AI is transforming the construction sector, enabling companies to enhance safety, efficiency, and monitoring through innovative technologies. Recent patents highlight AI’s potential to streamline processes and optimize resources, helping firms stay competitive. These advancements are key to driving growth in the evolving construction market. The impact of AI extends beyond the construction sector, influencing various industries. GlobalData’s artificial intelligence market report provides comprehensive analysis of the market. Buy the report here.
This article presents a quarterly round-up of the latest trends in the construction industry regarding AI. It provides an overview of recent developments in AI-related deals, talent acquisition, and patent filings within the construction industry.
Diverse applications of artificial intelligence in construction industry
Construction companies are increasingly leveraging advanced artificial intelligence technologies to enhance operational efficiency and safety. Recent patents highlight innovations such as a circulating cableway system that utilizes AI for passenger detection and safety management, and a concreting system that employs position detection for improved concrete compaction. Additionally, a modular smart bathroom fan integrates communication modules for optimized performance, while a wear detection system for ground engaging tools uses image analysis to monitor equipment condition. These technologies not only streamline processes but also reduce risks and maintenance costs, positioning these companies to improve productivity and deliver higher-quality construction outcomes.
The industry experienced a 12% decline in the number of AI-related patent applications in Q2 2024 compared with the previous quarter. On an annual basis, the number of AI-related patent applications in the construction industry witnessed a rise of 11% compared with Q2 2023.
Strategic deal trends in artificial intelligence in construction industry
Construction companies are not only focusing on innovation to enhance their patent portfolios but are also making strategic investments in AI. These investments aim to secure lucrative deals with partners and position themselves at the forefront of industry advancements. Some of the recent deals underscore the importance of AI in the construction industry.
In Q2 2024, the number of AI-related deals in the construction industry grew by 200% compared with Q2 2023. On a quarterly basis, there was 33% increase in the number of deals in Q2 2024 compared with the previous quarter.
Impact on hiring
In terms of new job posting, in Q2 2024, the construction industry experienced a 4% drop compared with the previous quarter. On an annual basis, job postings also grew by 17%. Notably, Computer and Mathematical Occupations, with a share of 21%, emerged as the top AI-related job roles within the construction industry in Q2 2024, with new job postings drop by 0.71% quarter-on-quarter. Architecture and Engineering Occupations came in second with a share of 11% in Q2 2024, with new job postings rising by 2% over the previous quarter. The other prominent AI roles include Management Occupations with an 11% share in Q2 2024, and Business and Financial Operations Occupations with a 4% share of new job postings.
MKS Instruments, ABB, Caterpillar, Jones Lang LaSalle, and Honeywell International are among the top companies leading in AI hiring within the construction industry.
Countries driving adoption of artificial intelligence in construction industry
The US is the leading country in AI adoption within the construction industry, boasting the highest number of AI-related patents, jobs, and deals. Meanwhile, France, Australia, Canada and Japan also maintain significant positions in AI adoption within the construction industry.
AI is rapidly advancing in the construction industry, driving innovations that enhance efficiency, safety, and productivity. With the US leading in adoption and significant growth in AI-related deals and hiring, the sector is poised for continued expansion and technological advancement.
To further understand GlobalData's analysis on artificial intelligence in the construction industry, buy the report here.
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GlobalData Patent Analytics tracks bibliographic data, legal events data, point in time patent ownerships, and backward and forward citations from global patenting offices. Textual analysis and official patent classifications are used to group patents into key thematic areas and link them to specific companies across the world’s largest industries.
