Artificial intelligence (AI) and machine learning (ML) are keystones enabling expansion of the remote construction market. An ESOMAR-certified market research firm in its recent study forecasts immense possibilities for the market between 2020 and 2030, projecting it to rise at a CAGR of 14.2% during this period.
An increasing number of companies are using modern technologies such as AI and machine learning to analyze project-specific data and get information on weather or other potential disruptions. Steered by the surging penetration of latest technologies, the remote construction market is expected to grow at an impressive pace.
Remote construction technology offers a plethora of solutions from helping companies to analyze stock levels, schedules, and weather to enabling them avoid repeating mistakes encountered in previous projects. With the rising demand for accurate insights rising and companies focusing on reducing cost incurred on any project, remote construction technologies are becoming highly sought-after.
Artificial intelligence and machine learning are not only transforming the way construction companies are executing projects but are intended to create a real impact on daily working conditions for on-site workers.
Several companies have realized the potential of modern technologies and have been forthright in acknowledging process improvements they experienced. For instance, in August 2018, Orange Business Services, recognized the potential for leveraging data and thus acquired Basefarm Holding AS, player in cloud-based infrastructure and services.
Through this acquisition Orange Business Services was able to accelerate its growth in cloud computing, Big Data, and artificial intelligence. Report offers exclusive insights into the market for remote construction.
Some Key Takeaways From the Report
- Based on application, the remote management segment is forecast to rise by 4.0x of its current market value by the end of 2030
- The demand for remote construction tools and software is poised to surge exponentially, compelling market players to focus on better usage of analytics for efficient decision-making
- Among end-use industries, the construction sector is forecast to remain dominant through the course of the forecast period
- While North America and Europe enjoy dominance, the East Asia market for remote construction is expected to surge at an impressive 17% CAGR between 2020 and 2030
“The pace of implementation of remote construction technologies is expected to surge considerably in the coming years. Several construction companies have already started using Building Information Modelling (BIM) tools for the representation of physical and functional characteristics of a project for help in decision-making,” said a lead analyst.
