2024 Analyst Call Preview & Key Trends To Watch

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So far in 2023, BuiltWorlds research covered a variety of technologies and innovations across the built world. As the year comes to a close, we’ve unpacked some key trends from our 2023 research which will be the focus of upcoming analyst calls in early 2024.

AI/ML Readiness And Promising Applications

All eyes were on artificial intelligence in 2023 with business decision-makers compelled to understand the technology better and prepare plans for adoption if they do not use AI/ML already. The question of implementing AI/ML-driven technologies shifted from an “if” to a “when.” AI has various applications across almost every industry, and construction is no exception. In fact, many organizations within the built world have already adopted AI/ML to some extent. According to BuiltWorlds' benchmark data, 59% of respondents report that their organization has adopted AI/ML software and are using it in some capacity, with another 24% planning to implement the technology within the next year. Our analyst call on January 24th will discuss some of the promising applications of AI within the industry.

Current AI/ML Adoption In Construction

Vendor Spotlight:

ARC Robotics uses applications of artificial intelligence and robotics to create technology and equipment that enables efficiency. They offer two equipment platforms that enable the construction of buildings up to 5,300 square feet.

Prefabrication Design Solutions

In line with the desire to move more processes offsite and increase the use of emerging technology, prefabrication design solutions received a 5.9/10 score on adoption/utilization in 2023, according to BuiltWorlds’ benchmark data. Design-assist solutions enable early collaboration and allow for problems to be anticipated proactively. While prefabrication design solutions still have a relatively low adoption rate around the industry, almost half (46%) of companies surveyed in our 2023 benchmarks reported testing the solution on a few projects, while only 8% reported using the solution on every project. We expect this proportion to rise in the coming years with increased adoption. For more on prefabrication design solutions, tune in to our analyst call on February 14th.

Vendor Spotlight:

According to survey respondents, the two most implemented solutions around the industry are Autodesk’s Revit and BIM 360. Revit brings cross-functional teams together to model 3D systems and make real-time edits, while BIM 360’s core strength is turning design documentation into a collaborative project-based record.

 

Wearable Technology Devices

Wearable technology devices are an early-stage, emerging technology currently seeing relatively low rates of adoption, as evident in BuiltWorlds’ 2023 benchmarking data. Yet the potential to enhance efficiency, safety, and productivity makes this technology one to keep on the radar in 2024. Our recent research on wearables breaks the technology category into 4 main categories: augmented/virtual reality (smart glasses), physical labor augmentation (exoskeletons), health and vitality monitoring devices, and time and location monitoring devices. BuiltWorlds' data shows that a small percentage of companies currently and regularly use wearable technology solutions on a number of projects, with a greater percentage of companies currently testing out the solutions on a few projects. Of the 4 categories, time and location monitoring devices are seeing the highest adoption rates so far, with 50% of companies surveyed currently implementing the solution in some capacity. Exploring time and location monitoring devices could be a valuable first step for companies curious about implementing wearable technology. We will kick off our 2024 analyst calls with a discussion on wearable technologies on January 10th.

Vendor Spotlight:

Our benchmarking survey data shows HoloLens2 as the most-adopted solution — tied only with the original HoloLens product. Taken together, HoloLens and HoloLens2 dominate the VR solution industry adoption rates. User satisfaction with HoloLens2 meets the industry average satisfaction for VR solutions and surpasses user satisfaction scores for the original HoloLens.