Evolving business models in the construction industry: a comprehensive review and analysis

The business model concept has been applied to the construction industry since the early 2000s to enhance productivity and innovation, its application in construction remains fragmented. The bibliometric analysis presented, quantitatively identifies critical studies and the knowledge structure of the field, while the chronological review presented, traces the evolution of its theoretical foundations and practical implications. The findings highlight how the construction business model concept has evolved from a tool for capturing operations to facilitators of innovation with a growing consensus on the value related key elements and emerging ones such as technology, supply chains, and operational platforms. The study suggests further research on construction-specific business model elements, focusing on the interdependencies between these elements to unfold the processes of business model innovation in the construction industry.