Product Code: GDCON-TR-S014
The construction industry is ripe for artificial intelligence (AI) adoption. AI technologies can provide many small wins at each step of the broken value chain. Successful implementation can add up to big wins in architecture, engineering, and construction, mitigating the challenges of delivering safely, on time, and on budget.
As the value chain is fragmented, effective collaboration and communication between multiple stakeholders is key. AI-powered tools can automate processes and provide intelligent business insights, from sending documents and responding to requests for information (RFIs) to tracking open issues and automatically notifying participants when reality deviates from plans. There is growing potential for AI to augment productivity at the construction stage. Smart robots and context-aware computing can alleviate current industry-wide productivity stagnation and protect against the shortage of skilled labor workers. Construction-specific technologies such as building information modelling (BIM) and generative design are not AI. However, the symbiotic relationship between these technologies and AI will blossom in the coming years, making them even more powerful.
Productivity in construction has stagnated, and no company can afford to miss the benefits that AI can offer. Using the information in this report, you can formulate an AI strategy for your business.
This report provides a detailed analysis of Artificial Intelligence
- Although uptake of AI technologies in construction has been slow, AI has the potential to deliver tangible benefits at every step of the construction value chain, from conceptual design through to operations and maintenance. GlobalData predicts that construction companies will spend $1bn annually on AI platforms by 2024.
- Analysis of the impact of AI on the construction industry and how AI technologies can be used to resolve challenges of delivering on time, to budget, and safely.
- The three most expensive disclosed AI-related acquisitions in construction since 2016 were: Autodesk's February 2021 acquisition of Innovyze for $1bn, Autodesk's December 2018 acquisition of PlanGrid for $875m, and Trimble's April 2018 acquisition of Viewpoint for $1.2bn.
- A case study showing how Kaiser Permanente partnered with Doxel to increase productivity by 38% when delivering its Viewridge Medical Office project and come in 11% under budget.
- The challenges facing the architecture, engineering, and constructing industry, together with thorough discussion of how AI can help mitigate these challenges, as well as identify companies for partnerships.
- Global market size (2019) and forecast (2020-2024) of AI platform revenues in the construction industry compiled by GlobalData technology and construction analysts.
- Key mergers and acquisitions (M&As) associated with the AI theme in the construction sector over the last five years including date, deal value, and a brief description of the target company as compiled from GlobalData's Deals database.
- Profiles of over 35 AI vendors including specialists in the construction industry with details of their AI services.
- Profiles of leading adopters of AI in construction including who they have partnered with for their AI initiatives.
- Case studies of AI implementation in the construction sector and how AI has been used to increase productivity, reduce costs, reduce project duration, and improve safety on the construction site.
- Unique thematic scorecard showing 48 global construction companies that predicts the success of construction companies in the next 2-5 years. Companies are scored in AI and nine other themes that will disrupt the construction sector, informed by GlobalData's comprehensive tracking of AI related deals, job openings, patents ownership, company news, financial and marketing statements.
Reasons to Buy
- Determine and prioritise which AI technologies to invest in at each step of the construction value chain.
- Discover case studies where AI has been used to overcome challenges faced by companies
- Quickly identify leading specialist AI vendors in construction and shortlist potential partners based on their areas of expertise and historic partnerships
- Benchmark your company against 48 companies in the construction sector in terms of how prepared each business is for AI disruption.
- As a technology vendor, identify the areas where the industry is most in need of your services and uncover the areas that are lacking specific AI vendors that might prove profitable areas for expansion. Quantify the global sales opportunity for AI services to the construction industry by accessing GlobalData's market size and forecasts (2019-2024), produced by our construction and technology analysts.
- Formulate marketing messages that resonate with buyers in the construction sector by identifying the key challenges that the sector faces and understanding how AI is impacting the sector
Table of Contents
Table of Contents
- Value chain
- Construction challenges
- The impact of AI on construction
- Case studies
- Market size and growth forecasts
- Mergers and acquisitions
- AI timeline
- Sector scorecard
- Further reading
- Thematic methodology