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AI in Construction Market Share

ID: MRFR//4577-HCR | 100 Pages | Author: Shubham Munde| May 2024

In the powerful scene of AI in construction market, organizations utilize vital situating strategies to acquire an upper hand and set their piece of the pie. Separation stands apart as a basic methodology, with organizations meaning to separate themselves by offering interesting man-made intelligence arrangements custom fitted to the particular necessities of the development business. Whether through cutting edge calculations, imaginative mechanical technology, or particular applications, separation permits organizations to cut a specialty and position themselves as pioneers in unambiguous man-made intelligence driven development capacities.

In the AI in Construction Market, cost leadership is a common strategy for gaining market share. Organizations zeroing in on cost-viability and proficient conveyance of man-made intelligence arrangements appeal to cost-cognizant clients and gain an upper hand. This system includes streamlining interior cycles, limiting above costs, and decisively evaluating simulated intelligence contributions to draw in an expansive client base. Cost leadership not only keeps a company in the market, but it also makes it the first choice for clients looking for value-driven AI solutions in the construction industry.

Vital coordinated efforts and associations are instrumental in situating organizations well in the AI in construction Market. Companies can leverage complementary strengths and expand their reach by forming partnerships with key stakeholders like construction firms, technology providers, or research institutions. Cooperative endeavors improve the general offer of simulated intelligence arrangements, encouraging a positive discernment on the lookout and situating organizations as solid and flexible supporters of the development environment.

Market infiltration is a powerful technique where organizations center around catching a bigger portion of the current market through forceful showcasing, broad reception of their man-made intelligence arrangements, and vital estimating. By heightening their presence on the lookout, organizations utilizing this methodology intend to lay out a strong traction, gain perceivability, and draw in a wide client base. Viable market entrance adds to an expanded piece of the pie and a more grounded cutthroat situation in the AI in Construction Market.

As AI in construction builds up momentum all around the world, organizations that venture into global business sectors position themselves to take advantage of arising valuable open doors, adjust to different administrative scenes, and take special care of the particular necessities of various locales. Worldwide extension gets a more extensive piece of the pie as well as positions organizations as compelling players in the developing worldwide Market.

In the AI in Construction Market, market share positioning relies heavily on innovation and ongoing improvement. Organizations that put resources into innovative work, keep up to date with arising advances, and constantly improve their AI arrangements are better situated to fulfill developing industry needs. This procedure draws in groundbreaking clients as well as positions organizations as pioneers driving development and setting industry principles, subsequently getting a critical piece of the pie.

Flexibility and customization are vital methodologies that resound well in the different scene of the AI in construction Market. As adaptable partners for clients, businesses that provide adaptable AI solutions that can adapt to varying construction needs and project requirements position themselves. By addressing the unique challenges faced by various construction projects, from small-scale developments to large infrastructure projects, this strategy enables businesses to gain market share.

Client driven approaches, for example, amazing client assistance, responsive help, and client-centered arrangements, add to a positive portion of the overall industry situation. Fulfilled clients are bound to become recurrent clients and promoters, impacting the standing and saw worth of AI suppliers in the development market. Organizations that focus on consumer loyalty hold their piece of the pie as well as upgrade their serious waiting patiently, areas of strength for building, term associations with clients.

AI in Construction Market Highlights:

AI in Construction Market Trends

AI in Construction Market Analysis

AI in Construction Market Share

AI in Construction Companies

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

Neural Networks

AI in Construction Regional Outlook

North America

Canada

Europe

Germany

France

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

AI in Construction Companies

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