The global artificial intelligence in construction market is expected to grow primarily due to a rise in demand for intelligent business processes. Cloud sub-segment is expected to flourish immensely. The market in the North America region is predicted to grow at a high CAGR by 2031
NEW YORK, April 6, 2023 /PRNewswire/ — Global Artificial Intelligence in Construction Market Forecast Analysis:
As per the report published by Research Dive, the global artificial intelligence in construction market is expected to register a revenue of $8,545.80 million by 2031 at a CAGR of 34.1% during the forecast period 2022-2031.
Segments of the Artificial Intelligence in Construction Market
The report has divided the artificial intelligence in construction market into the following segments:
- Offerings: Solutions and Services
- Solutions – Most dominant in 2021
Building and construction businesses are increasingly using AI solutions to finish different construction projects. The increasing innovation, originality, and availability of AI-based building activity solutions is expected to boost the growth of this sub-segment.
- Deployment Type: cloud and on-premises
- Cloud – Highest market share in 2021
Some of the primary advantages of using a cloud deployment method include disaster recovery, flexibility, automated software upgrades, competitiveness, greater collaboration, no capital expenditures, document management, the ability to work from anywhere, security, and environmental friendliness. The rising adoption of cloud solutions is expected to propel the growth of this sub-segment further.
- Organization Size: small and medium-sized enterprises (SMEs) and large enterprises
- Large Enterprises – Most profitable in 2021
Large enterprises are expected to hold a larger market share as the construction industry invests more in artificial intelligence. Numerous businesses have developed artificial intelligence solutions for large construction companies. This is expected to push the growth of this sub-segment further.
- Industry Type: residential, institutional commercials, and others
- Others – Most lucrative in 2021
Artificial intelligence is widely used in building services and solutions for public construction projects, such as schools, hospitals, and recreation centres, to assure the timely completion of projects. This is anticipated to push the market forward.
- Region: North America, Europe, Asia-Pacific, and LAMEA
- North America – Significant market share in 2021
The advanced technological infrastructure and the presence of numerous major AI businesses in the construction industry in this region are predicted to propel the market in the forecast period.
Dynamics of the Global Artificial Intelligence in Construction Market
The increasing usage of AI and machine learning on construction sites is projected to make the AI in construction industry highly profitable during the forecast period. Additionally, since AI systems can rapidly acquire and assess huge amounts of data in real time, they can predict any concerns with quality, safety, and productivity, which is predicted to propel the market forward. However, the utilization of artificial intelligence-based robots in the construction industry can be quite costly as they are extremely complicated pieces of equipment that are costly to repair and maintain, which os expected to be a restraint in the growth of the market.
The use of artificial intelligence technologies to reduce health risks and enhance worker safety on construction sites is predicted to offer numerous growth opportunities to the market in the forecast period. Moreover, the increasing use of digital information is expected to propel artificial intelligence in construction market forward in the coming period.
COVID-19 Impact on the Global Artificial Intelligence in Construction Market
The COVID-19 pandemic disrupted the routine lifestyle of people across the globe, and the subsequent lockdowns adversely impacted industrial processes across all sectors. The artificial intelligence market in construction industry, too, was negatively impacted by the pandemic. The construction industry was adversely affected by lower market cash flow, which caused some businesses to shut down as a result of a lack of financial liquidity. The potential for worldwide artificial intelligence in the construction industry has been reduced because various industries and companies have adopted work-from-home models to combat the spread of the COVID-19 epidemic.
Key Players of the Global Market
The major players of the artificial intelligence in construction market include
- COINS Global
- Beyond Limits Inc.
- Renoworks Software Inc.
- Autodesk Inc.
- Building System Planning Inc.
- Bentley Systems
These players are working on developing strategies such as product development, merger and acquisition, partnerships, and collaborations to sustain market growth.
For instance, in March 2022, Slate Technologies, a platform of AI software for the building sector, launched a digital assistant for the construction field. Slate utilizes AI and machine learning to help construction professionals be more productive by enabling better, quicker decision-making to complete projects on schedule and at the highest possible profit.
What the Report Covers
Apart from the information summarized in this press release, the final report covers crucial aspects of the market including SWOT analysis, market overview, Porter’s five forces analysis, market dynamics, segmentation (key market trends, forecast analysis, and regional analysis), and company profiles (company overview, operating business segments, product portfolio, financial performance, and latest strategic moves and developments.)
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About Research Dive
Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With an unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.
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SOURCE Research Dive