Information and Communication Technology Artificial Intelligence (AI) in Construction Market is projected to grow up to 38% CAGR du...

Artificial Intelligence (AI) in Construction Market is projected to grow up to 38% CAGR during the forecasting period 2021-2027.

Artificial intelligence has been shown to be effective in assisting workers in securely completing tasks. For example, the University of Waterloo in Canada investigated artificial intelligence in the construction business and discovered that AI technology aids professional bricklayers in learning sophisticated procedures to reduce joint loads. As a result, artificial intelligence has aided bricklayers in learning how to maximise productivity while minimising body wear and tear. Additionally, AI allows businesses to rely on off-site manufacturing or construction sites that are staffed entirely by autonomous robots. Wall structures, for example, can be created more efficiently by autonomous robots on an assembly-line basis than by human employees on the project site. In the future, the APAC area is predicted to have the highest CAGR. In the Asia-Pacific region, rising infrastructure investments for various applications like as risk management, project management, and supply chain management are fueling the market's growth. In growing economies like India and China, pre-construction AI solutions are becoming more popular. Furthermore, in these economies, the growing demand for smart cities is prompting businesses to use AI products and services.

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Key Driving Factors: Artificial intelligence can assist in the reduction of construction costs in a variety of ways. For example, virtual reality goggles and mini-robots could be used to track the development of construction projects. In today's buildings, AI is now being utilised to plan the routing of electrical and plumbing systems. Artificial intelligence can also help with the creation of workplace safety systems, lowering the chance of dangers and accidents. Many companies are employing the technology to monitor the real-time interactions of machinery, personnel, and objects on the job site and notify supervisors to potential safety, productivity, and construction mistakes. Artificial intelligence is also predicted to minimise the human labour, reduce costly errors, decrease jobsite injuries, and increase the productivity of construction activities.

This report offers the major market player’s profiles, such as  IBM (US), Microsoft (US), Oracle (US), SAP (Germany), Alice Technologies (US), eSUB (US),, Aurora Computer Services(England), Autodesk (US), and Building System Planning (US).

Based on Application:  During the projection period, the planning and design sub-segment is predicted to increase at an increasing rate, with an annual growth rate ( cagr (CAGR) of 32 percent. For the construction and design of structures, huge sums of money are being poured into the planning, designing, research, architecture and other related fields, particularly with the assistance of artificial intelligence. During the projection period, this factor is expected to have a positive impact on the growth of the sub-segment.

The Artificial Intelligence (AI) in Construction Market report has been categorized as below

By Technology

  • Machine learning and deep learning

  • Natural Language Processing (NLP)

By Stage

  • Pre-construction

  • Construction stage

  • Post-construction

By Component

  • Solutions

    • Design and planning

    • Revenue estimation

    • Virtual assistant

    • Demand forecasting

    • Predictive maintenance

    • Others 

  • Services

    • Integration and deployment

    • Training and consulting

    • Support and maintenance

By Application

  • Project management

  • Field management

  • Risk management

  • Schedule management

  • Supply chain management

  • Others 

By Deployment Type

  • Cloud

  • On-premises

By Industry Type

  • Small and Medium-sized Enterprises (SMEs)

  • Large enterprises

By Organization Size

  • Residential

  • Institutional commercials

  • Heavy construction

  • Others

By Region

  • North America

  •  Europe

  • Asia Pacific

  • Rest of World

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Published Date : October-2021