AI and Construction
Artificial Intelligence, otherwise, known as AI, is making inroads in construction which is great news for the growth of the industry. More to the point, AI has the potential to reduce costs and increase safety across the board in all construction areas while the market opens up at a tremendous rate, a CAGR of 26.3% through 2026, according to a report by Research Dive.
In construction it is mainly associated with increased safety of workers and better work efficiency. To do this, AI is used to get information and assist in simplifying future decisionmaking. Some basic uses of artificial intelligence include expert systems to help in caring the load, speech recognition, and natural language processing.
In recent years, AI has mostly been used in the pre-construction phase; with the help of this technology, one can plan and execute the digital models of what is to be constructed. Additionally, it also helps in maintaining and monitoring the safety and maintenance systems in the construction area.
Most applications of AI in construction can be divided into maintenance and monitoring, equipment, planning and design, and safety. AI for planning and design is the main application; it is the integral application, usually in the pre-construction phase where minute-to-minute information is gathered for research, planning, designing, and executing the project.
Advanced AI devices and machines can be automated vehicles that reduce the work force and the expenses for the company. These can be devices like drones that give aerial views of the site during the work or help in surveying and site mapping to automate the work, increasing the efficiency of the work force.
The cost efficiency and the availability of advanced artificial intelligence products are expected to drive AI in the construction market. Many large companies go over budget and spend a lot of time hiring professionals for their project team. With the help of artificial neural networks, overhead costs can be calculated, and the total cost of the project predicted based on the historical data, all with accurate information, saving money and time for the company.
The downside so far has been the availability of skilled labor to use AI systems, considered to be the major constraint on the market. The person using the AI device should have a sound knowledge of it, so the company avoids any dangerous or costly situations.
AI-augmented equipment—self-functioning machines for construction activities like excavation, demolition and many others–is expected to grow with a CAGR of 25.7%, generating a revenue of $616.7 million.
North America holds the largest market share with a revenue of $146.9 million in 2018. This market has seen huge investment in construction and automation, and government initiatives related to AI in construction is expected to boost the market.
AI in Construction Players Include:
- Building System Planning, Inc.
- Autodesk Inc.
- Volvo AB
- io Inc
- Komatsu Ltd
- NVIDIA Corp.
- Doxel Inc.
- Dassault Systems SE
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