Data has a better idea.

The global artificial intelligence (AI) in construction market is expected to post a CAGR (Compound Annual Growth Rate) of over 28% during the period 2019-2023, according to the latest market research report by Technavio. However, the market is expected to decelerate on a year-onyear basis during the forecast period.

A key factor driving the growth of the global artificial intelligence (AI) in construction market is the increase in the number of smart connected devices. The adoption of smart devices is increasing rapidly across the world, with the total number of installed smart devices amounting to 21 billion by 2020. This is posing a new challenge for organizations as they need to manage, monitor, and maintain the copious amounts of data generated through smart devices. Thus, the need for machine-to-machine and machine-tohuman communications is expected to increase significantly. Enterprises have experienced significant improvements in business processes with the adoption of Al analytics software and hardware, where close monitoring of business processes have facilitated real-time decision making.

As per Technavio, the increasing adoption of cloud-based solutions will have a positive impact on the market and contribute to its growth significantly over the forecast period.

The adoption of cloud-based Al solutions is increasing significantly in the construction industry to improve the capabilities of the existing industrial systems. Al-as-a-service (AlaaS) is trending in the construction sector as it offers benefits such as efficiency and maintenance of a company’s sales and marketing department. Therefore, the increasing adoption of cloud-based solutions will impact the growth of the global AI in construction market during the forecast period.

“The growing population, increase in government spending, and the constant economic growth is stimulating the significant growth in the global construction market. Combine this with the growing investment in smart cities and advanced technologies, the impressive growth in the global construction market is offering tremendous growth opportunities to the global AI in construction market,” says a senior analyst at Technavio.

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“Technology investments must improve how people and machines work together. That’s precisely where industrial AI comes in.” States Chicago based Uptake “It’s time to link data to revenue. Make no mistake: Not all data is created equal. This is why an intelligent industrial platform automates the complex task of preparing, cleansing and distilling the data that really matters. It separates signal from noise in the mountain of data businesses are sitting on.

Using AI and data science, an intelligent industrial platform turns data into insights, predictions and recommendations people can act on to make better-informed decisions about their assets to impact financials.”

Uptake has been recognized as a Cool Vendor in Gartner’s October 2018 “Cool Vendors in AI Application for IoT” report and is a CNBC Disruptor 50 honoree which is an exclusive ranking of private companies that are transforming the economy and making a notable impact on industries.

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