The construction industry has been using technology extensively to increase productivity, quality, and efficiency. Technological innovations influenced the sector far beyond expectations and they can deliver tangible benefits at every phase of the construction value chain starting from conceptual design to maintenance. As the construction value chain is fragmented, effective collaboration and communication between multiple stakeholders is key. AI-powered tools can automate processes, provide intelligent business insights, augment productivity and protect against the shortage of skilled labor workers. AI has the potential to deliver tangible benefits at every step of the construction value chain, from conceptual design through to operations and maintenance.
Global spending on AI technology is certainly high but is difficult to estimate. There are two main reasons for this. Firstly, AI is an intrinsic part of many applications and functions, making it almost impossible to identify the revenue explicitly generated by AI. Secondly, the range of subsets and technologies that make up AI can be challenging to locate and track. In general, valuations of the overall AI market range from a few billion dollars to several trillion dollars, depending on the source. According to GlobalData, the global market size of AI in construction increased from $1.3 billion in 2019 to $1.6 billion in 2021 at a CAGR of 12.1%.
Below are examples some of the construction companies that are currently deploying AI;
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