Construction industry sees a growing need for construction technology solutions

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The global construction industry showed some recovery in 2021. With vaccination taking place, governments in many countries started withdrawing restrictions. Consequently, it helped increase construction activities. Similarly, there has been an ever-increasing demand for data-driven technology in the construction industry. Consequently, construction technology providers are attracting an increasing number of partnerships in the industry. For instance,

• Versatile, a United States-based construction technology provider which uses artificial intelligence (AI) and the internet of things (IoT), partnered with The Crosby Group, a manufacturer in the lifting and rigging industry, in March 2022. Through this partnership, Versatile will use the manufacturing space of Crosby in Tulsa, Oklahoma, to produce its CraneView system.
• Notably, CraneView is an AI-powered and below-the-hook device that is used to capture critical data points in a construction site, including materials, redundancies, construction progress, and crane utilization.
• Initially, both the companies partnered in 2020 for the integration of CraneView and Crosby Straightpoint's load monitoring technology and rigging hardware for creating a safe and reliable unit for a commercial contractor.

Notably, Versatile's CraneView has been facing increasing customer demand and has attracted the eyes of investors in the last three years. For instance,

• In September 2021, Versatile raised US$80 million in Series B funding led by Tiger Global. The fresh funds will be used further for the growth of the company and the strengthening of its data-driven capabilities, together with the expansion of its services.

Technology has always taken a prime position in the industrial and construction landscape. Therefore, construction companies are focusing on technology solutions to deliver industry-leading solutions the businesses.

In construction sites, overtime is a common phenomenon. Despite the cost of overtime, the time of the skilled workers is often used to address immediate concerns rather than planned to maximize its effects. According to Versatile, overtime is predictable at an 88% confidence level if proper measurement is utilized. Therefore, Craneview's findings are expected to empower construction crews to maximize strategic benefits.

To know more and gain a deeper understanding of the construction market in the United States, click here.