Artificial Intelligence In Construction Market Size, Share, Growth, Trends, and Forecast 2030

Artificial Intelligence In Construction Market

Artificial Intelligence In Construction Market – By Technology (Machine Learning, NLP, and Deep Learning), By Application (Project Management, Risk Management, Field Management, Supply Chain Management, and Schedule Management), and By Region - Global Industry Perspective, Comprehensive Analysis, and Forecast, 2020 – 2026

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

Global Artificial Intelligence In Construction market size, estimated at $400 Million in 2019, is expected to reach $2,010 Million by 2026 at a CAGR of 35%.

Artificial Intelligence In Construction Market

Market Overview

The global Artificial Intelligence In Construction market, which was estimated at about 400 (USD Million) in 2019 and is predicted to accrue earnings worth 2,010 (USD Million) by 2026, is set to record a CAGR of nearly over 35% during 2020-2026. The report offers valuation and analysis of Artificial Intelligence In Construction market on a global as well as regional level. The study offers a comprehensive assessment of the industry competition, limitations, sales estimates, avenues, current & emerging trends, and industry-validated market data. The report offers historical data from 2016 to 2019 along with a forecast from 2020 to 2026 based on value (USD Million).

Report Scope :

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Artificial Intelligence in Construction Market: Overview

Utility of AI in Construction industry has helped many of the firms in the construction business to not only optimize the quality of construction projects but also to ensure the safety of these projects. Digitization has become a buzzword and catchphrase for various industries and construction industry is no exception to this. Moreover, artificial intelligence assists construction firms to be productive. Furthermore, artificial intelligence helps in eliminating monotonous tasks through its integration in the project management activities in construction. Apart from this, AI facilitates optimization of project design as well as helps in geospatial mapping of UAVs for surveying land surface for construction projects. In addition to this, AI also helps in improving workplace safety & enhance speed of project delivery along with automating location monitoring as well as providing smart construction solutions to the builders.

Artificial Intelligence In Construction market sizeRequest Free Sample

Artificial Intelligence in Construction Market: Growth Drivers

Escalating need for safety at site of construction and need for reducing production & operational costs will drive the use of artificial intelligence in construction industry over 2020-2026. Furthermore, AI has proved beneficial for construction industry as it is utilized during pre-construction phase. Rise in the need for spatial data and capturing accurate images of the sites will proliferate in the massive application of artificial intelligence in construction market. In addition to this, lack of skilled personnel availability in construction sector in European region as well as in North America will prompt the expansion of artificial intelligence in construction market over the forecast timeframe.

Moreover, with onset of industry 4.0 revolution and construction firms focusing on funding of IoT based applications for construction activities, the market for artificial intelligence in construction market is predicted to gain traction over the assessment timeline. Need for reducing worker causalities & accidents as well as workplace injuries taking place at construction sites will drive market trends. AI-embedded cameras help the site managers in monitoring the location along with assessing real-time events taking place in the vicinity of the construction site. Furthermore, the utilization of artificial intelligence in construction activities will help in reducing unexpected falls from the buildings. This will proliferate the expansion of artificial intelligence in construction market over forecast timeframe.

Asia Pacific Market To Record Highest Gains Over 2020-2026

The artificial intelligence in construction industry in APAC will accrue huge returns subject to rapidly growing construction industry with bulging population in countries like India and China. Apart from this, surge in infrastructural investments and project management & risk management activities will further soar the regional market trends. Additionally, AI applications have found massive acceptance in developing countries in the sub-continent. Furthermore, escalating trend of smart cities in countries like India & China will prompt the demand for AI tools in construction sector. All these factors will drive the market penetration in the region.

Key players profiled in the study include eSUB Inc.; IBM Corporation; Aurora Construction and Security; Microsoft Corporation; Darktrace; Smartvid.io, Inc.; Oracle Corporation; SAP SE; ALICE Technologies Inc.; and Autodesk Inc.

The global Artificial Intelligence In Construction Market is segmented as follows:

By Application:

  • Project Management
  • Risk Management
  • Field Management
  • Supply Chain Management
  • Schedule Management

By Technology:

  • Machine Learning
  • NLP
  • Deep Learning

By Region

  • North America
    • The U.S.
    • Canada
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

Table Of Content

Methodology

Free Analysis

FrequentlyAsked Questions

Escalating need for safety at site of construction and need for reducing production & operational costs will drive the use of artificial intelligence in construction industry over 2020-2026. Furthermore, AI has proved beneficial for construction industry as it is utilized during pre-construction phase. Rise in the need for spatial data and capturing accurate images of the sites will proliferate in the massive application of artificial intelligence in construction market. In addition to this, lack of skilled personnel availability in construction sector in European region as well as in North America will prompt the expansion of artificial intelligence in construction market over the forecast timeframe.

Moreover, with onset of industry 4.0 revolution and construction firms focusing on funding of IIoT based applications for construction activities, the market for artificial intelligence in construction market is predicted to gain traction over the assessment timeline. Need for reducing worker causalities & accidents as well as workplace injuries taking place at construction sites will drive market trends. AI-embedded cameras help the site managers in monitoring the location along with assessing real-time events taking place in the vicinity of the construction site. Furthermore, the utilization of artificial intelligence in construction activities will help in reducing unexpected falls from the buildings. This will proliferate the expansion of artificial intelligence in construction market over forecast timeframe.

According to Zion Market Research report, The global Artificial Intelligence In Construction market, which was estimated at about 400 (USD Million) in 2019 and is predicted to accrue earnings worth 2,010 (USD Million) by 2026, is set to record a CAGR of nearly over 35% during 2020-2026.  

Asia Pacific is likely to make noteworthy contributions towards overall market revenue. The growth of the industry in the sub-continent over the estimated timespan is attributed to rapidly growing construction industry with bulging population in countries like India and China. Apart from this, surge in infrastructural investments and project management & risk management activities will further soar the regional market trends. Additionally, AI applications have found massive acceptance in developing countries in the sub-continent. Furthermore, escalating trend of smart cities in countries like India & China will prompt the demand for AI tools in construction sector. All these factors will drive the market penetration in the region.

The key players profiled in the report include are eSUB Inc.; IBM Corporation; Aurora Construction and Security; Microsoft Corporation; Darktrace; Smartvid.io, Inc.; Oracle Corporation; SAP SE; ALICE Technologies Inc.; and Autodesk Inc.

 

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