Artificial Intelligence in Construction Market Size, By Technology (Machine learning and deep learning, and Natural Language Processing (NLP)), By Stage (Pre-construction, Construction stage, and Post-construction), By Component (Solutions and Services) By Deployment mode (Cloud, On-premises), Application (Project management, Field management, Risk management, Schedule management, Supply chain management, and Others), By Organization size (SMEs, and Large enterprises), By End Use (Residential, Institutional commercials, Heavy construction, and Others), and by Region (North America, Europe, Asia Pacific, Middle East & Africa and Latin America); Trend Analysis, Competitive Market Share & Forecast, 2016-26
Published:
March 2020
Report Code:
BWC19402
Available Format:
PDF PDF Icon
Pages:
175

artificial intelligence in the construction market bwc19402

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Global Artificial Intelligence in Construction Market Forecast and Trends

The global Artificial Intelligence in Construction market is anticipated to grow nearly at a CAGR of 34.9 % to reach US$ 2,317 Million by 2026. 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. Due to growing data proliferation and complexities, the need for data integration solutions is increasing. With the introduction of AI-powered video analytics systems, many end-user industries concentrate on exploring and analyzing various types of data. In addition, by combining their companies with business analytics applications, they also focused on achieving dynamic data representation.

Global Artificial Intelligence in Construction Market Overview:

Artificial Intelligence (AI) refers to human intelligence simulation of computers designed to think as human beings and imitate their behavior. The concept may also be extended to any computer displaying human mind-related characteristics such as thinking and problem-solving. Artificial intelligence is grounded on the principle that human intelligence can be defined in such a way that it can be easily imitated and executed by a machine, from the simplest to the more complex. Artificial intelligence objectives include learning, reasoning, and perception.

The rising demand for AI-based solutions and applications, the need for more security measures at construction sites, and AI technologies and services capabilities to reduce production costs are expected to drive AI growth in the construction industry.

Growth drivers

Rising Demand for AI-based Platforms and Solutions

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.

Need to Reduce Production Costs and construction safety

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.

Restraints

High unskilled professional and Privacy concerns

Moreover, lack of skilled professionals and the increasing cases of privacy invasion, are some of the factors responsible for limiting the market growth.

Global Artificial Intelligence in Construction Market: Technology

Based on Technology, the Artificial Intelligence in Construction market segmented into Machine learning and deep learning, Natural Language Processing (NLP). The machine learning and deep learning segment are projected to have a larger market size due to the increasing necessity to analyze dark data and automate business functions. The application of machine learning and deep learning technology has increased several times in the construction industry. In order to achieve advantages, several construction companies are deploying AI-based solutions.


Global Artificial Intelligence in Construction Market: Stage

Based on Stage, the Artificial Intelligence in Construction market segregated into Pre-construction, Construction stage, Post-construction.

Global Artificial Intelligence in Construction Market: Component

Based on Component, the Artificial Intelligence in Construction market bifurcated into Solutions, and Services. The solutions segment is anticipated to have a larger market size since AI in construction solutions plays an essential role in the efficient and effective functioning of construction businesses using Natural Language Processing (NLP); and machine learning and deep learning technologies.

Global Artificial Intelligence in Construction Market: Deployment

Based on Deployment, the Artificial Intelligence in Construction market bifurcated into Cloud, and On-premises. The cloud deployment type is expected to grow at a higher CAGR during the forecast period since this deployment type is easy and cost-effective for use in applications.

Global Artificial Intelligence in Construction Market: Organization size

Based on Organization size, the Artificial Intelligence in Construction market bifurcated into SMEs, and large enterprises. The large enterprises are anticipated to account for a larger market share due to the rising investments in Artificial Intelligence in Construction industry.

Global Artificial Intelligence in Construction Market: Applications

Based on Applications, the Artificial Intelligence in Construction market segmented into Project management, Field management, Risk management, Schedule management, Supply chain management, and Others. 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.

Global Artificial Intelligence in Construction Market: End Use

Based on End Use, the Artificial Intelligence in Construction market segregated into Residential, Institutional commercials, Heavy construction, and Others.

Global Artificial Intelligence in Construction Market: Regional insights

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).


Artificial Intelligence in Construction Market: Competitive Landscape

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.

The objective of the Study:

To analyze and forecast the global Artificial Intelligence in Construction market size of the market in terms of value.

To examine the careful market segmentation and forecast the market size, in terms value, based on the region by segmenting the Global Artificial Intelligence in Construction market into five regions, namely, North America, Europe, Asia Pacific, Middle East, South America, and their leading countries.

To outline, categorized, and forecast the global Artificial Intelligence in Construction market based on the Technology, Stage, Component, Deployment, Organization size, Applications, and End Use.

To examine competitive developments like technological advancement, services, and regulative framework within the global Artificial Intelligence in Construction Market.

To highlight the impact analysis of the factors, affecting the market dynamics such as drivers, restraints, opportunities, and challenges.

To strategically profile the key players and comprehensively analyze their market shares along with detailing the competitive landscape for market leaders.

Scope of the Report

By Technology

·         Machine learning and deep learning

·         Natural Language Processing (NLP)

By Stage

·         Pre-construction

·         Construction stage

·         Post-construction

By Component

·         Solutions

·         Services

By Deployment

·         Cloud

·         On-premises

By Organization size

·         SMEs

·         Large enterprises

By Application

·         Project management

·         Field management

·         Risk management

·         Schedule management

·         Supply chain management

·         Others

By End Use

·         Residential

·         Institutional commercials

·         Heavy construction

·         Others

      By Region:

·         Asia Pacific (APAC)

·         North America

·         Europe

·         Middle East & Africa

·         Latin America

Business Questions answer by the report

·         How will the market drivers, restraints and opportunities affect the market dynamics?

·         What will be the market size in terms of value and volume and market statistics with a detailed classification?

·         Which segment dominates the market or region and one will be the fastest growing and why?

·         A comprehensive survey of the competitive landscape and the market participant players

·         Analysis of strategy adopted by the key player and their impact on other players.

Customization Scope for the Client

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Additional Company Information

·         With five additional company detail analysis

·         Additional country analysis

·         Detailed segment analysis

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