Leading construction companies in the artificial intelligence theme
The future of the construction industry will be shaped by a series of disruptive themes, with artificial intelligence (AI) as one of the themes that will have a significant impact on construction companies.
The uptake of AI technology in construction has been slow, but AI has the potential to deliver tangible benefits at every step of the construction value chain, from conceptual design to operations and maintenance. The AI market can be difficult to size, as the technology is often embedded in larger systems. That said, GlobalData predicts that construction companies will spend $1 billion on AI platforms by 2024. This is over $436 million in 2019, representing a compound annual growth rate (CAGR) between 2019 and 2024 of 19.2%.
The construction industry is ripe for AI adoption. As the construction 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 increase productivity in the construction stage. Smart robots and context-aware computers can alleviate current stagnation in industry-wide productivity and protect against the shortage of skilled labor workers.
However, not all companies are equal when it comes to their capabilities and investments in the key themes that matter most to their industry. Understanding how companies are positioned and ranked in the major themes can be an important leading indicator of their future earnings potential and relative competitive position.
According to GlobalData’s thematic research report, AI in Construction, leading users include: Acciona, AECOM, Bechtel, Doosan, Samsung, Shimizu, Siemens, Skanska and Vinci.
Insights from top-ranked companies
Acciona developed its BIONS (Business Intelligence of Network Solutions) system internally. Using collected data and machine learning (ML) techniques, BIONS detects and analyzes problems in water supply networks. The company’s AI-powered Maestro platform also supports the Umm Al Houl desalination plant in Qatar.
AECOM is working with many AI specialist companies to improve their services, such as EnginSoft’s ML-powered StrategicGiant to predict the flooding impact of future housing developments. The company is also developing its own AI-powered platform, Capture, to help project management and analyze the construction process over time.
Shimizu Deploys Shimz Smart Site at Toranomon-Azabudai District’s Urban Redevelopment Project. On site, humans and AI-equipped autonomous robots work together to perform construction work. Robo-welder, which has six arms with human-like movement, is already operational, and Robo-carrier, an automated conveyor robot that can pick up palletized materials and load them onto a forklift, was rolled out in mid-2021. The company is also working with specialist AI providers, such as CV start-up OpenSpace, to automatically document and capture construction site imagery. In 2020, the company also debuted an AI suitcase designed for the visually impaired.
To further understand the key themes and technologies disrupting the construction industry, access GlobalData’s latest thematic research report on AI in construction.
- MA Mortensen
- PCL construction
- China State Construction Engineering
- Loan lease
- Clark Construction
- Hyundai Engineering & Construction
- Tecnicas Reunidas
- Larsen and Toubro
- Shikun & Binui
- Yapi Center
- China National Machinery Industry
- China Railway Construction
- China Communications Construction
- Shapoorji Pallonji
- China Railway