The construction industry is resource-intensive, and labor expenses can be high as well. On top of that, depending on the construction project, regulation and bureaucratic processes can be very time-consuming and costly. Luckily, AI could help with these issues in the future. Project planning and project management belong to the tasks where AI can help in the construction industry going forward. These tasks can be partially automated with the help of AI, reducing expenses and freeing up valuable employee time for the most important and most value-creating tasks.

Design can also be partially automated thanks to technologies like Machine Learning (ML), which helps reduce time and expenses. During times when there’s a huge need for infrastructure investments due to underinvestment in recent decades, these technologies that help speed up new construction projects and help make them less costly will be highly important for society.

On construction sites themselves, AI also has benefits. Increasing safety is possible thanks to AI, by analyzing historical data to identify dangers and prepare workers before anything happens, for example. Studies show that using AI for safety measures can reduce the rate of workplace accidents by around one-fourth. As AI gets better, results should improve further, making these technologies even more valuable over time.

There’s also some overlay between AI in construction and AI in material sciences, as AI helps in developing new materials that are harder, lighter, more corrosion-resistant, and so on, which allows for new approaches in construction that would not have been possible with the materials that were available to us in the past.

How to Benefit from AI in the Construction Industry

Investors can benefit from the growth of Artificial Intelligence in the construction industry in different ways. There are construction companies and construction-related industries, such as Caterpillar (NYSE: CAT), that are traded publicly, but those may not be the best choices for an AI-focused investment.

Instead, investors can invest in some of the companies that power the Artificial Intelligence in construction trend from a tech side, without being construction companies themselves: NVIDIA (NASDAQ: NVDA) is the clearest example of that, as it benefits from high demand for its data center chips.

After all, the algorithms that will help make the construction industry more efficient, quicker, and so on over time, require huge computing power. NVIDIA itself also offers services and software solutions for the construction industry. On its website, the company showcases some of its solutions for construction businesses, architecture bureaus, and so on across the construction industry.  

Other AI hardware companies that should benefit a lot from more and more construction companies, design companies, and architecture bureaus using Artificial Intelligence for more and more tasks include chip and Artificial Intelligence hardware and infrastructure players Broadcom (NASDAQ: AVGO) and Arista Networks (NASDAQ: ANET), which benefit from more and more demand for data centers driven by increased Artificial Intelligence usage.

Investors can also choose among some of our Artificial Intelligence picks!