The Urban Developer
AdvertiseEventsWebinars
Urbanity
Awards
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
Untitled design (8)
LESS THAN 30 DAYS UNTIL OUR FLAGSHIP CONFERENCE 29-31 JULY, GOLD COAST
4 WEEKS UNTIL OUR FLAGSHIP CONFERENCE 29-31 JULY, GOLD COAST
SECURE YOUR SPOTDETAILS
TheUrbanDeveloper
Follow
About
About Us
Membership
Awards
Events
Webinars
Listings
Resources
Terms & Conditions
Commenting Policy
Privacy Policy
Republishing Guidelines
Editorial Charter
Complaints Handling Policy
Contact
General Enquiries
Advertise
Contribution Enquiry
Project Submission
Membership Enquiry
Newsletter
Stay up to date and with the latest news, projects, deals and features.
Subscribe
ADVERTISEMENT
SHARE
45
print
Print
OtherSat 26 May 18

AI in Construction Forecast to Grow 450% Over the Next Five Years

f75adb88-a35f-4024-a6eb-5147ef301f6f

Artificial intelligence in construction is forecast to skyrocket in the next five years, according to a new report published by MarketsandMarkets.

Researchers estimate that artificial intelligence in construction will balloon from US$407.2 million ($537 million) in 2018 to US$1.83 billion ($2.41 billion) by 2023.

The report highlights several important issues for the stakeholders, including which market segments to focus on in the next two to five years for prioritising efforts and investments.

AI in the construction market was segmented into residential, institutional commercials, heavy construction among others.

The residential sector is forecast to experience the most growth due to an increasing demand for luxurious and high-rise residential buildings.

Related reading: Bricklaying Robot Could Build 30 Million New Homes Globally New Homes Globally

Currently, AI technologies are effectively used for various applications in construction, including project management, field management, risk management, schedule management, supply chain management, equipment and materials management, resource management, subcontractor management, and cost management.

The report found that early adopters were benefiting from AI solutions and services by reducing the duration and cost of construction, while also being able to increase return on investment.

Related reading: Robot Builds Europe's First 3D-Printed House in 48 Hours

The Asia Pacific region is set to grow at the fastest rate, with construction companies in rapidly growing economies, such as China, Japan, and Singapore, using AI tools via AI platforms across different industries to provide effective solutions.

North America continues to have the largest market size, where construction firms have made sizeable investments, while several vendors have modernised to cater to the rapidly growing market.

Last year, Australian robotic technology company, Fastbrick Robotics Limited, entered into a an agreement with construction giant Caterpillar, to discuss and develop a potential framework for collaboration regarding the development, manufacturing, sales, and services.

OtherResidentialAustraliaOther
ADVERTISEMENT
TOP STORIES
Exclusive

Tapping the Bunnings ‘Halo Effect’

Taryn Paris
5 Min
Exclusive

‘Construction Not a Scale Game’: Hutchinson

Phil Bartsch
9 Min
Nation's build-to-rent project Charlie Parker in Sydney's Parramatta where more projects are being located and built outside the CBD.
Exclusive

Foreign Capital Still Dominates BtR but Things are Changing

Marisa Wikramanayake
7 Min
Exclusive

Fortis Reveals Plans for Coveted Bowen Terrace Site

Taryn Paris
4 Min
Exclusive

Accor Deputy Delivers Verdict on Brisbane Games Hotel Shortfall

Phil Bartsch
6 Min
View All >
The City of Melbourne has opted to keep Greenline in the 2025-26 Budget.
Policy

Melbourne Budget Puts Paid to Greenline Future Fears

Marisa Wikramanayake
Residential

Consolidated Reveals Next Riverfront Play in $64m Deal

Leon Della Bosca AND Taryn Paris
Exclusive

Tapping the Bunnings ‘Halo Effect’

Taryn Paris
Pishoy Gobran probably didn’t set out to add ‘disruptor’ to his CV, but he’s created a niche in a crowded Sydney propert…
LATEST
The City of Melbourne has opted to keep Greenline in the 2025-26 Budget.
Policy

Melbourne Budget Puts Paid to Greenline Future Fears

Marisa Wikramanayake
4 Min
Residential

Consolidated Reveals Next Riverfront Play in $64m Deal

Leon Della Bosca AND Taryn Paris
3 Min
Exclusive

Tapping the Bunnings ‘Halo Effect’

Taryn Paris
5 Min
Deicorp Five Dock Mixed-Use Precinct
Residential

Deicorp’s $1.8bn Inner-West Sydney Precinct Greenlit

Vanessa Croll
3 Min
View All >
ADVERTISEMENT
Article originally posted at: https://theurbandeveloper.com/articles/the-use-of-ai-in-construction-will-grow-450-over-the-next-five-years