Artificial Intelligence in Construction Market: Paving the Way for Smart Construction
Advancements in science and technology have led to the incorporation of artificial intelligence (AI) in multiple industries like healthcare, retail, marketing, finance, construction, and others. This modern technology can simplify several operations in the construction market like providing better designs for buildings, improving productivity, addressing labor shortages, etc.
When we think of artificial intelligence (AI) taking over the construction industry, one of the first thoughts that pops into our minds is that of a human robot, just like The Terminator, from a sci-fi movie and humanity at its mercy. Well, that picture of AI is best left to the imagination, at least for now. Advanced technologies like artificial intelligence (AI), machine learning (ML), augmented and virtual reality, and others are right in front of our noses and used extensively in most industries for enhancing performance and productivity. However, the construction sector is considered quite slow in adopting modern technologies and referred to as one of the least digitized markets.
Moreover, AI in construction market can also help overcome some tough challenges like labor shortages, safety concerns, schedule overruns, and cost, and improve multiple project lifecycles. Let’s dive right into the meaning of artificial intelligence and 3 ways in which this technology can transform the construction sector.
3 Ways AI Can Transform the Construction Market
Artificial intelligence is a term used to describe when a machine copies crucial human cognitive functions like pattern recognition, learning, and problem-solving. And machine learning, a subset of AI, helps the computer systems to learn from data without being programmed explicitly.
According to market analysts, the global artificial intelligence in construction market is expected to gather a revenue of $8,545.80 million and grow at a 34.1% CAGR during the 2022-2031 forecast period. This simply means that the implementation of such advanced technologies can not only bolster the construction sector but also simplify several manual and rather tedious tasks in the project lifecycle. Here are some ways in which AI can pave the way for a smart construction industry.
- Voice Commands Using Natural Language Processing
Voice commands on virtual assistants like Siri and Alexa use natural language processing technique (NLP) to simplify complex business operations, improve productivity, and process unstructured text in documents. This helps the project managers in gaining insights for better project safety, planning, and material management.
- Using Knowledge-based Systems to Make Decisions
Adopting artificial intelligence in the construction sector can provide knowledge-based systems to help computers make better decisions based on existing knowledge. Knowledge-based systems can easily gather and process huge amounts of data from various sources to make complex and crucial decisions.
Contractors can benefit from this technology for understanding complex issues and improving accuracy. These systems also enhance safety issues and safety by storing data from accidents and applying those learned experiences later to predict risks.
- Equipping Systems With Computer-vision to Streamline Work Procedures
Having an ‘extra pair of eyes’ with computer vision has helped in multiple construction sector operations like progress checks and safety procedures. Additionally, computer vision is also used to collect, analyze, and recognize images to streamline work procedures and improve material management capabilities.
What are the Benefits of Adopting AI in Construction?
Some of the many benefits of adopting AI in construction are explained as follows:
- Preventing Cost Overruns
Most big projects run over budget despite incorporating the best plans and project teams. And so, artificial neural networks are used on projects to predict over-budgeting based on factors like contract type and the project’s size.
- Risk Mitigation
Risks are inevitable in construction projects, and they can be in the form of time, safety, quality, cost, etc. and the larger the project, the more risk. And since many sub-contractors work on different trades on job sites simultaneously, solutions like machine learning and AI are used to monitor and prioritize risks on the job site. This allows the project team to focus their resources and limited time on other big risk factors.
- Addressing Labor Shortages
Robots in the construction industry not only evaluate job progress and location of workers, but also boost the completion of the project by informing the project managers which job sites have enough workers. An AI-powered robot like Spot the Dog can easily monitor a construction site for progress and work more than labors in remote areas.
Modernizing Construction Sector – One of the Broadest Economic Industries
The rapid adoption of AI is creating a strong base of digitization in the construction world and will pave a path for abundant profitability in the upcoming times. Right from tackling inefficiency to other real-time construction-based issues, AI has got it all covered for this market!
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