According to BlueWeave Consulting, the Global Artificial Intelligence in Construction Market is expected to grow at a significant rate during the forecast period. The Global Artificial Intelligence in Construction Market is projected to reach the valuation of USD 2,317 million by the year 2026 by growing at a CAGR of 33.8 % during the forecast period 2020- 2026. The market is growing owing to various factors.
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.
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Based on Application, the project management segment is anticipated to have the largest market size, as this is a crucial phase of construction project planning. It includes drafting the proposal, managing the design stage, and documenting the project-related funds, loans, and other minute details.
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.
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. North America accounts for the lion’s share of the global Artificial Intelligence in Construction market during the anticipated period.
By geography, the global Artificial Intelligence in Construction Market segregated into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Asia Pacific is expected to have the highest CAGR over the forecast period, owing to the application of Artificial Intelligence (AI) in Construction through different applications and growing initiatives by governments of those countries in the region. North America is anticipated to have the largest market share, owing to the rapid technological advancements and increasing government investments into the development of artificial intelligence (AI).
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.
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