Global Artificial Intelligence (AI) In Construction Market
As stated in our extensive report; the Global Artificial Intelligence (AI) In Construction Market accounted for USD 594.6 Million in the year 2022 and is projected to reach a value of USD 4909.7 Million by 2030.
Artificial Intelligence (AI) in the construction market is a growing market segment that combines artificial intelligence and machine learning to automate certain aspects of the construction process. Artificial Intelligence (AI) In Constructionis being implemented in various ways to increase efficiency, reduce costs and improve safety. Artificial Intelligence (AI) In Construction can be used to monitor construction equipment and detect malfunctions before they become serious, improving equipment uptime and reducing downtime. Artificial Intelligence (AI) In Construction can also be used to automate repetitive tasks such as data entry, scheduling, and inventory management.
One of the major trends in the construction industry that is driving the growth of Artificial Intelligence (AI) In Constructionis the increasing adoption of data-driven decision-making. AI helps to analyze large amounts of data quickly and accurately, enabling decision-makers to make informed decisions faster. Additionally, AI can help to optimize project schedules, improving efficiency and reducing the timeline of the project. Another key factor driving the Artificial Intelligence (AI) In Construction market growth is the increasing demand for automation and robotics. AI-powered machines can perform repeatable and predictable tasks, leading to increased productivity and safer work environments. Furthermore, AI can help to monitor job site safety, reducing the risk of accidents and injuries.
These are the primary factors that must be considered to propel the growth of the global Artificial Intelligence (AI) in Construction. However, the lack of skilled workforce and high initial investment in AI technology may restrain the growth of the Artificial Intelligence (AI) In Construction market.
Key factors influencing Artificial Intelligence (AI) In Construction Market Growth
The growth of the global Artificial Intelligence (AI) In Construction market can be attributable to the following:
- The growing use of digital technologies in construction, such as building information modeling (BIM), is providing a foundation for the adoption of AI. This is because AI can use data from these technologies to inform decision-making.
- The construction industry is increasingly focused on sustainability, and AI can help companies reduce waste, minimize environmental impact, and improve energy efficiency. By utilizing AI to optimize design, materials selection, and construction methods, companies can build more sustainable buildings and infrastructure.
- Automation is becoming increasingly common in construction, and AI is no exception. With automation, construction companies can reduce errors and improve productivity by streamlining manual tasks.
- The construction industry generates a huge amount of data, which can be used to inform AI algorithms. This includes data about equipment performance, project timelines, and material usage.
- The construction industry is facing a shortage of skilled labor, and AI can help address this by automating tasks and reducing the need for manual labor.
- Sustainability is becoming a key focus for the construction industry, and AI can play a role in reducing waste and improving resource management.
- With the introduction of powerful computing systems, big data analytics, and cloud computing technology, AI systems can process massive amounts of data in real-time.
North America Region to Lead the Market
North America Artificial Intelligence (AI) In Construction market is getting more significant with maximum market share during the forecast period. The high adoption rate of advanced technologies such as AI, IoT, and cloud computing, along with the presence of major players in the region, are the major contributors to the growth of the market in North America. The region is also expected to lead the market during the forecast period due to the rising demand for automation and the need to optimize construction processes. Additionally, the increasing investments in research and development activities by key players to enhance their AI solutions and expand their regional presence are further driving the growth of the North America Artificial Intelligence (AI) In Construction market. The Asia Pacific region is also witnessing a rise in the adoption of advanced technologies, such as robotics and drones, in construction projects. These technologies are used for tasks such as site surveying, mapping, and monitoring, which can be done more efficiently and accurately with the use of AI algorithms.
The rising adoption of AI-powered solutions in the construction industry are positively influencing the overall Artificial Intelligence (AI) In Construction market.
Some of the key players in the Global Artificial Intelligence (AI) In Construction Market includes- Autodesk Inc. (U.S.), IBM (U.S.), Microsoft Corporation (U.S.), Oracle Corp. (U.S.), SAP (Germany), Aurora Computer Services (UK), Building System Planning Inc. (U.S.) and others.