The construction industry is growing all over the world, and with it the market for artificial intelligence forecasting. What does this mean? Right now, AI is increasingly used not just to simulate potential scenarios that could lead to injuries at a construction site, but also how to reduce construction costs in other ways. Should current trends continue as expected, the market for this AI forecasting will reach an astounding $4.51 billion by 2026.
While the new technologies are great for almost all construction operations, the highest growth rates are expected of smaller and medium-sized outfits. These will enjoy a growth rate of over 35 percent by 2026 as construction firms scramble to implement the cost-cutting tech.
The technology will undoubtedly lead to a disruption in the industry as productivity is increased substantially and risks are mitigated.
In 2018, the United States and Canada made up about 29 percent of global demand for the growing market, in part due to government spending on development and infrastructure. Big tech firms have also spent a pretty penny on the forecasting services, which is another reason why they are growing so fast.
Even though these trends are speeding up, it should be noted that the construction industry has actually been one of the slowest to jump on the artificial intelligence bandwagon. Healthcare, automotive, tourism, and more have all adapted much faster and will continue to do so.
Many companies that are investing heavily in the forecasting tech will be familiar to onlookers. They include players like IBM, Microsoft, SmarTVid.Io, Doxel, Bentley Systems, Darktrace, Askporter, and many more. These companies are attempting to grow their share of the market by assimilating or buying out smaller ones or merging with larger ones.
One approach used by these organizations is called Building Information Modeling (or BIM). This process allows many of the individuals or organizations involved in construction to easily pool data and interpret it through machine learning algorithms. The AI can even autonomously make simple decisions without the need for human input.
It is estimated by McKinsey that the majority of costs for most construction projects are undercut by waste amounting to about 33 percent. These costs are expected to be significantly reduced in the coming years.
The new technologies won’t just be used by architects, operators, or workers — they’ll also be used by stakeholders to help them make important investment decisions for the company to which they’re bound financially.
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