The global AI in construction market is presumed to garner USD 2,011.4 million during the forecast period (2017-2023). The global market is anticipated to register 35% CAGR owing to the surging demand for safety considerations, asserts Market Research Future (MRFR). Artificial intelligence is referred to like the concept of machines being able to perform tasks in a way that can mimic complex human intelligence capabilities such as decision making, recognition, and planning. It allows computer systems to make intelligent decisions by applying required skills. Artificial Intelligence is beneficial in the development of applications that incorporates machine vision for surveying and easy analysis of structures and buildings.
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The prominent players operating the global AI in construction market are SAP SE (Germany), Aurora Computer Services(U.K), Jaroop, Predii, Oracle Corporation (U.S), Coins Global, Deepomatic, Renoworks Software, Plangrid, Bentley Systems, Microsoft Corporation (U.S.), Doxel Askporter, Lili.Ai, Beyond Limits, IBM Corporation (U.S.), Building System Planning (U.S.), Assignar, Autodesk (U.S.), Smartvid.io (U.S.), eSUB (U.S.), and Alice Technologies.(U.S.).
Drivers and Constraints Impacting the Market
With the rising demand for AI-based platforms and solutions, the global AI-in-construction market is anticipated to flourish during the assessment period. The increasing need for intelligent business processes is also predicted to contribute to the market growth. The high adoption of drones and robots coupled with autonomous vehicles in the real estate sector is also estimated to trigger the AI-in-construction market in the coming years. Moreover, the adoption of AI by the construction companies for mapping, aerial mapping, automation of construction activities, and surveying the sites are presumed to create new market opportunities. Artificial intelligence is considered to support the construction sector in mitigating the repetitive and existing challenges of accuracy margin, safety concerns, and project schedule delay which are further presumed to propel the market growth in the coming years.
On the flip side, shortage of skilled workforce is predicted to hamper the global AI in construction market. Moreover, the disorganized construction sector is likely to dampen the market growth during the assessment period. Additionally, the complex algorithms for developing construction specific programs and the slow adoption rate of AI in the construction sector are anticipated to inhibit the market growth during the forecast period.
The global AI in Construction Market has been segmented on the basis of component, stage, deployment, technology, application, organization size, and region.
By mode of stage, the global AI in construction market has been segmented into construction stage, pre-construction, and post-construction.
By mode of component, the global AI in construction market has been segmented into services and solutions. Among these, the solutions segment has been sub-segmented into design & planning, virtual assistant, demand forecasting, revenue estimation, predictive maintenance, and others. The service segment has been further sub-segmented into implementation services, comprised training & consulting, and other support services. The solutions segment is anticipated to have the major market size. AI-based solutions are required to transform the way the construction sector functions. Such solutions help the construction industry familiarize itself with the advanced technologies and assist professionals to save their time in decision-making.
By mode of technology, the global AI in construction market has been segmented into machine learning & deep learning, neural networks, and natural learning programming (NLP). The machine learning and deep learning segment are presumed to experience the major market size owing to the increasing need to automate business functions and analyze dark data.
By mode of deployment, the global AI in construction market has been segmented into on-premise and on-cloud. Among these, the on-cloud deployment is expected to expand at a higher rate as it is simple and cost-effective.
By mode of organization size, the global AI in construction market has been segmented into large enterprises and small & medium enterprise.
By mode of application, the global AI in construction market has been segmented into schedule management, building information management, risk management, project management, supply chain management, and equipment management. Among these, the project management segment is predicted to exhibit the largest market size and is the first most important phase of planning a construction project. This segment also involves drafting of the proposal, documenting funds, managing the designing stage, loans, and other minute details related to the project.
December 19, 2018: Google is partnering with the Princeton University in launching an AI lab at 1 Palmer Square. The lab will open in January, with computer science professors Yoram Singer Elad Hazan splitting their time working for Google and Princeton. It also will be used by other faculty members, undergraduate student researchers, graduate, recent graduates and software engineers.
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Geographically, the AI in construction market span across regions namely, Asia Pacific, North America, Europe, and the Rest of the World.
Among all the regions, the North American region is anticipated to experience a significant growth in the AI in the construction market owing to the presence of leading countries such as the U.S. and Canada in the market. Due to the increased investment by the companies, such as Oracle Corporation, IBM Corporation, and many more, in developing technologies such as machine learning and neural networks, the region is considered to flourish.
The Asia Pacific region is considered to register a considerable growth rate in the market owing to the presence of leading economies such as Japan, China, South Korea, and India. The market is likely to propel owing to the growing demand by the economies to develop smart city projects which require better amenities.
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