From start-up to scale-up : accelerating growth in construction technology – McKinsey

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Synthèse de Beesnest : comment les startups de la construction peuvent assurer une croissance pérenne ?

1- Key numbers about AEC industry and M&A deals

  • The architecture, engineering, and construction (AEC) industry is one of the biggest industries in the world, valued at $12 trillion.
  • The AEC tech ecosystem has experienced a surge in investment, with an estimated $50 billion invested between 2020 to 2022, 85% higher than the previous three years.
  • The number of deals in the AEC tech industry increased 30% to 1,229 during the same period.
  • The AEC tech industry is not yet at the scale and sophistication of more established software markets like logistics, manufacturing, and agriculture.
  • AEC tech companies often struggle to grow efficiently due to several dynamics among AEC customers, including fragmentation, low IT spend, and entrenched analog ways of working.
  • Global demand for long-term construction is strong, in part because of increased stimulus by governments, such as the $1.2 trillion Bipartisan Infrastructure Law in the United States and the €800 billion NextGenerationEU fund in Europe.
  • The United States has 440,000 vacancies in AEC, compared with around 300,000 in 2019, whereas the United Kingdom’s vacancies have nearly doubled since 2019.
  • Investment in AEC tech has grown multifold and 77% of the respondents to a survey expect to invest in AEC tech at similar or higher levels in 2023.
  • The proportion of late-stage venture capital in total AEC tech investment totaled $11.5 billion between 2020 and 2022, more than triple that of the previous three years.
  • M&A continues to be the largest source of funding for AEC tech ventures, accounting for 48% of all investments and 68% of all exits.
  • The median deal size and post-money valuation in the industry has more than doubled since 2017.

2- What about their value proposal ?

  • Nearly half of the companies analyzed offer customers solutions that address three or more use cases.
  • 20% of AEC tech companies also address at least one property technology (proptech) use case.
  • The average construction company employs fewer than ten people, making customer acquisition labor-intensive and slow.
  • The typical IT spend for AEC companies is 1 to 2% of the revenue, compared with the 3 to 5% average across industries.
  • The most common issues observed by AEC tech investors are an overfocus on engineering (rather than product and market fit) and product fragmentation.
  • Valuations for start-ups are tied strongly with the annual recurring revenue (ARR) growth metric.
  • Successful businesses have a product that can be deployed with minimal customization and training.
  • Successful players use their investors and existing customers to open new routes to market.

Veuillez noter qu’il ne s’agit pas d’une liste exhaustive de toutes les informations contenues dans le rapport, mais plutôt d’un résumé de certains points et chiffres clés. Pour plus d’informations, veuillez lire le rapport complet.

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