Market Trends of Building Inspection Services Industry
This section covers the major market trends shaping the Building Inspection Services Market according to our research experts:
Rapid Urbanization is Driving the Market
Rising urbanization around the world is expected to drive the building inspection services market. According to the United Nations Department of Economic and Social Affairs, about 4.4 billion people lived in urban areas in 2020, and is projected to rise to 6.7 billion by 2050.
According to the Population Reference Bureau, North America was the most urbanized continent worldwide in 2021, with 82% of the population living in cities. In Latin America and the Caribbean, the degree of urbanization was 79% in the same year.
In 2021, the degree of urbanization worldwide was at around 56 percent. In Europe, the urban population constituted 75 percent of the whole population. It is projected that the share of people living in urban areas globally will increase from 56% in 2020 to 70% in 2050.
In 2021, approximately 64.7 percent of the total population in China lived in cities. The urbanization rate has increased steadily in China over the last decades. Brazil and Russia, two other BRIC countries, are significantly more urbanised than China. In India, on the other hand, the world's second most populous country, only 34.9 percent of the population lived in urban areas in 2021.
Technology Driving the Building Inspection Services Market
For a long time, people have avoided building inspections or taken shortcuts because of the high costs of equipment, professionals, workers, and insurance, not to mention the risks involved. Modern technologies, on the other hand, reduce the costs, time, and risk associated with traditional methods, allowing more people to not only perform inspections but also obtain better reports.
Building inspections have changed dramatically as a result of mobile building inspection software. taking paper notes while walking through a building. By using proper building inspection software systems, it can enter data directly into the mobile device. In essence, this mobility allows staying on track.
Agents can view completed inspections, create repair-request lists, follow up with contacts, and schedule appointments for clients using technology like the personalized My HomeTeam Dashboard. All of this can be done with a smartphone or tablet, making it easier for agents to keep track of their clients' reports and other data.
By using drones, they can gain access to almost any part of a building and capture high-quality images or videos. They can also capture a thermal image, which aids in the detection of insulation leaks. Traditional methods, which often require heavy and expensive climbing gear, are still far more expensive than drone systems with all necessary sensors.
The cloud, wireless and virtual reality technologies are helping in transmitting the inspection data in real-time and enable sharing among the various people working on a project.
