In terms of revenue, the Global Artificial Intelligence (AI) In Construction Market is expected to reach USD 4909.7 Million by 2028, growing at a CAGR (Compound Annual Growth Rate) of 35.2% from 2023 to 2030.
AI technology can help to automate many aspects of the construction process, from design and planning to project management and quality control. By optimizing workflows and minimizing errors, AI can help construction companies to save time and money, while also improving safety and quality. One of the key drivers of growth in theArtificial Intelligence (AI) In Construction market is the increasing adoption of Building Information Modelling (BIM) technology. BIM systems rely heavily on AI and machine learning to automate tasks such as scheduling, estimating, and visualizing project data. As BIM becomes more widely used in the construction industry, the demand for AI-powered solutions is expected to grow significantly. Another factor driving the adoption ofArtificial Intelligence (AI) In Construction is the increasing availability of data from connected construction sites. By collecting data from sensors, drones, and other sources, construction companies can use AI to analyze and optimize processes, monitor employee activity, and detect potential safety hazards in real-time. Overall, theArtificial Intelligence (AI) In Construction market is expected to see significant growth in the coming years, driven by advances in technology, increasing demand for efficient and streamlined processes, and growing adoption of BIM and other connected technologies.
Key Highlights from the Report
· Based on Technology, the Machine Learning technology segment is anticipated to dominate theArtificial Intelligence (AI) In Construction market with the largest market share in the forecast period considering the increasing demand for data analysis and predictive maintenance solutions in construction projects.
· By Application, the Project Management market segment accounted for the maximum CAGR during the forecast period due to the increasing demand for efficient project management solutions in construction projects.
· In terms of Region, North America held the major market share in 2021 and is likely to be the most gainful market in the future. The increasing adoption of automation technologies in the construction industry is driving the growth ofArtificial Intelligence (AI) In Construction in North America.
Artificial intelligence (AI) in the construction market is a growing industry that is driving efficiency, productivity, and safety in the construction sector. The incorporation of AI in the construction industry enables companies to automate manual processes and optimize project delivery, resulting in completion of projects within budget and on schedule. Artificial Intelligence (AI) In Construction has the potential to transform how construction projects are delivered from design, planning, and execution to maintenance and repair. The major factors driving the growth of theArtificial Intelligence (AI) In Construction market include increasing demand for automation and artificial intelligence, rising investment in AI technology and the growing need for construction companies to optimize their operations.
AI can help construction companies to achieve these goals by providing them with a range of tools such as machine learning, robotics, and natural language processing, which can help them leverage data and analytics to make better decisions on project planning, quality control, and risk management. The integration of AI with building information modeling (BIM) can also enhance the accuracy of construction plans and reduce errors in the construction process. The global market for Artificial Intelligence (AI) In Construction is expected to grow significantly in the coming years, driven by advancements in AI technology and a growing demand for efficient and streamlined construction processes.
However, However, the lack of skilled workforce and high initial investment in AI technology may restrain the growth of the market. The implementation of AI technology in construction requires a significant investment in terms of both time and money. This makes it difficult for smaller construction firms to adopt these technologies.
North America Artificial Intelligence (AI) In Construction market is expected to witness a noteworthy development with a significant growth rate over the analysis period. Notable industry participants like Autodesk, Inc, Alphabet Inc., Smartvid.io, Inc., and Doxel, Inc. are anticipated to accelerate market growth in the area. Furthermore, the growing demand for energy-efficient buildings, the need for cost-effective construction processes, and the increasing adoption of automation technologies in the construction industry are driving the growth ofArtificial Intelligence (AI) In Construction in North America. Other significant regions for the market include Europe and Asia-Pacific, which are also witnessing growth in the adoption of AI technology in the construction industry. Furthermore, the increasing investment in research and development activities related to AI and machine learning is creating new growth opportunities for the market in North America.
The Global Artificial Intelligence (AI) In Construction Market is Segmented as follows
- Deployment Type
- Organization Size
- Small & Medium-sized Enterprises (SMEs)
- Large Enterprises
- Industry Type
- Institutional Commercials
- Other Industry Types
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
List of the Key Players of the Global Artificial Intelligence (AI) In Construction Market is
Autodesk Inc. (U.S.), IBM (U.S.), Microsoft Corporation (U.S.), Oracle Corp. (U.S.), SAP (Germany), Aurora Computer Services (UK), Building System Planning Inc. (U.S.), NVIDIA Corporation (U.S.), Dassault Systems SE (France)
The Global Artificial Intelligence (AI) In Construction Market Scope can be Tabulated as below
|Market Size Provided for Years||2017 - 2030|
|Historic Years||2017 - 2021|
|Forecast Years||2023 - 2030|
|Regions & Counties Covered||
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis|