The Global Artificial Intelligence (Ai) In Construction Market size was estimated at USD 496.4 Mn in 2021 and is poised to hit around USD 8.2 Bn at a CAGR of 34.9% during the forecast period 2022 to 2030.
The use of artificial intelligence in the construction sector is on the rise as it enables real-time interactions with machines, objects on construction sites, and workers. Artificial intelligence (AI) in construction can notify managers of difficulties with productivity, safety, and erroneous construction.
Artificial intelligence has developed alongside better safety requirements and now helps foresee potential problems at building sites. In order to implement solutions for risk management and predictive maintenance, the construction industry has used artificial intelligence technologies. Additionally, industrial internet of things (IIoT) based apps for construction sites are heavily uutilizingAI in the construction industry. IIoT supports project managers with effective outputs and lower labour costs, which increases the need for artificial intelligence in the sector. Construction oorganizationsare concentrating their investments in IIoT application development to implement industry 4.0 and support complete automation at their job sites.
Market Dynamics
Drivers:
One of the primary factors propelling the expansion of the global AI in construction market is the rise in demand for data integration and visual analytics. Artificial intelligence (AI) In Construction Market bridges the IT-business divide by enabling real-time data synthesis, real-time analysis, data conversion, and data distribution. In order to strengthen the AI capabilities of their analytics, the big vendors are releasing products that are powered by AI. For various corporate systems to communicate with web- and cloud-based apps, building businesses need AI platforms on their construction sites. Additionally, these businesses are fusing data with AI-driven video analytics systems to study and analyse various data kinds, including survey and sales data, for informed decision-making. The need for AI in the construction market is predicted to increase as a result of these reasons in the coming years.
Restraints:
The lack of qualified workers is said to be one of the main obstacles to artificial intelligence in the construction industry. Artificial intelligence work in the construction sector necessitates both technical and subject knowledge to get the required results. If the worker does not have a firm grasp of it, the entire project prediction and off-site construction work fail, which can cause a sizable loss for the company and expose it to a variety of project-related difficulties that will impede the market's growth.
Key players:
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Autodesk Inc.
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IBM
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Microsoft Corporation
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Oracle Corporation
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SAP
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aurora computer services
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Building System Planning Inc.
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PTC Inc.
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NVIDIA Corporation
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Dassault Systemes SE
Market Segmentation:
Artificial intelligence (AI) In Construction Market, By Offerings
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Solutions
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Services
Artificial intelligence (AI) In Construction Market, By Deployment Type
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Cloud
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On-premises
Artificial intelligence (AI) In Construction Market, By Organization Size
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Small and Medium-sized Enterprises (SMEs)
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Large enterprises
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Industry Type
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Residential
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Institutional commercials
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Others
Artificial intelligence (AI) In Construction Market, By Region
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North America
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Europe
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Asia-Pacific
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Latin America
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Middle East & Africa (MEA)
Regional Analysis:
In 2021, North America dominated the global market, and it is anticipated that it would continue to be the sub segment with the strongest growth rate over the next few years. According to estimates, demand for artificial intelligence in the construction sector would increase due to the region's superior technological infrastructure and the widespread presence of significant AI industry participants. As an illustration, in April 2021 IBM Corporation, Red Hat Software, and Cobuilder announced a global agreement to work together to develop a new platform that will help to connect the building industry's fragmented supply chain. The platform, called OpenBuilt, is expected to offer a cutting-edge digital solution to help the next building projects for the creation of safer, more sustainable, and more efficient technology. The expansion of AI in the construction industry is projected to be boosted by these factors.
Scope of the Report:
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Report Coverage |
Details |
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Base year |
2021 |
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Forecast period |
2030 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 34.9% |
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YoY growth (%) |
XX% |
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Regional analysis |
North America, Asia Pacific, Europe, Latin America, the Middle East, and Africa |
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Current Market size |
USD 496.4 Million |
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Forecast market growth |
USD 8.2 Billion |
User
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Introduction
Our market research is an extensive, iterative process that takes into account a combination of primary and secondary research tools with the aim of minimizing deviation and producing the most precise estimate and prediction. For the future course of action, this approach meticulously outlines the actual changes and industry trends. It gives incredibly valuable data that is drawn from the insights and opinions of analysts and professionals. Our papers include in-depth research and analysis based on several factual inputs obtained from expert interviews, accurate data, and local information.
Market Size Estimation
The overall size of the market has been estimated and validated using both top-down and bottom-up methods. The sizes of other market subsegments have also been thoroughly estimated using these methodologies.
In the top-down technique, the market is divided into segments based on the percentage share of each segment. This method assisted in determining the size of each segment's market. The market size of each segment and its sub-segments was then divided into regional market sizes. This Approach helps mainly with the new Product Launch. It uses Multi-variate Regression Model coupled with Vendor based primary research inputs to forecast to the Market Size.
In the Bottom-Up approach, comprehensive study of key players has to be done wherein we add the market size of the major key players to understand the national market size which helps to determine the regional market size and eventually the complete market size. Companies annual report along with data from paid and unpaid resources like reports from government agencies and organizations like world bank provide the data for this approach.
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