Artificial Intelligence (AI) in Construction – Strategic Intelligence

AI in Construction Strategic Report Overview

Construction companies increasingly invest in AI technologies to improve their environmental, social, and governance (ESG) credentials, boost productivity and safety, and address supply chain disruptions and labor shortages. The construction industry has felt the increased interest in generative AI sparked by the launch of ChatGPT in November 2022. Generative AI use cases in construction include improving customer service, helping to navigate product or building information, creating renderings and 3D modeling for architects and designers, and automating data filtering and processing.

The AI in Construction strategic intelligence report is a thematic brief, which identifies those companies most likely to succeed in a world filled with disruptive threats. This report predicts how each theme will evolve and identifies the leading and disrupting companies.

AI in Construction – Impact Analysis

AI can help the construction sector improve its ESG credentials in several ways. It can help construction companies keep track of their emissions.

Furthermore, AI can promote health and safety in construction in several ways, either by detecting dangers to human beings or by removing humans from dangerous scenarios. AI-enabled computer vision can monitor a construction zone for safety hazards and recommend solutions to resolve them. For instance, Intenseye’s health and safety platform uses computer vision to detect hazards and monitor the effectiveness of corrective actions.

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AI in Construction Value Chain Analysis

The AI value chain is split into five segments: hardware, data management, foundational AI, advanced AI capabilities, and delivery.

Advanced AI Capabilities: This layer comprises human AI interaction, motor, creation, and sentience.

AI Value Chain Analysis

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AI in Construction – Competitive Landscape

A few of the leading AI leading AI adopters in construction are:

• AECOM
• Balfour Beatty
• Bechtel
• China State Construction Engineering
• Laing O’Rourke

Specialist AI Vendors:

A few of the specialist AI vendors in construction are:

• ALICE Technologies
• Autodesk
• Bentley Systems
• Buildots
• Built Robotics

AECOM has bolstered its competitive position in AI by partnering with specialist AI vendors to enhance its services. In 2022, it released a new product called PipeInsights, which uses computer vision to help municipalities understand, maintain, and rehabilitate their sewer systems.

ALICE Technologies combines context-aware computing with user-input precedence requirements, such as spatial, resource, and laborer constraints, to generate efficient schedules for construction projects.

Key Companies in AI in Construction Theme

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Construction Sector Scorecard

At GlobalData, we use a scorecard approach to predict tomorrow’s leading companies within each sector. Our sector scorecard has three screens: a thematic screen, a valuation screen, and a risk screen.

• The thematic screen ranks companies based on overall leadership in the 10 themes that matter most to their industry, generating a leading indicator of future performance.
• The valuation screen ranks our universe of companies within a sector based on selected valuation metrics.

• The risk screen ranks companies within a particular sector based on overall investment risk.

Construction Sector Scorecard – Thematic Screen

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Scope

This report is a thematic brief, which identifies those companies most likely to succeed in a world filled with disruptive threats. Inside, we predict how each theme will evolve and identify the leading and disrupting companies.

This report covers the AI theme.

Key Highlights

For decades, artificial intelligence (AI) was the domain of university and corporate R&D labs. Recent progress in machine learning (ML) on the back of improved algorithms (e.g., Google’s AlphaGo, OpenAI’s GPT-3) and increasing computing power have enabled AI to solve real-life problems. GlobalData estimates the total AI market will be worth $1 trillion by 2030, up from $103 billion in 2023 at a compound annual growth rate of 39%.

The construction industry has been slower than other sectors in implementing AI as it is one of the least digitalized industries. However, construction companies are increasingly investing in AI technologies to improve their environmental, social, and governance (ESG) credentials, boost productivity and safety, and address supply chain disruptions and labor shortages.

Reasons to Buy

• GlobalData’s thematic research ecosystem is a single, integrated global research platform that provides an easy-to-use framework for tracking all themes across all companies in all sectors. It has a proven track record of identifying important themes early, enabling companies to make the right investments ahead of the competition and secure that all-important competitive advantage.
• Develop and design your corporate strategies through an in-house expert analysis of artificial intelligence by understanding the primary ways in which this theme is impacting the construction industry.
• Stay up to date on the industry’s major players and where they sit in the value chain.
• Identify emerging industry trends to gain a competitive advantage.