% rise in dollars. The new year is expecting to show more access to home mortgage loans, which, in turn, will drive demand for housing. In the following years, the millennial generation is expected to move towards becoming single family home owners, which too will drive housing construction.
- Manufacturing plant construction looks like it will slow down in 2015 compared to the huge increases from 2013 and 2014. Compared to historic standards, next year will still see many projects focusing on the start of chemical and energy related projects, but overall, less than the past two years.
As these trends become more prominent in businesses in 2015, we will see changes in profits and customer expectations in these two growing industries. For more insights into the Manufacturing & Construction sector, check out our industry reports. To learn how market research can help you achieve greater success, download our free eBook.
Thanks for reading!
Caitlin Stewart
Marketing Associate
MarketResearch.com
