The construction industry is beginning to adopt artificial intelligence (AI) technology to increase efficiency and productivity. Proptech and contech experts believe that AI has become a valuable asset and is in high demand among users and investors. AI technology has evolved rapidly over the past year and is now capable of natural language processing, computer vision, and predictive analytics. Companies like Procore have acquired AI predictive analytics and computer vision progress tracking companies to digitize the construction process. Venture capital firms have also seen the potential in AI-enabled construction solutions, with billions of dollars being deployed in AI-enabled construction tech. However, investors should be cautious when vetting AI startups, as many companies claim to use AI when they are actually using robotic process automation. Despite the challenges, there are numerous startups entering the construction industry that use AI for tasks such as 3D modeling, progress tracking, and quality control. Contractors will need to consider the cost of implementing AI technology, as it is currently quite expensive. However, it is expected that as demand increases and the technology becomes more widely adopted, the price will decrease.
AI technology has the potential to revolutionize the construction industry by increasing efficiency, automating tasks, and improving the accuracy of predictions. With further advancements in AI technology, the construction industry could see significant improvements in productivity and profitability.