Last week, we explored AI (artificial intelligence) in construction for things specifically like pla Register for a free membership or log in to read the rest of this content. Register for a free membership or log in to read the rest of this content. Share This Story, Choose Your Platform!

The IoT (Internet of Things) and AI (artificial intelligence) have the potential to drive economic value in construction.

As the end of the year approaches, we here at Constructech typically spend quite a bit of time diggi Register for a free membership or log in to read the rest of this content. Register for a free membership or log in to read the rest of this content. Share This Story, Choose Your Platform!

I recently had the opportunity to attend a presentation by Robert Dietz, chief economist, NAHB (Nati Register for a free membership or log in to read the rest of this content. Register for a free membership or log in to read the rest of this content. Share This Story, Choose Your Platform!

The graph represents a network of 4,812 Twitter users whose tweets in the requested range contained "#iot OR "internet of things"", or who were replied to or mentioned in those tweets. The network was obtained from the NodeXL Graph Server on Thursday, 03 September 2020 at 06:13 UTC. The requested start date was Thursday, 03 September 2020 at 00:01 UTC and the maximum number of days (going backward) was 14. The maximum number of tweets collected was 7,500. The tweets in the network were tweeted over the 2-day, 2-hour, 31-minute period from Monday, 31 August 2020 at 14:59 UTC to Wednesday, 02 September 2020 at 17:31 UTC.

Once the building is built, once the apartments are ready, once the owner is satisfied with the management team, then comes the hard part: property management in the digital age. Naturally, there is an app for that. According to Transparency Market Research analysts, the level of competition in the property-management software market continues to be intense. The key players in the market continue to move towards AI (artificial intelligence)-based techniques. Thanks to rising value generation of automated software-based property showcases, the property-management software market will witness a notable growth at a CAGR (compounded annual growth rate) of 7% from 2019 to 2029.

As cities become more connected, construction companies will need to be aware of how transportation systems are evolving, requiring future municipalities to be built. This is where robotics and autonomous vehicles enter the equation, and offers big opportunities for cities. Technavio says the autonomous bus market, as an example, will grow by 2364 units during 2020 and 2024, which is a growth rate of 32%. At the end of last year, IDTechEx also predicted that that the robotaxi services will become a $2.5 trillion market by 2040. Further, if you were at CES earlier this year, then you know intelligent transportation systems and autonomous vehicles were big trends at the show and it is a topic that has been covered in depth over on Constructech TV.

Artificial intelligence is no longer a dream, but simply not yet the nightmare that some have predicted. Although the term AI--otherwise known as artificial intelligence--is used in many different areas, it doesn't really have an agreed upon definition. Some use AI to describe AGI (artificial general intelligence), an intelligence capable of completing a wide range of tasks like human intelligence, while others use AI to describe narrow AI, an AI that can perform a single task or a few tasks with high competence. Despite significant hype, most companies still struggle with how to successfully integrate AI into their businesses, according to a Lux Research report on the state of AI and how companies can improve decision-making around AI. The report, "Artificial Intelligence: A Framework to Identify Challenges and Guide Successful Outcomes," cautions against investing too early in applications that require more advanced AI capabilities, as they are often too immature and untested.

Robotics have a mixed history in construction. Some work, especially in prefabricated building offsite, while others have not been successful, particularly when used onsite. However, that may be changing as more equipment companies are exploring the use of robotic technology and applying it to construction. One of the technologies that has shown promise is in the use of robotic arms and gantry equipment for 3D printing of concrete walls. From one of the first, if not the first, completed buildings constructed in this method, an office building in Dubai, to the research work being done by Chinese and U.S. companies as well as others in the European Union, building onsite using what is referred to as additive manufacturing techniques is moving rapidly.

All the buzzwords are there, like a science fiction novel, but this isn't fiction; it's the future of construction. According to its analysts, the construction industry is in the middle of a move toward new business models that are technology-driven and data-driven, provide better collaboration between stakeholders, and result in higher productivity. The aging workforce and digitization will require greater investments in workforce management and digital solutions. By 2030, global spending in construction is expected to touch $17.5 trillion, with China, the U.S., and India leading the way and accounting for 57% of all global growth. More than 60% of the global infrastructure investment will be in emerging economies, particularly Asia, while the U.S. and Canada will contribute almost 20%.