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.

You can reach us at: info@previse.ai