AI (artificial intelligence) offers all kinds of benefits to the construction industry. Chiefly, being able to leverage data for predictive and prescriptive maintenance can help with many aspects of construction from preconstruction through to operations.
Global Market Insights puts AI in construction growth predictions at 20% between 2023 and 2032. In comparison, Mordor Intelligence similarly suggests the AI in construction market is estimated at $3.99 billion in 2024 and is expected to reach $11.85 billion by 2029, which is a 24.31% growth rate.
As Mordor Intelligence suggests, artificial intelligence and machine learning can help with the entire process including design, preconstruction, construction, and operations, through to asset management. Reducing production costs will be a huge driver for construction companies, as will the enhanced safety measures that come from AI.
Consider the example of cement and how AI might impact this process. As an instance, CemAI has partnered with Continental Cement Co., to install CemAI’s technology that combines software with a continuous monitoring and incident resolution service to further enhance its cement manufacturing performance.
Since 1903, Continental Cement has produced cement in a safe working environment—all while delivering the product in an innovative and sustainable way. Ultimately, this company provides cement for construction projects along the Mississippi corridor.
The CemAI solution leverages both historical and realtime manufacturing data and applies machine learning, artificial intelligence, and remote monitoring by cement experts to complement the expertise of Continental’s local plant maintenance and reliability teams. Ultimately, this will minimize downtime and increase equipment reliability, delivering product to construction companies in a timely manner.
Of course, this is only one example of AI in construction. We have also seen how AI can help in the estimating process, as yet another example. The trend toward greater adoption of AI could permeate all aspects of construction in the days ahead at the jobsite and in the office.
Mordor Intelligence suggests there will be big benefits in the preconstruction phases like planning and designing, as we see the rise of greater advancements in BIM (building information modeling) and generative design. In fact, it suggests the planning and design application segment will hold the most significant marketshare.
Global Market Insights points to opportunities in project scheduling, resource allocation, and task management as just a few areas that could see growth in the days ahead, which will ultimately improve safety, hazard detection, compliance enforcement, quality control, and defect detection, just to name a few.
As we witness all these new innovations continue to emerge in the construction industry, we must also consider what this will mean for the technology companies as well. Could this lead to more and even larger M&As (mergers and acquisitions) on the horizon for 2024? Will tech companies look to make bigger and bolder moves with AI to stay in the race to be competitive in ways they never could have imagined previously? Possibly. It will certainly be a big trend to watch in this coming year.
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