Artificial Intelligence (AI) is the technology that allows machines to make intelligent decisions while applying the required skills.
Global Artificial Intelligence (AI) in Construction Market was valued at US$ ~449.7 million in the year 2018 and is expected to reach US$ ~2,107.8 million by the year 2023, growing at a CAGR of 36.2%. The rising need for safety and security in the construction sector, coupled with an increasing demand for reducing the overall cost, is expected to drive the market. However, the complexity of the algorithms which has led to slower adoption of AI in the construction sector, is expected to hinder the growth of the market.
The report overview includes studying the market scope, leading players like IBM (US), Alice Technologies (US), Aurora Computer Services (UK), Autodesk (US), Building System Planning (US), eSUB (US), etc., market segments and sub-segments, market analysis by type, application, geography. The report covers Leading Countries and analyzes the potential of the global AI in construction industry, providing statistical information about market dynamics, growth factors, major challenges, PEST analysis, and market entry strategy Analysis, opportunities, and forecasts. The biggest highlight of the report is to provide companies in the industry with a strategic analysis of the impact of COVID-19.
AI is beneficial for the development of applications which are used for easy data analysis, surveying, and mapping at construction sites. Moreover, the development of software is proposed to be beneficial for giving information on a construction project and commissioning of data. This has resulted in an increasing adoption of AI in various construction companies. Even though AI technology is widespread in most of the parallel industries, construction is the slowest vertical in terms of adopting the technology. In recent years, AI has been found beneficial for pre-construction phases such as planning and designing and building information modelling.
The key players of the Artificial Intelligence in Construction Market Report are IBM (US), Alice Technologies (US), Aurora Computer Services (UK), Autodesk (US), Building System Planning (US), eSUB (US), Microsoft (US), Oracle (US), SAP (Germany), and Smartvid.io(US), amongst others.
Global AI in construction market also specifically underpins end-use application scope and their improvements based on technological developments and consumer preferences.
- By Application (Project Management, Risk Management, Supply Chain Management, Schedule Management, Field Management)
- By End-User (Residential, Commercial Institutions, Heavy Construction, Others)
According to the end-user types, AI in the construction market is segmented as, residential, commercial institutions, heavy construction, and other users. The residential sector is holding the highest share in the global AI in the construction market. The growing number of luxurious buildings and high-rise constructions are encouraging construction companies to adopt AI in construction.
Global AI in construction market also specifically underpins type scope and their improvements based on technological developments and consumer preferences.
- By Technology (Neural Networks, Machine Learning & Deep Learning, Natural Language Processing (NLP))
- By Stage (Pre-Construction, Construction, Post-Construction)
- By Component (Solutions, Services)
- By Deployment (Cloud, On-premises
On the basis of the technology, the global AI in construction market is categorized into neural networks, machine learning & deep learning, and natural language processing. Among these, the natural language processing technology is holding the highest share in the market, owing to the ease of extraction of text data for the purpose of risk minimization, knowledge extraction, and other benefits.
Geographically, North America is holding a dominating share in the Artificial Intelligence in Construction Market owing to increasing investments by companies like Oracle Corporation and IBM Corporation in AI-based construction technologies. The Asia-Pacific region is growing at the highest CAGR due to the increasing investment in AI-based technologies. China, South Korea, India, and Japan are the major countries in this region.
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