Market research firm Technavio estimates the global market for artificial intelligence in construction will grow by 28% annually over the next five years, despite deceleration in construction over the same period.
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Smart devices and cloud computing are key to that growth. The report estimates that the number of installed smart devices will reach 21 million globally by 2020, putting pressure on companies to manage and protect the data collected by those devices. AI-based tools provide a way for firms to use that data.
“The growing population, increase in government spending, and the constant economic growth is stimulating the significant growth in the global construction market,” according to a statement from Technavio. “Combine this with the growing investment in smart cities and advanced technologies, [and] the impressive growth in the global construction market is offering tremendous growth opportunities to the global AI in construction market.”
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Danielle Andrus was previously the managing editor for Colorado Builder, and is currently Editor for the Journal of Financial Planning.
