May 16, 2020

How Big Data is Transforming Construction

Big Data
Admin
2 min
How Big Data is Transforming Construction
As recent controversies following leaks about the National Security Agency's secret domestic espionage programs have highlighted, data is power.Acco...

As recent controversies following leaks about the National Security Agency's secret domestic espionage programs have highlighted, data is power.

According to the Massachusetts Institute of Technology, the accumulation of data began an extraordinary upward trajectory in 2006 that has only continued to skyrocket since: 2.8 zettabytes (that's a byte of data multiplied by the seventh power of 1,000) of data were created in 2012, and that number is projected to double by 2015.

The quest to hold, catalogue and interpret these almost incomprehensible amounts of data in real time is the motive behind the loosely defined concept of "big data." The companies that figure it out are often the ones that succeed. 

Big data's small beginnings

As the following article shows, the earliest companies that learned "How to unlock big data's big potential” all had one thing in common: tech.

The future kings of the digital universe - companies like Yahoo, Google, Facebook, LinkedIn and Amazon - realised early on that warehousing and sorting massive amounts of data was the key to future dominance, and their respective investments in the big-data revolution obviously paid off.

How the construction industry harnessed big data

Although it started as a tech revolution in the digital world, the benefits of big data are being realised by more traditional industries: not least of which is construction.

Firms in the construction and architectural industries - specifically in the arenas of project planning, 3D mapping and pre-construction analytics - are extending fewer deadlines, wasting fewer materials and going over fewer budgets thanks to the power of big data.

By using big data strategies, every conceivable aspect of a building's construction and lifespan can be worked into remarkably accurate models that can be analysed before work begins, reducing on-site mishaps that lead to expensive and time consuming do-overs.

Not only are construction firms benefitting, but an entire new crop of 3D digital map-making companies have sprung up in support and service of the construction industry now that big data has revolutionised the pre-construction phase of building.

Big data is now big business.

Formerly a digital phenomenon, more traditional industries like manufacturing and construction are now seeing the benefit.

The collection and analysation of massive data chunks launched Facebook and Google - but could it lead to a new building boom?

About the Author: Andrew Lisa is a freelance business writer. He covers tech startups and the big data revolution.

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Jun 14, 2021

XYZ Reality receives £20m to develop Assisted Reality

AugmentedReality
construction
DigitalTransformation
Technology
Dominic Ellis
3 min
XYZ Reality to use funding led by Octopus Ventures to springboard into USA and automatically report issues through Assisted Reality

XYZ Reality has announced a £20m investment round led by Octopus Ventures.

Founded in 2017, XYZ Reality aims to "revolutionise" the construction sector with its Engineering-Grade Augmented Reality (AR) solution, Holosite.

Designed to enable an on time and on budget delivery of construction projects, by eliminating building errors, HoloSite has been available to select customers through an early access programme and has already been used on projects totalling a value of over £1.5bn in the last year. 

With approximately 98% of construction megaprojects facing cost overruns or delays and 7-11% of project costs being spent on correcting errors, XYZ Reality’s purpose-built integrated AR solution directly addresses these issues.

With its safety certified AR hardhat, cloud platform and in-built proprietary software, Holosite accurately positions high fidelity 3D design models on construction sites, enabling teams to build it right, first time. The technology system has been used on complex construction projects including data centres, pharmaceutical facilities and airports.     

This funding will be used to accelerate the company’s ambition of transforming projects by preparing for HoloSite’s commercial launch in the USA and continuing investment in strengthening research and development. The company is also growing its London team to include key hires across technology, manufacturing, sales and marketing.

David Mitchell, Founder and CEO of XYZ Reality, said developing its engineering-Grade AR solution helping construction teams identify errors in real-time is just the start.

"The next phase is Assisted Reality, where our spatial computing technology will have the intelligence to automatically detect and report issues in the field. And ultimately, the goal is builders building from holograms. Our vision of developing world changing products aligns with Octopus Ventures’ mission of investing in companies that are powering the next industrial revolution. We look forward to building history.”

The latest round of funding is led by Octopus Ventures, one of the largest and most active venture investors in Europe, known for its commitment of investing in companies and founders that are changing the world. Octopus Ventures has a strong track record, spanning investment in health, fintech, consumer, B2B software, and deep tech. This includes WaveOptics, one of Octopus Ventures’ early investments in Augmented Reality, which was recently acquired by Snap Inc. 

Rebecca Hunt, early-stage investor at Octopus Ventures, said: "We’ve always invested in entrepreneurs leading industry change and XYZ is doing just that. It's solving a massive problem that costs the construction industry billions every year, using its Engineering-Grade Augmented Reality solution to spearhead a shift in the sector’s approach. The founding team of David, Umar and Murray have deep domain and technical expertise, which we believe makes XYZ uniquely placed to drive this transformation.”

XYZ Reality also announces a new partnership with Mace, for the construction of a hyper-scale data centre in Europe. With speed to market being particularly essential for mission critical builds, HoloSite’s AR technology will have a significant role in supporting an accurate and time effective build for Mace, which last week appointed Jon McElroy its new Managing Director for International Technology.  

Mace Technical Director, Stephen Henley, said: “Mace has built a reputation of redefining the boundaries of ambition, always bringing efficiency, innovation and responsibility to our projects. With the implementation of XYZ’s groundbreaking AR system, we continue to be committed to delivering projects faster, safer and better than ever before.” 

Five years ago, Heather Bellini of Goldman Sachs Research expected virtual and augmented reality to become an $80 billion market by 2025.

But according to new research by global tech market advisory firm ABI Research, nearly 28 million augmented and mixed reality smart glasses will ship in 2026, while the total global AR/MR market will surpass $175 billion in the same year.

"Major tech players across hardware, software, and services look familiar in the consumer space, contributing to strong and consistent overall growth," says Eric Abbruzzese, Research Director for ABI Research. "Those big tech names, with active investment and product ranging from already available, to announced, to all-but-announced, are creating a consumer AR market that will be dynamic and welcoming rather than struggling and immature."

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