Global Artificial Intelligence in Construction Market is valued at USD 0.494 Billion in 2021 and expected to reach USD 4.55 Billion by 2028 with a CAGR of 37.4% over the forecast period.
Global Artificial Intelligence in Construction Market: Global Size, Trends, Competitive, And Historical & Forecast Analysis, 2022-2028: The usage of artificial intelligence software in construction businesses for risk mitigation services and preventative analysis is driving market expansion. In recent years, the building sector's increased need for information unification and visualization techniques has considerably aided the expansion of artificial intelligence.
Artificial intelligence is the capacity of a computer to perform tasks and replicate intelligence, such as human conduct. Some common applications of artificial intelligence include expert networks that aid in judgement making, natural language processing, voice identification, and numerous others. Artificial intelligence has had a significant influence on the construction industry in recent years. It is usually utilized in the pre-construction stage, and using the aid of machine learning, one may digitally design and implement the prototypes that will be built. It also aids in the management and supervision of the safety and maintenance systems in the construction site. AI in building may help in a variety of ways, include design, building maintenance, budgeting, building materials, and the construction stage.
AI in construction assists in overcoming issues such as construction cost overruns and workforce shortages. The biggest concern throughout construction is employee fatality; AI addresses this issue by activating an alert system when an increased hazard is detected. AI-based technologies are also assisting in building data modelling for the creation of 3D building models. The creation of AI-based technology has shown to be successful for providing information on a building projects and data collection that will benefit the entire construction procedure.
The global Artificial Intelligence in construction market is segmented based on stage, technology, component, deployment, application, end-use, and region & country level. Based on stage, the global Artificial Intelligence in construction market is segmented into pre-construction, construction, and post-construction. By technology, the market is segmented into machine learning & deep learning, Natural Language Processing (NLP) and Neural Networks. By component, the global Artificial Intelligence in construction market is segmented into services and solution. By deployment, the global Artificial Intelligence in construction market is segmented into on-premises, cloud. By application, the Artificial Intelligence in construction market is segmented based on schedule management, project management, field management, planning and design, risk management, supply chain management. By end-user, the global Artificial Intelligence in construction market is segmented into heavy construction, residential, commercial institutions, others.
The regions covered in the global Artificial Intelligence in Construction market report are North America, Europe, Asia-Pacific, Latin America, and the rest of the World. Based on country level, the market of global Artificial Intelligence in Construction is sub divided into U.S., Mexico, Canada, U.K., France, Germany, China, Italy, India, Japan, Southeast Asia, Middle East Asia (Saudi Arabia, UAE, Egypt) GCC, Africa, etc.
Some major key players for the global Artificial Intelligence in Construction market report cover prominent players like
On September 26, 2022; Disperse, a construction technology firm located in the United Kingdom that provides an artificial intelligence (AI)-powered system to assist project managers monitor work and collect data from building sites, has secured $16 million in investment.
On July 28, 2022; The ETIM categorization guideline for the construction industry was formally released in Australia and New Zealand by national employers group Ai Group. ETIM is an international categorization model that offers a much-needed framework for standardized (technical) item data interchange across construction sector players.
On March 22, 2022; SoftTech Engineers Limited revealed the development of a unique Cloud-powered and AI-driven Construction ERP centered on the SaaS Model, with the goal of accelerating digital revolution in India's AEC (Architecture, Engineering, and Construction) sector.
Increasing digital information is propelling computers in the building business. Building Information Systems (BIM), security monitors, UAVs, and machine telematics have all contributed to a rapid increase in the expansion of digital knowledge during the last five years. This often encourages construction organizations to implement sophisticated analytics solutions in order to fully utilize a huge number of digital facts and extract unfair insights. The use of drones, robots, and driverless cars in the construction industry is also supporting the growth of AI in the building industry.
These innovations are being used by corporations for mapping, aerial photography, measuring building sites, and automating development activities. This often creates a plethora of potential for the advancement of AI technology inside the construction business. The unstructured building environment and absence of arch strength, on the other hand, are the major obstacles impeding market expansion.
The deployment of UAVs, robotics and autonomous cars in the construction industry is also supporting the growth of AI in the building business. These technologies are being used by corporations for charting, aerial photography, measuring building sites, and automating development activities. This often creates a plethora of potential for the advancement of AI technology inside the construction business.
One of the most significant impediments to artificial intelligence in construction market is a lack of qualified workers. To obtain the required outcomes, the work that has to be performed in the construction business with the help of artificial intelligence needs both technological and subject expertise. If the employee does not have a strong comprehension of it, the whole program forecast and offsite building work fails, resulting in a big loss for the company and subjecting the company to a variety of project-related issues that will stymie market development.
Geographically, the North American region is expected to occupy the bulk of the industry position in the artificial intelligence in construction market . The supremacy is attributable to the region's well-developed technical infrastructures, along with the region's huge presence of important AI in building industry participants. For example, Red Hat Software, IBM Corporation, and Cobuilder launched a worldwide agreement in April 2021 to co-build a novel infrastructure to help integrate the fragmented construction sector supply chain. OpenBuilt is the title of the system, which is supposed to provide an advanced new technology to benefit developing and driving greener, safer, and much more efficient building projects. The key players present throughout the region give breakthroughs, innovations, and significant investment into the industry, which benefits the overall expansion of the artificial intelligence in construction market.
In the foreseeable period, the Asia Pacific area is predicted to have the greatest CAGR. Rising infrastructure expenditures for different applications like risk management, construction control, and supply chain are propelling the Asia-Pacific region's development in this market. AI solutions for pre-construction have seen significant use in rising countries including India and China. Moreover, the growing demand in emerging nations for smart cities is prompting businesses to implement AI products and services.
Middle East and Africa
|2018 - 2021
|2021 - 2028
|Market Size in 2021:
|USD 0.494 Billion
|Base year considered
|Forecast Period CAGR %:
|Market Size Expected in 2028:
|USD 4.55 Billion
|Tables, Charts & Figures:
|Microsoft Corporation, International Business Machines Corporation, Alice Technologies Inc., Aurora Computer Services Limited, Autodesk Inc., Bentley Systems Inc., Building System Planning Inc., Coins Global, Doxel Inc., eSUB Inc., Jaroop, Oracle Corporation, Renoworks Software, SAP SE, and Smartvid.io Inc.
|By Stage, By Technology, By Component, By Deployment, By Application, By End-User.
|North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa
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