Artificial intelligence (AI) and machine learning (ML) are keystones enabling expansion of the remote construction market. Future Market Insights (FMI) 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.
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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. FMI’s report offers exclusive insights into the market for remote construction.
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Some of the key takeaways from the report are highlighted below:
- 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 at FMI.
COVID-19 Impact Analysis
The unprecedented COVID-19 outbreak has brought some distinctly valuable experienced under the spotlight. For instance, it has revealed the significance of having the capability to work with any data from any device at any time and from anywhere.
Thus working on a cloud-based remote construction solution with remote accessibility has several advantages. The construction sector has taken a massive hit due to the outbreak of COVID-19. Remote working has therefore emerged as a go-to strategy for companies to continue operations despite restrictions enforced across the world.
By digitizing processes and systems, companies have paved the way for long-term changes within the sector. Governments and various international authorities are supporting the implementation of remote construction technologies as an innovative and creative way of ensuring employee safety and hindrance-free operations.
Who is winning?
Companies operating in the remote construction market are currently focusing on product launches and strategic collaborations to gain competitive advantage. Some of the leading players in the market are Oracle Corporation, Autodesk Inc., Trimble Inc., Caterpillar Inc., Hitachi Ltd., Giatec Scientific, Inc., Kore Wireless, WorldSensing, CalAmp Corp., among others.
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More Valuable Insights on Remote Construction Market
In its latest report, Future Market Insights offers an unbiased analysis of the global remote construction market, providing historical data for period of 2015-2019 and forecast statistics for the period of 2020-2030. To understand opportunities in the remote construction market, the market is segmented on the basis of component (solutions, services (planning & preparation , integration & deployment, consulting, support and maintenance)), application (remote management, construction management, communications and other), end-use industry (construction, energy and utilities, mining and others), across six major regions.