AI Market Share ‘buzz’ vs research in new April '24 report

Today, Artificial Intelligence (AI) and machine learning (ML) have notable ‘buzz’ throughout all industries. The challenge for those in the building/infrastructure industry is to filter through the noise to consider the real changes ahead. When I see research-based data that goes beyond a collection of opinions, I like to share it and listen to feedback from my colleagues. ?

One such interesting study this month is from Fortune Business Insights' “AI Market Size” report published on April 9, 2024. It projects AI market size to grow in the US from $175B in 2023 to $212B in 2024 (ref quote below and graph). Globally this growth is from $515B to $621B over the same timeframe. Additionally, the component breakdown of AI growth is also important to note for me. The building industry has a unique challenge in that the job sites vary for every project, unlike other physical work environments like automotive, aerospace, and other manufacturing shop facilities. The relationship between AI hardware and software integration with remote sensors will be particularly significant to the construction industry in connecting the AI benefits from the trailer to the field and those with boots on the ground.

From the report:

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