AI in Construction Market Overview:
According to the AI in Construction Market Forecast report, the AI in construction market is expected to reach approximately USD 2512.8 million by 2030 growing with a 33.2% CAGR over the forecast period 2021-2030. The increasing demand for AI solutions in safety measures, construction sites, AI capability in construction sites to reduce production costs is the reason behind driving the AI in Construction Market growth.
Accuracy in results is very important when it comes to data collection. Being a data-driven technology, AI has a huge demand in this section; especially, in monitoring and safety applications. AI has also become an easy option to communicate in construction projects between several different elements. Also, designing and planning is a vital part of any construction business. Any small mistake committed may cause a lot of loss to the contractors in terms of budget. This problem also reflects in the time constraints.
Along with the overall growth understanding, this report also provides information about the market drivers, challenges, opportunities, and restrains. This report has a proper segmentation of the market and a basic sub-segmentation as well. The report is also provided with the approximate closest revenue number for the segments and overall market as well. Also, this report helps to understand the market, the key players, and their position by giving more insight and strengthening the understanding.
Impact of Covid-19:
A significant amount of drop has been seen in the growth of AI in Construction Industry due to the covid-19 pandemic in 2020. The increasing need in construction sites for advanced and safety measures is the original attribute behind this growth. Moreover, the market is also experiencing a shift in product availability as the manufacturing of the Chinese companies has been completely shut down. Also, the restriction in the cash circulation is forcing the construction sites to face an issue with capital liquidity.
The Global AI in Construction Market is expected to witness rapid growth in the forecast period owing to its increasing demand in AI solutions and platforms, construction sites because of cost-efficiency. AI capability is a blessing when it comes to cost-cutting. These factors work as the driving force behind market growth.
Among all the other industries, AI is the most fragmented and dominating technological industry. The opportunity of profiting is open in various industries such as financial services, robotics, pharmaceuticals, software, manufacturing, healthcare industry, automobile industry.
The main restrain of AI in construction is providing insights on factors that are affecting the growth of the market.
Among all the other industries, AI in construction happens to be the most fragmented industry. Also, this industry does not have a sufficient number of skilled employees who can operate the AI in construction for solutions.
AI in construction technology has two major segments- Machine Learning and Deep Learning and Natural Language Processing. Among the two segments, the first one is possibly expected to grow more and have a larger sized market. On the other hand, the solution segment from components has a vital role to play in the construction industry, and it uses both machine learning and deep learning; and natural language processing (NPL). So many companies these days are opting to deploy AI to attain the most benefits.
AI in Construction Market Segment Overview:
The global market of AI in construction can be divided into eight segments- technology, components, stages, applications, organization type, region, industry type, and deployment type.
Now let's take a look at the further segmentations.
By Organization Size:
By Region Type:
By Industry Type:
AI in Construction Market Regional Analysis:
In AI in Construction Market, North America is expected to become the largest market leader during the forecast period. In North America, several construction companies are have been making a huge amount of investments, and the market is witnessing several vendors also to cater to all the rapid growth in the market. This place is widely using AI in construction for various purposes- supply chain management, field management, project management, risk management, and many others. North America has always stayed few steps ahead of another region in technological adoption.
Based on the AI in Construction Market Report, the Asia Pacific is expected to see the highest growth with the highest CAGR in the forecast period in the AI in Construction Market Growth.
AI in Construction Market Competitive Landscape:
There are many significant AI in Construction Market Players. The market's nature is fragmented. The most significant players are- Autodesk Inc, Smartvid.io.Inc, Building System Planning Inc, among all. In April 2020, to virtually connect and promote participants of infrastructure projects and force them to work from home, Bentley Systems Inc launched the ProjectWise 365cloud service; also, the company waived the subscription fees. In March 2020, Smartvid.io claimed that their AI platform has developed and reached a stage where it can accomplish various tasks, such as recognizing workers in small groups, construction phases, and new work from height risks. This development helped Smartvid.io in automatically recommending the rate of risk based on detected hazard combining with the contextual tags.
This report consist-
Major Key Players:
|Market Size||USD 2512.8 Million (2030)|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Stage, by Technology|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||IBM Corporation (U.S.), Oracle Corporation (U.S), SAP SE (Germany), Alice Technologies.(U.S.), Microsoft Corporation (U.S.), Aurora Computer Services(U.K), Autodesk (U.S.), eSUB (U.S.), Smartvid.io(U.S.),and Building System Planning (U.S.).|
|Key Market Opportunities||The market growth is due to increase in demand by the economies to develop smart city projects which require better amenities that boost the real estate sector.|
|Key Market Drivers||The growing adoption of natural learning programming (NLP) can surge the global market of AI in construction.|
Frequently Asked Questions (FAQ) :
The AI in construction market can surge at 33.2% CAGR by 2030.
The AI in construction market can value at USD 2512.8 Mn by 2030.
Autodesk (U.S.), Aurora Computer Services (U.K), Smartvid.io(U.S.), eSUB (U.S.), and Building System Planning (U.S.) are some reputed names in the AI in construction market.
The growing adoption of natural learning programming (NLP) can surge the global market of AI in construction.
The growing number of industrial construction projects in APAC can drive the regional AI in construction market growth.
AI-enabled applications in the construction sector have been at a burgeoning stage and are presumed to witness their integration with building information modelling (BIM) and GPS which would be very beneficial for project planning, scheduling, and inventory purposes.