Technological advancements have encouraged the organizations, especially construction and engineering sector, to gather and share information in real time. This real-time information involves sharing of high volumes of unorganized data, which at times is irrelevant, which can increase the capital and operational expenditure of any organization. Thus, to limit the volume of irrelevant data, artificial intelligence (AI) plays a critical role in these sectors. Artificial intelligence is used to sort and respond a plethora of information which is a pre-requisite for various construction purposes. AI offers its technological solutions from mapping, surveying, and exploring structures and resources and synchronizing with the automation of bricklaying and transportation.
AI-enabled applications in the construction sector have been at a burgeoning stage and are presumed to witness their integration with building information modelling (BIM) and GPS which would be very beneficial for project planning, scheduling, and inventory purposes. Moreover, the AI is anticipated to support the construction sector in mitigating the existing and repetitive challenges of accuracy margin, project schedule delay, and safety concerns which are presumed to be one of the major propelling factors for the growth of AI in construction market over the assessment period. On the flip side, slow adoption rate of AI in the construction sector and complex algorithms for developing construction specific programs are expected to inhibit the growth of AI in construction market over the forecast period.
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The global AI in construction market is expected to reach approximately USD 2,011.4 million by 2023 growing with a 35% CAGR over the forecast period 2018-2023
The AI in Construction market is differentiated by stage, component, technology, deployment, organization size, and application.
On the basis of stage, the market is categorized into pre-construction, construction stage, and post-construction. By component, the AI in construction market is sub-segmented as solutions and services. The solution segment is categorized as virtual assistant, design & planning, revenue estimation, demand forecasting, predictive maintenance, and others. The service sub-segment comprised training & consulting, implementation services, and other support services.
On the basis of technology, the market is segregated into neural networks, machine learning & deep learning, and natural learning programming (NLP). Additionally, on the basis of deployment, the market is bifurcated into on-cloud and on-premise. Depending on the organization size, the market is classified as large enterprises, and small & medium enterprise. On the basis of application, the market is categorized as, building information management, schedule management, project management, risk management, equipment management, and supply chain management.
Some of the key players of 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.).
Some other vendors who are involved in AI construction market are Jaroop, Lili.Ai, Predii, Assignar, Deepomatic, Coins Global, Beyond Limits, Doxel Askporter, Plangrid, Bentley Systems, and Renoworks Software
Geographically, the AI in construction market is segmented into four different regions namely North America, Asia Pacific, Europe, and the Rest of the World.
North America is presumed to have significant growth in the AI in the construction market, the U.S. and Canada being leading countries in the market. The regional dominance is owing to increased investment by the companies, such as IBM Corporation, Oracle Corporation and many more, in developing technologies such as neural networks and machine learning. Additionally, Asia Pacific is also expected to register a considerable growth rate in the market. China, Japan, South Korea, and India are the leading countries in this region. The market growth is due to increase in demand by the economies to develop smart city projects which require better amenities that boost the real estate sector.
LIST OF TABLES
Table1 Global AI In Construction Market: By Region, 2018-2023
Table2 North America AI In Construction Market: By Country, 2018-2023
Table3 Europe AI In Construction Market: By Country, 2018-2023
Table4 Asia Pacific AI In Construction Market: By Country, 2018-2023
Table5 The Middle East & Africa AI In Construction Market: By Country, 2018-2023
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LIST OF FIGURES
FIGURE 1 Global AI In Construction Software Market Segmentation
FIGURE 2 Forecast Methodology
FIGURE 3 Porter’s Five Forces Analysis Of Global AI In Construction Software Market
FIGURE 4 Value Chain Of Global AI In Construction Software Market
FIGURE 5 Share Of Global AI In Construction Software Market In 2018, By Country (In %)
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