Certified Global Research Member
Key Questions Answered
- Global Market Outlook
- In-depth analysis of global and regional trends
- Analyze and identify the major players in the market, their market share, key developments, etc.
- To understand the capability of the major players based on products offered, financials, and strategies.
- Identify disrupting products, companies, and trends.
- To identify opportunities in the market.
- Analyze the key challenges in the market.
- Analyze the regional penetration of players, products, and services in the market.
- Comparison of major players’ financial performance.
- Evaluate strategies adopted by major players.
- Recommendations
Why Choose Market Research Future?
- Vigorous research methodologies for specific market.
- Knowledge partners across the globe
- Large network of partner consultants.
- Ever-increasing/ Escalating data base with quarterly monitoring of various markets
- Trusted by fortune 500 companies/startups/ universities/organizations
- Large database of 5000+ markets reports.
- Effective and prompt pre- and post-sales support.
The market elements of AI in construction are going through an extraordinary shift, reshaping how undertakings are arranged, executed, and made due. The growing demand for construction processes that are both productive and efficient is one of the primary drivers of this change. Man-made intelligence innovations, for example, AI and prescient examination, empower development experts to break down immense measures of information to go with informed choices, upgrade work processes, and distinguish possible dangers, eventually further developing undertaking proficiency.
The rising intricacy of development projects has likewise pushed the reception of simulated intelligence in the business. From huge scope foundation improvements to perplexing structure plans, artificial intelligence assumes a critical part in dealing with complex undertakings that require accuracy and high-level computational capacities. Tools powered by AI aid in project planning, scheduling, and resource allocation, making it easier for construction teams to deal with complex problems more quickly and accurately.
Additionally, the accentuation on wellbeing in the development area has prompted the joining of computer-based intelligence driven arrangements. Brilliant sensors, wearables, and PC vision advances controlled by computer-based intelligence add to improving wellbeing conventions on building locales. These innovations can screen specialist exercises, distinguish expected dangers, and ready staff to likely dangers, cultivating a more secure workspace.
Cost management is an important part of construction projects, and AI is helping to cut costs and stick to budgets. Real-time financial insights, cost savings opportunities, and cost forecasting are all possible with AI-driven analytics. This aides in monetary preparation as well as guarantees better monetary control all through the development lifecycle.
The interest for feasible and eco-accommodating development rehearses has additionally determined the reception of man-made intelligence in the development market. AI algorithms are able to evaluate the environmental impact of construction projects, recommend environmentally friendly building materials, and optimize building designs for energy efficiency. In addition to meeting regulatory requirements, this alignment with sustainable practices appeals to clients and stakeholders who are concerned about the environment.
Coordinated effort and correspondence are basic in development projects including different partners, including modelers, designers, workers for hire, and clients. Continuous correspondence smoothed out archive sharing, and further developed group coordination are totally made conceivable by man-made intelligence controlled cooperation apparatuses. This cooperative methodology adds to the general outcome of the undertaking and decreases deferrals and mistakes.
The combination of advanced mechanics and robotization in development processes is one more powerful part of the artificial intelligence in construction Market. Mechanical frameworks, directed by artificial intelligence calculations, can perform errands, for example, bricklaying, concrete pouring, and, surprisingly, 3D printing of designs. These headways in automated development improve productivity as well as address work deficiencies and lessen the time expected for project fruition.
Administrative consistence and quality control are basic contemplations in development tasks, and computer-based intelligence advances are instrumental in guaranteeing adherence to guidelines. Artificial intelligence frameworks can screen development processes, distinguish deviations from determinations, and ready undertaking supervisors to potential consistence issues. This proactive methodology limits gambles as well as adds to the general quality and sturdiness of developed structures.
The unique idea of the AI in construction Market is additionally affected by the continuous innovative work in the field. Developments in computer-based intelligence calculations, the joining of cutting-edge sensors, and the advancement of new artificial intelligence applications keep on forming the market. The business' responsiveness to embracing arising innovations and keeping up to date with the most recent headways further adds to the advancing elements of AI in construction.
AI in Construction Market Highlights:
AI in Construction Market Overview
AI in Construction Market Size was valued at USD 0.35 billion in 2022. The AI in construction market industry is projected to grow from USD 0.47 Billion in 2023 to USD 2.60 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 33.20% during the forecast period (2024 - 2030). Artificial intelligence will be widely used in construction for large-scale project management, cost-effective production, resource management, and time management are the key AI in construction market drivers enhancing market growth.
Figure 1: AI in Construction Market Size, 2023 - 2030 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
AI in Construction Market Trends
Rise in Artificial Intelligence applications in the construction sector is driving the market growth
Market CAGR for artificial intelligence is driven by the rising number in the construction industry. Artificial intelligence can benefit all construction project phases, from planning and design to ensuring a safer working environment. With AI already demonstrating its value in the construction industry, tasks are becoming more automated, and workflows are more efficient. This element is driving the AI in construction market growth. In addition, AI and machine intelligence on construction sites decrease the risk of accidents since AI systems can rapidly assess massive amounts of information in real-time to anticipate any safety, quality, or productivity issues. The AI system cannot only detect risky behaviors on the job site. Still, it can also preempt machine malfunctions using sensor data and determine what steps must be taken to prevent them. As a result, workers become safer on construction sites, and the likelihood of mishaps diminishes.
Additionally, digital knowledge has increased over the past five years due to the increasing use of building information systems (BIM), security sensors, drones, and machine telematics. The vast amount of digital data construction firms generate motivates them to utilize cutting-edge analytics tools to gain insight. As drones, robots, and autonomous vehicles become more prevalent in the construction industry, AI is increasing in popularity. It is becoming increasingly common for construction companies to use these technologies to map, take aerial photos, assess construction sites, and automate development procedures.
Several factors contribute to a successful construction project, but safety is among the most critical factors. Injuries and fatalities at job sites are alarming issues that must be addressed. In addition to assisting workers in performing tasks more safely, artificial intelligence has been proven efficient in enhancing worker safety.
For instance, Researchers at the University of Waterloo (Canada) studied artificial intelligence in the construction industry and found that AI helps bricklayers learn advanced techniques to limit joint loads. By using artificial intelligence, bricklayers can maximize output while minimizing the stress on their bodies. AI also enables companies to rely on off-site factories or construction sites manned by autonomous robots. Thus, driving the AI in construction market revenue.
AI in Construction Market Segment Insights
AI in Construction Stage Insights
The AI in construction market segmentation, based on stage, includes pre-construction, construction stage, and post-construction. The pre-construction segment dominated the AI in construction market, accounting for 39% of market revenue. The pre-construction phase involves pre-project management tasks, such as schedule and cost management, which is why AI-enabled applications are highly popular. It includes all aspects of planning and designing, including opportunity and proposal management, cost management, sourcing and contract management, and virtual design and construction.
AI in Construction Component Insights
The AI in construction market segmentation, based on components, includes solutions & services. The solutions category generated the most income (70.4%). Artificial intelligence solutions in construction play a vital role in refining the efficiency and effectiveness of construction businesses using Natural Language Processing (NLP), machine learning and deep learning technology. Implementing AI-based solutions in the construction industry is imperative to revolutionize how it functions. These solutions will also provide the construction industry access to up-to-date technology while assisting professionals in decision-making.
AI in Construction Technology Insights
The AI in construction market data, based on technology, includes machine & deep learning, NLP, and neural networks. The machine & deep learning segment dominated the AI in construction market, accounting for 51.6% of market revenue (0.2 billion). Machine learning and deep learning technologies have grown in importance in the construction industry due to the growing demand to analyze dark data and automate business functions. Many construction companies now deploy AI-based solutions to achieve higher efficiency and effectiveness.
Figure 1: AI in Construction Market, by Technology, 2022 & 2030 (USD billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
AI in Construction Regional Insights
By Region, the study provides market insights into North America, Europe, Asia-Pacific and Rest of the World. North American AI in construction market area will dominate the market. North American construction companies have invested heavily in the AI in construction market, and several vendors have emerged to meet the requirements of the rapidly growing AI in construction market. In addition, a wide variety of applications in North America are effectively managed by AI technologies, including project management, field management, risk management, schedule management, supply chain management, and others (management of construction equipment and materials, resource management, subcontractor management, and cost management).
Further, the major countries studied in the AI in construction market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: AI IN CONSTRUCTION MARKET SHARE BY REGION 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Asia-Pacific AI in construction market accounts for the second-largest market share due to increasing construction activities in emerging countries such as China, Japan, and India in this region, which explains the rising demand for artificial intelligence. Further, China’s AI in construction market held the largest market share, and Indian AI in construction market was the fastest-growing market in the Asia-Pacific region
The Europe AI in construction market is expected to grow at the fastest CAGR from 2023 to 2030. Construction sites use AI solutions and platforms because of their cost-efficiency and the increasing demand for AI solutions and platforms. Moreover, German AI in construction held the largest market share, and UK AI in construction market was the fastest-growing market in the European region.
For instance, In April 2021, IBM Corporation, Red Hat Software, and Cobuilder announced plans to collaborate on building a platform to connect the distributed construction industry supply chain. The OpenBuilt platform will offer an innovative digital solution to help drive sustainable, safer, and more efficient construction projects through innovation. A number of AI in construction market players across the region provide advancements, innovations, and extensive investments to the market that benefit the overall growth of the AI in construction industry.
AI in Construction Key Market Players & Competitive Insights
Leading market players are participating heavily in research and development to expand their product lines, which will help AI in construction market grow even more. Market participants are also undertaking various strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. AI in construction industry must offer cost-effective items to expand and survive in a more competitive and rising market climate.
Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the AI in construction industry to benefit clients and increase the market sector. In recent years, AI in construction industry has offered some of the most important advantages to construction industries. Major players in the AI in construction market include 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.).
The International Business Machines Corporation (IBM) offers computer solutions. Aside from its application, technology consulting and support services, the Company provides services in process design and operations, cloud computing, digital workplaces, and network infrastructure, as well as business resiliency, strategy, and design capabilities. The IBM Company serves clients all over the world. In April 2021, IBM Corporation, Red Hat Software, and Cobuilder announced plans to collaborate on building a platform to connect the distributed construction industry supply chain. The OpenBuilt platform will offer an innovative digital solution to help drive sustainable, safer, and more efficient construction projects through innovation. A number of market players across the region provide advancements, innovations, and extensive investments to the market that benefit the overall growth of the AI in construction industry.
Oracle Corporation provides software for managing enterprise information. In addition to databases and relational servers, the Company provides tools for developing applications, providing decision support, and developing enterprise applications. It runs on network computers, personal digital assistants, set-top devices, PCs, workstations, minicomputers, mainframes, and massively parallel computers.
Key Companies in the AI in Construction market include
-
IBM Corporation (U.S.)
-
Oracle Corporation (U.S)
-
SAP SE (Germany)
-
Alice Technologies (U.S.)
-
Aurora Computer Services(U.K)
-
Autodesk (U.S.)
-
eSUB (U.S.)
-
Smartvid.io(U.S.)
-
Microsoft Corporation (U.S.)
-
Building System Planning (U.S.).
AI in Construction Industry Development
Hugging Face, NVIDIA, and ServiceNow (NYSE: NOW) today announced the release of StarCoder2, a series of large language models for code creation that are open-access and establish new benchmarks for efficiency, affordability, and performance in 2024. StarCoder2 was created in collaboration with the BigCode Community, which is run by Hugging Face, the most popular open-source platform where the machine learning community works together on models, datasets, and applications. ServiceNow is the top digital workflow company that makes the world work better for everyone.
Bluebeam, a global leader in providing services and solutions to the architectural, engineering, and construction (AEC) industry, will launch two new artificial intelligence (AI) capabilities in early 2024 along with Bluebeam Labs, a co-creation workspace within Bluebeam Cloud. With its flagship product, Bluebeam Revu, Bluebeam has been investing in AI for over ten years. The company has a strong track record of providing AEC professionals with innovative solutions.
The EY company and IBM announced the release of EY.ai Workforce in 2023. This cutting-edge HR solution enables businesses to incorporate artificial intelligence (AI) into critical HR business operations. This is a critical next step in the firms' partnership and a major turning point in the way AI is being used to boost productivity in the HR department. To help firms innovate their HR operations, EY.ai Workforce blends AI and automation from IBM Watsonx Orchestrate with the domain experience of the EY organization in HR transformation.
The acceptance of tools powered by artificial intelligence (AI), the capacity of machines to carry out operations that would typically need human intelligence, is accelerating. ChatGPT is one technology that is gaining popularity with construction marketers. ChatGPT is now being used by construction marketers for a number of purposes, including content production and consumer engagement.
A prominent supplier of takeoff software for construction estimating, eTakeoff, today announced a partnership with Togal.AI, a rapidly expanding business introducing artificial intelligence to the construction sector, for the year 2023. By the cooperation, the leading product from the seasoned company, eTakeoff Dimension, will be integrated with Togal.cutting-edge AI's artificial intelligence and machine learning technology.
AI in Construction Market Segmentation
AI in Construction Stage Outlook
-
Pre-Construction
-
Construction Stage
-
Post-Construction
AI in Construction Component Outlook
-
Solution
-
Service
AI in Construction Technology Outlook
-
Machine & Deep learning
-
NLP
-
Neural Networks
AI in Construction Regional Outlook
-
North America
-
US
-
Canada
-
Europe
-
Germany
-
France
-
UK
-
Italy
-
Spain
-
Rest of Europe
-
Asia-Pacific
-
China
-
Japan
-
India
-
Australia
-
South Korea
-
Australia
-
Rest of Asia-Pacific
-
-
Rest of the World
-
Middle East
-
Africa
-
Latin America
-
Leading companies partner with us for data-driven Insights
Kindly complete the form below to receive a free sample of this Report
Tailored for You
- Dedicated Research on any specifics segment or region.
- Focused Research on specific players in the market.
- Custom Report based only on your requirements.
- Flexibility to add or subtract any chapter in the study.
- Historic data from 2014 and forecasts outlook till 2040.
- Flexibility of providing data/insights in formats (PDF, PPT, Excel).
- Provide cross segmentation in applicable scenario/markets.
