Report: AI Technology in Construction to Reach $1.83B in 2023
Artificial technology will continue to have a larger footprint in the construction sector, as evidenced by more investments and projects in the next five years.
This would be one of the trends for 2018, when companies that explore the viability of AI technology will be rewarded in terms of better productivity and safety. Sustainability will also be another key trend, whether it involves the use of flat-rolled steel sheets or any other related material on an eco-friendly perspective.
A Bigger Role
A report by MarketsandMarkets showed that AI technology in construction would increase up to $1.83 billion by 2023, from the $407.2 million in this year. The residential segment will have the most exposure to AI growth during the forecast period due to an increasing demand for homes. Heavy construction and commercial projects are other industry sectors where AI will be beneficial.
Some benefits of using AI include shorter timelines for construction work and reduced expenses, which then improves the chances of gaining a higher return on investment. By region, the construction industry in North America will still account for the biggest investments in AI technology.
Aside from AI, other forms of innovative technology include the use of Building Information Modeling (BIM) with virtual and augmented reality. For instance, some companies have already invested in virtual simulations of work environments to train construction workers.
Technology that also looks out for the environment will continue to gain traction in 2018. From net-zero buildings to recycling construction waste, these ecological initiatives focus on conserving natural resources. In the U.S. alone, the spate of natural disasters led the industry to think of ways on how to improve structures with sustainability in mind.
Construction companies should explore the possibility of investing in AI technology to stay relevant and keep up with the competition. If sustainability is your focus this year, consider sourcing your products from processing and service centers that are mindful of their impact on the environment.