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A new study has stated that widespread adoption of cutting-edge Fast Facts
technology has the potential to significantly aid the construction  Artificial Intelligence in the construction market is
industry’s efforts to cut carbon emissions, as well as increasing estimated to generate a revenue of $2,642.4 million
productivity and reducing project costs. Researchers from the
UK’s University of Exeter Business School created a Construction by 2026, at a CAGR of 26.3% from 2019 to 2026.
4.0 framework to examine the potential impact on construction  Technological advancements in AI and the Internet of
of technologies including the Internet of Things (IoT), blockchain, Things (IoT) are slated to create more opportunities for
drones, AI and self-healing materials. growth in construction and engineering.
The study concluded that an increase of around 20%, across
all categories, was likely in the next five years. At the forefront of  Machines that drive and work autonomously are among
technologies for the industry, the study highlighted the Internet the big visions for the future of the construction industry.
of Things, through its ability to track and monitor equipment and  The rise in trends of remote working is facilitating
materials. Robotic technology, drones and 3D printing were also
expected to move into the construction mainstream, as well as engineers and architectures to utilize the current
collaboration technologies, such as BIM (building information construction software for the further development of
modelling). their construction models.
According to the research team, the environmental benefits of

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