Digitalization transforms the design, construction and operation of buildings and brings promises of integrated information exchange, ease of communication and productivity improvements for the whole construction sector. These promises depend significantly on the establishment of common information standards, i.e. rules and classification of information. However, despite rigorous efforts on development of standards and considerable technology advancements, standards are not yet fully adopted in construction and benefits from digitalization are not fully capitalized. The objective of this study is to review the adoption of standards and business model renewal for industrialized suppliers of precast concrete elements, with the purpose of reaching enhanced understanding of the mechanisms of standards adoption and business model renewal. The study identifies driving forces for adoption of standards that counteract with arguments for business renewal, explained in terms of a market versus a hierarchy approach in this context. The market approach promotes adoption of open standards for enhanced competition, ease of communication and information exchange as well as improved utilization of industrialized construction. The existing lack of common standards for precast elements, identified in this study, render e.g. waste due to structural redesign and liability uncertainties. However, on a market with open standards, the precast suppliers find it difficult to fully utilize and benefit from their existing operational platforms. Precast supplier search for adoption of the whole value chain of precast structural frameworks, i.e. a hierarchy approach, to protect their market position and maintain their business offerings of complete structural frameworks that include design, manufacturing, logistical services as well as on-site assembly. The integrated hierarchy approach concurs with arguments for industrialized construction, i.e. collecting experiences from design, manufacturing, logistics and assembly as a basis for continuous improvements. The study thus contributes to the understanding of drivers and impediments for adoption of standards versus business renewal in construction.