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The Future Is Artificial

With all the talk of the metaverse, businesses are determining how this might impact operations in the months ahead. One thing is for certain: The future is artificial, which is going to add a lot of intelligence to construction projects, if done right.

Consider the recent prediction from IDC that forecasts companies will increase spend on AI (artificial intelligence) solutions by 19.6% in 2022. The report looks at three technology categories: AI software, AI hardware, and AI services. Let’s take a closer look at each.

AI software will actually see its share of spending decline slightly this year, as these technologies have been widely adopted in the past and are beginning to slow down a bit. In this category, AI applications accounted for 47% of spending the first half of 2021, followed by AI system infrastructure software, with around 35% share.

Looking to the future, within the AI applications category, AI ERM (enterprise risk management) is forecast to grow fast relative to AI CRM (customer-relationship management) and the rest of AI applications. When looking at AI platforms, these are expected to perform the best with a five-year growth rate of 34.6%. The slowest growing segment will be AI system infrastructure software at 14.1% in the same timeframe.

In the AI services category, AI IT services saw 20.4% year-over-year growth in the first half of 2021 with worldwide spending reaching $18.4 billion. This growth is forecast to improve to 22% in 2022 and remain there through the end of the forecast period. AI business services are not far behind in terms of growth with a five-year growth rate of 21.9%. By 2025, IDC expects overall AI services spending to reach $52.6 billion.

Compared to software and services, the AI hardware category grew the most in terms of marketshare in the first half of 2021, with a jump of 0.5% share. Further, it is forecast to reach 5% marketshare in 2022, with year-over-year growth of 24.9%. AI storage saw strong growth relative to AI server during the first half of 2021. However, this trend will reverse in 2022 with AI server expected to see 26.1% growth compared to 19.7% growth for AI storage. In terms of spending share, AI server holds the lion’s share of the category at more than 80%.

All in all, the future is AI—and in many cases it is already here. How is your construction company leveraging AI technology to better business?

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