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Global CoE Leader John Hilborn outlines three ways data and AI will evolve construction business processes
The construction industry is undergoing a period of dramatic transformation , with Artificial Intelligence ( AI ) and data analytics accelerating the rate of change . Industry analyst forecasts suggest the market for AI in construction may rise from $ 2.5 billion to more than $ 15 billion by 2032 .
Why the aggressive investment ? Because data and AI technologies demonstrate the potential to maximize speed , transparency , reliability and innovation , while minimizing human error , unnecessary costs and environmental impact .
The construction industry is often characterized by siloed processes leading to disjointed technology projects , implementation delays , data redundancy and budget overruns . Implementing digital transformations with data and AI as a key pillar means aligning strategic business processes , key market factors and business outcomes that will drive the greatest impact to the bottom line .
Additionally , AI can play a crucial role in meeting the increasing demand regarding the sustainability of construction projects by reducing waste and boosting energy efficiency . The insights from smart city projects and IoT-enabled buildings paired with AI are a potential source of innovation . For most construction companies , there are three areas where integrating data and AI can dramatically improve operational efficiencies and create disproportionately positive opportunities for optimization : project scheduling optimization , resource allocation and routine task management .
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