AI optimisation estimated to be worth over £14bn a year to UK infrastructure, according to new data
October 23, 2019
Figures from Sensat reveal four in ten infrastructure firms that don’t embrace digitisation risk going out of business within ten years.
Artificial Intelligence is set to transform UK infrastructure and deliver over £14 billion a year in new revenue, according to new data from Sensat, the British company translating the real world into a version understandable to AI.
The findings - from an independent survey data of 404 UK decision-makers in infrastructure and large-scale businesses in the Architecture, Engineering and Construction sector - also show the vast majority (90%) believe AI will transform their industry. And a massive 95% believe digitisation already makes their business more efficient.
Worryingly for digital laggards, the respondents also believe four in ten construction firms that don’t embrace digitisation risk going out of business within ten years.
The survey comes after Sensat recently closed a $10m Series A funding round led by Tencent.
The research also shows great confidence in British tech, as 40% of respondents believe the UK is leading the world in infrastructure AI. 48% believe the UK is a follower, and just 12% say it’s a laggard.
And the data provides insight into where the main thrust of digital innovation is going to come from - as there is a real skills gap when it comes to digital twin technology.
Fully 99% said digital twins - or, or digital representations of real world locations - will be important in the future. But only 44% use them now.
CAD drawing layered over point cloud in Sensat's visualisation platform
Mike Sort, Chief Scientific Advisor, Department for International Trade, said: “It’s encouraging to see that the UK is not just leading in Artificial Intelligence research - but also increasingly in the digitisation of infrastructure by training AI on real-world data. By speaking to those working at the forefront of infrastructure delivery, Sensat have provided valuable insight into the way our construction methods are evolving - and proved the scale of opportunity in this vitally important industry.”
James Dean, Sensat CEO, said: “Around the world, well-functioning, modern Infrastructure is central to economic development and quality of life. And yet, the way we plan and deliver Infrastructure is antiquated in context of the automation and transparency that has transformed online industries.
“Our mission is to build the third platform, an intelligent eco-system that translates the real world into a version understandable to AI. This technology will help us to build a more sustainable future, using the wealth of new insight to help people make better decisions.
“We’re already seeing the kind of changes AI and digitisation can make. We are most proud of the impact we’re seeing to our clients' businesses, and the effect our technology makes on their ability to deliver critical infrastructure in a more sustainable way.”