As we head into 2024, we know many are predicting the steady rise of adoption of AI (artificial intelligence) will continue in many industries, including construction. In fact, some put the dollar amount at roughly $1.3 trillion.
Bloomberg Intelligence, for instance, suggests the generative AI market is poised to explode, growing to $1.3 trillion in the next 10 years from a market size of just $40 billion in 2022. The report suggests growth could expand at a rate of 42%. If these numbers are even remotely on track, the bottomline is whatever prediction you look at the trend is the same: generative AI is the next hottest technology to watch. And more importantly, are you posed to respond accordingly?
My goal for the New Year is to help my clients and readers be ready to be in the best position to take advantage of what is coming. The way I view success, or perhaps the best indicator of success, for any industry is the use cases with technology. Today, let’s look at specific examples in construction to better understand the impact AI will have in the AEC (architecture, engineering, and construction) industry.
Here at Connected World, we have looked at many use cases of AI in different industries such as at the dentist, in insurance, and even in healthcare. For the purposes of this discussion, let’s take a closer look at some examples in AEC. Earlier this week, we unpacked how a smart assistant can harness generative AI in real estate to improve efficiency, personalization, and responsiveness. Now, let’s dig deeper at how construction companies are improving collaboration with AI.
Consider the example of Exodigo, which offers a solution to map underground infrastructure without disruptive excavation and drilling, and it does this by leveraging AI and multi-sensor technology to provide comprehensive, accurate maps of underground infrastructure. The objective here is to create safer, more cost-effective, and sustainable construction practices.
Suffolk Technologies recently announced a commercial engagement with this company’s technology on several projects within the firm. Exodigo was one of seven startups selected out of 212 global applicants to participate this year in Suffolk’s BOOST program.
Looking to the future, the artificial intelligence and multi-sensing technology platform will be used on multiple sites across the United States in 2024. The technology will be used for many use cases including hospitals and airports, and the use of the technology will span multiple states including California, New York, and Texas.
Certainly, this is only one specific example, but we are continuing to see the rise of more use cases of artificial intelligence in the construction and real estate industry. Let’s continue to keep the pulse on what companies are doing with artificial intelligence to better identify how we can improve our own businesses.
Remember, we shouldn’t use technology simply for the sake of technology. Just because generative AI is the most hyped this past year and will certainly be the most talked about technology of 2024 doesn’t mean we should implement it in our own companies. We must consider our business processes, practices, people, and how emerging technology will help meet our needs. Let’s keep our eye on the business value, as we continue to unravel our generative AI strategies for 2024 and beyond. How will you proceed?
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