Artificial Intelligence In Construction Market - Global Industry Analysis

Artificial Intelligence In Construction Market

Artificial Intelligence In Construction Market Size, Share, Growth 2022-2028

Category: Technology & Media Report Format : PDF Pages: 145 Report Code: ZMR-3617 Published Date: Jun-2021 Status : Published

Artificial Intelligence In Construction Market

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Artificial Intelligence has the ability to perform tasks similar to that performed by human intelligence, such as planning, recognition, and decision making. The construction sector is adopting AI to obtain precise data and insights to increase productivity, operational efficiency, and ensure safety at work. AI operates on algorithms related to image recognition to find out search criteria. For instance, it includes hard hats and safety vests to search construction workers, those who are not wearing proper safety gears. The primary applications for AI-In-Construction market include planning, safety, monitoring and maintenance, and autonomous equipment.

AI’s capability in construction services and solutions to reduce production costs is the major factor expected to drive the global AI-In-Construction market. In addition, the need for safety measures on construction sites is also projected to drive this market’s growth. Furthermore, huge investments made by construction companies from the emerging economies globally in the adoption of the advanced AI technology for construction applications is also likely to contribute toward the global growth of the AI-In-Construction market. However, the low technological investments in R&D for developing new technologies might hamper this market. Nonetheless, the increasing demand for integrated AI in construction activities is estimated to create new market opportunities.

AI-In-Construction Market

By technology, the AI-In-Construction market is divided into natural language processing and machine learning and deep learning. By component, this market includes solutions and services. By deployment type, the market is bifurcated into on-premises and cloud. A cloud deployment type is estimated to grow at a higher CAGR during the projected period, owing to its cost-effectiveness. Project management, field management, risk management, supply chain management, and schedule management comprise the application segment of the AI-In-Construction market.

North America held the largest market share in 2017, due to the increasing AI adoption in several applications and the huge market investments. Europe is expected to witness a significant rate of growth in this market in the upcoming years, owing to the high investments in the AI technology that supports digital skills for graduates and professionals. Asia Pacific is considered to be the fastest growing region over the projected period, owing to the rising AI adoption by real estate companies in emerging economies, such as China and India.

Some of the noticeable players operating in the AI-In-Construction market are Renoworks Software, IBM, Autodesk, Microsoft, Oracle, SAP, Building System Planning, Alice Technologies, Askporter, eSUB, SmarTVid.Io, Darktrace, Aurora Computer Services, Jaroop, Lili.Ai, Predii, Assignar, Deepomatic, Coins Global, Beyond Limits, Doxel, Plangrid, and Bentley Systems, among others.

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