The global Artificial Intelligence in Construction market is anticipated to grow nearly at a CAGR of 35.3 % to reach US$ 2,416 Million by 2027. The primary growth drivers of the Artificial Intelligence in Construction Market is the flexibility in designing, planning, and other processes using artificial intelligence. In addition, the increasing need for building security will also have a positive impact on market growth. Significant developments in surveillance, monitoring, and maintenance systems that use AI technologies to anticipate and alert against adverse situations are gradually increasing the role of AI-based technology in the construction industry. One of the important factors driving the growth of AI in the construction industry is the augmenting demand for data integration and visual analytics. Due to growing data proliferation and complexities, the need for data integration solutions is increasing. With the introduction of AI-powered video analytics systems, many end-user industries concentrate on exploring and analyzing various types of data. In addition, by combining their companies with business analytics applications, they also focused on achieving dynamic data representation.
Global Artificial Intelligence in Construction Market Overview:
Artificial Intelligence (AI) refers to human intelligence simulation of computers designed to think as human beings and imitate their behavior. The concept may also be extended to any computer displaying human mind-related characteristics such as thinking and problem-solving. Artificial intelligence is grounded on the principle that human intelligence can be defined in such a way that it can be easily imitated and executed by a machine, from the simplest to the more complex. Artificial intelligence objectives include learning, reasoning, and perception.
The rising demand for AI-based solutions and applications, the need for more security measures at construction sites, and AI technologies and services capabilities to reduce production costs are expected to drive AI growth in the construction industry.
Growth drivers
Rising Demand for AI-based Platforms and Solutions
In the construction industry, artificial intelligence consists of some significant players supplying the construction sector with AI solutions. In order to provide higher efficiency, significant players are undergoing new innovations and acquisitions as the construction sector is already experiencing slow growth in the adoption of these technologies. AI is also used to facilitate communication between different elements in the construction process as it provides real-time alerts and synchronized files to enable easy access for architects, designers, and contractors to project-related plans. In fact, it helps anyone on the team to access project data from a smartphone on the spot.
Need to Reduce Production Costs and construction safety
The increasing need for construction safety and the requirement for cost-effective solutions expected to drive AI growth in the construction industry. The lack of skilled labor in the global construction industry, which may be attributed to the strict migration regulations in developed regions, fuels the construction sector's appetite for AI-based automation.
Restraints
High unskilled professional and Privacy concerns
Moreover, lack of skilled professionals and the increasing cases of privacy invasion, are some of the factors responsible for limiting the market growth.
Global Artificial Intelligence in Construction Market: Technology
Based on Technology, the Artificial Intelligence in Construction market segmented into Machine learning and deep learning, Natural Language Processing (NLP). The machine learning and deep learning segment are projected to have a larger market size due to the increasing necessity to analyze dark data and automate business functions. The application of machine learning and deep learning technology has increased several times in the construction industry. In order to achieve advantages, several construction companies are deploying AI-based solutions.
The global Artificial Intelligence in Construction market is anticipated to grow nearly at a CAGR of 34.9 % to reach US$ 2,317 Million by 2026. The primary growth drivers of the Artificial Intelligence in Construction Market is the flexibility in designing, planning, and other processes using artificial intelligence. In addition, the increasing need for building security will also have a positive impact on market growth. Significant developments in surveillance, monitoring, and maintenance systems that use AI technologies to anticipate and alert against adverse situations are gradually increasing the role of AI-based technology in the construction industry. One of the important factors driving the growth of AI in the construction industry is the augmenting demand for data integration and visual analytics. Due to growing data proliferation and complexities, the need for data integration solutions is increasing. With the introduction of AI-powered video analytics systems, many end-user industries concentrate on exploring and analyzing various types of data. In addition, by combining their companies with business analytics applications, they also focused on achieving dynamic data representation.
Global Artificial Intelligence in Construction Market Overview:
Artificial Intelligence (AI) refers to human intelligence simulation of computers designed to think as human beings and imitate their behavior. The concept may also be extended to any computer displaying human mind-related characteristics such as thinking and problem-solving. Artificial intelligence is grounded on the principle that human intelligence can be defined in such a way that it can be easily imitated and executed by a machine, from the simplest to the more complex. Artificial intelligence objectives include learning, reasoning, and perception.
The rising demand for AI-based solutions and applications, the need for more security measures at construction sites, and AI technologies and services capabilities to reduce production costs are expected to drive AI growth in the construction industry.
Growth drivers
Rising Demand for AI-based Platforms and Solutions
In the construction industry, artificial intelligence consists of some significant players supplying the construction sector with AI solutions. In order to provide higher efficiency, significant players are undergoing new innovations and acquisitions as the construction sector is already experiencing slow growth in the adoption of these technologies. AI is also used to facilitate communication between different elements in the construction process as it provides real-time alerts and synchronized files to enable easy access for architects, designers, and contractors to project-related plans. In fact, it helps anyone on the team to access project data from a smartphone on the spot.
Need to Reduce Production Costs and construction safety
The increasing need for construction safety and the requirement for cost-effective solutions expected to drive AI growth in the construction industry. The lack of skilled labor in the global construction industry, which may be attributed to the strict migration regulations in developed regions, fuels the construction sector's appetite for AI-based automation.
Restraints
High unskilled professional and Privacy concerns
Moreover, lack of skilled professionals and the increasing cases of privacy invasion, are some of the factors responsible for limiting the market growth.
Global Artificial Intelligence in Construction Market: Technology
Based on Technology, the Artificial Intelligence in Construction market segmented into Machine learning and deep learning, Natural Language Processing (NLP). The machine learning and deep learning segment are projected to have a larger market size due to the increasing necessity to analyze dark data and automate business functions. The application of machine learning and deep learning technology has increased several times in the construction industry. In order to achieve advantages, several construction companies are deploying AI-based solutions.
Artificial Intelligence in Construction Market: Competitive Landscape
The major market players in the Global Artificial Intelligence in Construction are IBM, Microsoft, Oracle, SAP, Alice Technologies, eSUB, Smartvid.io, Aurora Computer Services, Autodesk, Building System Planning, Renoworks Software, Askporter, Darktrace, SmarTVid.Io, Jaroop, Predii, Lili.Ai, Deepomatic, Assignar, Beyond Limits, Coins Global, Plangrid, Doxel, Bentley Systems, and other Prominent Players are expanding their presence in the market by implementing various innovations and technologies.
The objective of the Study:
To analyze and forecast the global Artificial Intelligence in Construction market size of the market in terms of value.
To examine the careful market segmentation and forecast the market size, in terms value, based on the region by segmenting the Global Artificial Intelligence in Construction market into five regions, namely, North America, Europe, Asia Pacific, Middle East, South America, and their leading countries.
To outline, categorized, and forecast the global Artificial Intelligence in Construction market based on the Technology, Stage, Component, Deployment, Organization size, Applications, and End Use.
To examine competitive developments like technological advancement, services, and regulative framework within the global Artificial Intelligence in Construction Market.
To highlight the impact analysis of the factors, affecting the market dynamics such as drivers, restraints, opportunities, and challenges.
To strategically profile the key players and comprehensively analyze their market shares along with detailing the competitive landscape for market leaders.
Scope of the Report
By Technology
· Machine learning and deep learning
· Natural Language Processing (NLP)
By Stage
· Pre-construction
· Construction stage
· Post-construction
By Component
· Solutions
· Services
By Deployment
· Cloud
· On-premises
By Organization size
· SMEs
· Large enterprises
By Application
· Project management
· Field management
· Risk management
· Schedule management
· Supply chain management
· Others
By End Use
· Residential
· Institutional commercials
· Heavy construction
· Others
By Region:
· Asia Pacific (APAC)
· North America
· Europe
· Middle East & Africa
· Latin America
