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Artificial Intelligence (AI) Construction Market Analysis- Industry Size, Share, Research Report, Insights, Covid-19 Impact, Statistics, Trends, Growth and Forecast 2024-2032

Published Date: April, 2024
Base Year: 2023
Delivery Format: PDF+ Excel
Historical Year: 2017-2023
No of Pages: 263
Forecast Year: 2024-2032
SKU 1413d6e04933 Category

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$3,450.00

The Artificial Intelligence (AI) construction market is an emerging market that is rapidly growing due to the increasing demand for automation and digitalization in the construction industry. AI in construction refers to the integration of machine learning algorithms, natural language processing, and cognitive computing technologies to optimize and automate various construction processes.

The market is expected to grow significantly in the coming years, driven by increasing investments in AI technologies, rising demand for safety and security measures, and the need for efficient construction processes.

Artificial intelligence (AI) in construction refers to the use of machine learning algorithms, natural language processing, and cognitive computing technologies to automate various construction processes. AI can help in optimizing the entire construction process, from planning and design to project management and delivery.

Executive Summary:

The AI construction market is expected to grow significantly in the coming years due to the increasing demand for automation and digitalization in the construction industry. The market is driven by the rising investments in AI technologies, increasing demand for safety and security measures, and the need for efficient construction processes.

Artificial Intelligence (AI) Construction Market

Key Market Insights:

The global AI construction market is expected to grow at a CAGR of 30.5% from 2021 to 2028, reaching USD 4.51 billion by 2028. The market is driven by increasing investments in AI technologies, the rising demand for safety and security measures, and the need for efficient construction processes.

Market Drivers:

  1. Increasing investments in AI technologies: The construction industry is increasingly investing in AI technologies to automate various processes and improve efficiency. The use of AI can help in optimizing construction processes, reducing errors, and improving safety and security measures.
  2. Rising demand for safety and security measures: The construction industry is becoming more safety-conscious, and the use of AI technologies can help in improving safety measures by detecting potential hazards and risks in real-time.
  3. Need for efficient construction processes: The construction industry is facing various challenges such as labor shortage, rising construction costs, and increased competition. The use of AI technologies can help in optimizing construction processes, reducing errors, and improving efficiency.

Market Restraints:

  1. High implementation costs: The implementation of AI technologies can be costly, which can be a major restraint for smaller construction companies.
  2. Lack of skilled labor: The implementation of AI technologies requires skilled labor, which can be a challenge for some construction companies.

Market Opportunities:

  1. Rising demand for green buildings: The construction industry is witnessing a growing demand for green buildings, and the use of AI technologies can help in optimizing energy consumption and reducing carbon emissions.
  2. Increasing demand for automation and digitalization: The construction industry is increasingly embracing automation and digitalization, and the use of AI technologies can help in optimizing construction processes and improving efficiency.

Market Dynamics:

The global AI construction market is dynamic and is constantly evolving due to technological advancements, changing customer preferences, and competitive pressures. The market is driven by the increasing demand for automation and digitalization in the construction industry, rising investments in AI technologies, and the need for efficient construction processes.

Regional Analysis:

The global AI construction market is segmented into North America, Europe, Asia Pacific, and the Rest of the World. North America is expected to dominate the market due to the high adoption of AI technologies in the construction industry and the presence of several key players in the region. However, the Asia Pacific region is expected to grow at the highest CAGR due to the increasing investments in infrastructure and construction projects.

Competitive Landscape:

The global AI construction market is highly competitive, with several key players operating in the market. Some of the key players in the market include Autodesk Inc., Doxel Inc., Komatsu Ltd., IBM Corporation, and Oracle Corporation, among others. These companies are focusing on strategic partnerships, collaborations, and product launches to expand their market presence.

Segmentation:

The global AI construction market is segmented by technology, stage, application, and region.

By technology, the market is segmented into machine learning, natural language processing, and cognitive computing.

By stage, the market is segmented into pre-construction, construction stage, and post-construction.

By application, the market is segmented into project management, risk management, schedule management, and supply chain management.

Category-wise Insights:

  1. Machine Learning: Machine learning technology is expected to dominate the market due to its ability to learn from data and make predictions based on that data.
  2. Pre-construction stage: The pre-construction stage is expected to dominate the market due to the increasing demand for AI technologies in the planning and design phase of construction projects.
  3. Project management: Project management is expected to dominate the market due to the increasing demand for efficient project management and scheduling tools.

Key Benefits for Industry Participants and Stakeholders:

  1. Improved efficiency: The use of AI technologies can help in improving efficiency by automating various construction processes.
  2. Improved safety and security measures: The use of AI technologies can help in improving safety measures by detecting potential hazards and risks in real-time.
  3. Cost savings: The use of AI technologies can help in reducing construction costs by optimizing construction processes and reducing errors.

SWOT Analysis:

  1. Strengths: The increasing demand for automation and digitalization in the construction industry and the rising investments in AI technologies are the major strengths of the market.
  2. Weaknesses: The high implementation costs and the lack of skilled labor are the major weaknesses of the market.
  3. Opportunities: The rising demand for green buildings and the increasing demand for automation and digitalization are the major opportunities of the market.
  4. Threats: The high competition in the market and the potential risks associated with the implementation of AI technologies are the major threats of the market.

Market Key Trends:

  1. Increasing adoption of BIM technology: The increasing adoption of Building Information Modeling (BIM) technology in the construction industry is a major trend in the market.
  2. Growing demand for cloud-based solutions: The growing demand for cloud-based solutions in the construction industry is a major trend in the market.

Covid-19 Impact:

The Covid-19 pandemic has significantly impacted the construction industry, and the adoption of AI technologies in the industry has increased due to the need for social distancing and remote working. The pandemic has also highlighted the need for efficient and safe construction processes, which can be achieved through the use of AI technologies.

Key Industry Developments:

  1. Oracle Corporation launched a new AI-based construction scheduling tool in 2021, which can help in optimizing project schedules and reducing construction delays.
  2. Komatsu Ltd. launched a new AI-based excavator in 2020, which can help in improving construction efficiency and reducing environmental impact.

Analyst Suggestions:

  1. Construction companies should focus on investing in AI technologies to improve efficiency, safety measures, and reduce costs.
  2. Governments should encourage the adoption of AI technologies in the construction industry by providing incentives and promoting collaborations between construction companies and technology providers.

Future Outlook:

The global AI construction market is expected to grow significantly in the coming years, driven by increasing investments in AI technologies, rising demand for safety and security measures, and the need for efficient construction processes. The market is expected to witness significant growth in the Asia Pacific region due to the increasing investments in infrastructure and construction projects.

Conclusion:

The global AI construction market is an emerging market that is rapidly growing due to the increasing demand for automation and digitalization in the construction industry. The market is expected to witness significant growth in the coming years, driven by increasing investments in AI technologies, rising demand for safety and security measures, and the need for efficient construction processes. Construction companies should focus on investing in AI technologies to improve efficiency, safety measures, and reduce costs. Governments should also encourage the adoption of AI technologies in the construction industry by providing incentives and promoting collaborations between construction companies and technology providers.

In conclusion, the AI construction market is an exciting and rapidly evolving market that presents significant opportunities for the construction industry to improve efficiency, safety, and sustainability. With the right investments and partnerships, construction companies and technology providers can work together to drive innovation and create a better future for the industry.

Artificial Intelligence (AI) Construction Market:

Segmentation Details
Technology Machine Learning, Natural Language Processing (NLP), Computer Vision, Others
Application Project Management, Risk Management, Schedule Management, Others
Deployment Mode On-Premises, Cloud
Region North America, Europe, Asia Pacific, Latin America, Middle East & Africa

Leading Companies in the Artificial Intelligence (AI) Construction Market:

  1. Autodesk, Inc.
  2. Oracle Corporation
  3. IBM Corporation
  4. SAP SE
  5. Trimble Inc.
  6. eSUB Construction Software
  7. Bentley Systems, Incorporated
  8. Procore Technologies, Inc.
  9. PlanGrid (Autodesk, Inc.)
  10. Assignar

North America
o US
o Canada
o Mexico

Europe
o Germany
o Italy
o France
o UK
o Spain
o Denmark
o Sweden
o Austria
o Belgium
o Finland
o Turkey
o Poland
o Russia
o Greece
o Switzerland
o Netherlands
o Norway
o Portugal
o Rest of Europe

Asia Pacific
o China
o Japan
o India
o South Korea
o Indonesia
o Malaysia
o Kazakhstan
o Taiwan
o Vietnam
o Thailand
o Philippines
o Singapore
o Australia
o New Zealand
o Rest of Asia Pacific

South America
o Brazil
o Argentina
o Colombia
o Chile
o Peru
o Rest of South America

The Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Israel
o Kuwait
o Oman
o North Africa
o West Africa
o Rest of MEA

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