Artificial Intelligence (AI) has revolutionized many industries and changed the way we live and work. The construction industry is no exception, and AI is expected to transform the way we build our cities and infrastructure. In this blog, we’ll explore seven ways AI will affect the construction industry and the statistics that back up these findings.
#1 Improved safety
Construction sites are inherently dangerous, with workers exposed to various hazards. AI can help reduce these risks by monitoring job sites and identifying potential safety hazards before they cause harm. AI can also analyze data from past incidents to predict future risks, allowing construction managers to take proactive steps to prevent accidents. According to a report by McKinsey, AI-powered safety systems can reduce accidents by up to 25%.
#2 Increased productivity
AI can help construction companies streamline their operations and increase productivity. For example, AI-powered scheduling systems can optimize project timelines, ensure resources are allocated efficiently, and help teams work more effectively. According to a study by FMI, companies that implement AI-powered systems can increase productivity by up to 50%.
#3 Cost saving
AI can help construction companies save money by reducing waste, minimizing rework, and optimizing resource allocation. For example, AI-powered tools can identify areas where materials are being wasted, allowing companies to make adjustments and reduce costs. According to a report by McKinsey, AI can help construction companies reduce costs by up to 20%.
#4 Better project management
AI can help construction managers track progress, monitor budgets, and identify potential issues before they become problems. AI-powered tools can analyze data from multiple sources, including sensors and cameras, to provide real-time insights into project status. According to a report by MarketsandMarkets, the global market for AI in construction is expected to grow from $407 million in 2018 to $1.8 billion by 2023, driven by increased demand for project management solutions.
#5 Enhanced quality control
AI can help construction companies ensure that projects are completed to the highest standards of quality. AI-powered tools can analyze data from sensors and cameras to detect defects and deviations from specifications, allowing companies to take corrective action before they become major issues. According to a report by MarketsandMarkets, the global market for AI in quality control is expected to grow from $345 million in 2018 to $1.2 billion by 2023.
#6 Improved sustainability
AI can help construction companies reduce their environmental impact by optimizing resource use and reducing waste. For example, AI-powered tools can identify areas where energy is being wasted and suggest ways to reduce consumption. According to a report by PwC, AI-powered sustainability solutions can help construction companies reduce their carbon footprint by up to 4%.
#7 Faster and more accurate inspections
AI can help construction companies conduct inspections more quickly and accurately. AI-powered tools can analyze data from sensors and cameras to identify potential issues, allowing inspectors to focus on areas that require attention. According to a report by MarketsandMarkets, the global market for AI-powered inspection solutions is expected to grow from $524 million in 2018 to $2.2 billion by 2023.
In conclusion, AI is set to transform the construction industry in many ways, from improving safety to increasing productivity and reducing costs. As construction companies look to stay competitive in a rapidly changing market, embracing AI-powered tools and technologies will be essential.
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Kosta Kritikos,
President
155-E New Boston Street | Woburn, MA 01801
O: 617.628.5130 x 1002| F: 781.305.3055 | C: 617.592.2290
www.firstnick.com | Kostak@firstnick.com
