Construction Industry First Artificial Intelligence Enabled Equipment Performance Prediction and Optimization Solution
State of the Construction Industry
Industry Size
Next five years:
$11.4 trillion in 2019
$13.4 trillion by 2023
Average annual growth increasing over time:
13.4% 2014 to 2025
29.4% 2019 to 2023
“The global engineering and construction sector holds the dual distinctions of being one of the world’s largest industries—yet one of its least efficient.”
Digitization
“construction is among the least digitized sectors in the world”
United States: second to last position
Europe: last position on the index
Productivity Growth
1% each year over the past 20 years for the construction industry*
vs
2.8% for the global economy as a whole
Delays and Overruns
“98% of projects incur cost overruns or delays”
Average cost increase: 80%
Average delay: 20 months
Machine Learning in Construction
- Majority of the work currently being done focuses on project schedule optimizers, image recognition and classification for safety, and enhanced analytics platforms
- Few in predictive maintenance
- None in operational performance prediction
Investment in Construction Technology
Investment by Construction Technology Subsector
Investment Growth in Construction Technology
SiteAssist
Construction Industry First AI-enabled Equipment Performance Prediction and Optimization Solution
Equipment Performance Prediction Model
- Set benchmarks for equipment performance under various construction project site conditions
- Validate and update construction schedules
- Optimize resource allocation
- Identify equipment misuse
- Identify excessive fuel and / or oil consumption
- Identify and resolve bottlenecks
- Reduce overall cost
Asset Predictive Maintenance Model
- Avoid equipment failure
- Avoid unnecessary intervention
- Increase system reliability
- Optimize spare parts handling and storage
- Increase equipment lifetime
- Minimize stops
- Minimize overall direct maintenance costs and knock-on schedule delays and cost overruns
Learning Data Sources and Flow
About Us
Previse AI is a team of experienced computer scientists and construction engineers building machine learning solutions to help optimize construction operations with focus on Construction Equipment Operational Performance and Asset Predictive Maintenance.
Previse AI is headquartered in San Francisco at 1390 Market Street, San Francisco, CA, 94102.
You can reach us at: info@previse.ai