Artificial intelligence (AI) and machine learning are keystones enabling expansion of the remote construction market. Future Market Insights, 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.
Construction sector companies are looking for solutions to manage applications, mobile devices, and a range of other collaborative tools to ensure seamless communication between teams across platforms, devices and geographies. All this are looked upon with an intent of transforming the ways employees conduct their daily businesses.
An increasing number of companies are turning to 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 the 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 to avoid repeating mistakes encountered in previous projects. With the 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. The surging ubiquity of smartphones, tablets and various other smart devices has been compelling the construction sector to integrate digital technologies. This has become of key significant in order to meet the rising demand for effective remote operations and management.
The report offers exclusive insights into the market for remote construction. Some of the key takeaways from the report include:
- Based on application, the remote management segment is forecast to rise by 4 times 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,” noted a lead analyst.
The COVID-19 outbreak brought some distinctly valuable experience 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.
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.
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.
These insights are based on a report on Remote Construction Market by Future Market Insights..