New York, USA, June 23, 2020 (GLOBE NEWSWIRE) -- The sudden eruption of COVID-19 pandemic has imposed a considerable impact on the AI in Construction Market. COVID-19 is having an immense impact on construction projects, but the legal consequences are varying from country to country, and contract to contract. During this pandemic, supply chains of construction have been severely disrupted and lots of projects have been kept into hold due to the shutdown of whole economic activity. For instance, people who worked outside, may be in a better position as to comply with the new health and safety precautions than people working in an enclosed environment. In addition, WHO made mandatory in all those cases where work continues that health and safety risk assessments need to be conducted properly and consistent with all medical scientific and government guidelines, and contractors’ responsibility to provide a safe working environment. In the course of this chaos, we are offering complete support to our clients in understanding the influence of COVID-19 on the Global AI in Construction Industry. Our report consists of:
- Technological Impact
- Social Impact
- Investment Opportunity Analysis
- Pre- & Post-COVID Market Scenario
- Infrastructure Analysis
- Supply Side & Demand Side Impact
COVID-19 Impacted Negetively on AI in Constuction Market. INQUIRE COVID-19 IMPACT ANALYSIS: https://www.researchdive.com/covid-19-insights/222/ai-in-construction-market#myQueryForm
According to a recent report published by Research Dive, the global AI in construction market is anticipated to garner $2,325.9million by 2026, growing at a growth rate of 24.1% from 2018 to 2026. The report segments the global market on the basis of applications, and regions. This report is a comprehensive analysis of recent drivers, key segments, opportunities, restraints, and major players of the market.
Factors Affecting the Market Growth
As per the report, rise in need for safety measures at construction sites, and increase in demand for IoT, and growing adoption of security sensors & machine telematics are expected to greatly fuel the growth of the AI in construction industry, during the forecast period. On the other hand, huge expenses incurred in the acquisition of AI is likely to hamper the development of the global AI in construction market.
Planning & Design to be at the forefront during the Projected Timeframe
By application, the report categorizes the market for AI in construction into safety, planning & design, maintenance & monitoring, and equipment. Among these, the planning & design segment is expected to grab highest share of the market by collecting a revenue of $903.6million in 2026 and growing at a healthy growth rate of 26.6% during the forecasted timeframe.
Regional Breakdown of the Market
Regionally, the report evaluates the global market across North America, Europe, Asia Pacific, and LAMEA. Among these, the APAC region is anticipated to generate a revenue of $793.3 million in 2026 and grow at a CAGR 26.6% during the projected period. This growth is mainly due to the presence of large number of manufacturers in this regions.
Top 10 Companies Leading the AI in Construction Market
- IBM
- Microsoft
- Oracle
- SAP
- Alice Technologies
- eSUB
- Smartvid.io
- Aurora Computer Services
- Autodesk
- Building System Planning.
These players are implementing various business strategies like mergers and acquisitions, collaborations & partnerships in order to gain a major market share in the global industry.