New York, USA, Dec. 20, 2021 (GLOBE NEWSWIRE) -- According to the report published by Research Dive, the global artificial intelligence in construction market is expected to generate a revenue of $2,642.4 million by 2026, growing exponentially at a CAGR of 26.3% during the forecast period 2018-2026. The inclusive report provides a brief overview of the current scenario of the market including significant aspects of the market such as growth factors, challenges, restraints and various opportunities during the forecast period. The report also provides all the market figures making it easier and helpful for the new participants to understand the market.
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Dynamics of the Artificial Intelligence in Construction Market
Drivers: Application of artificial intelligence in construction is extremely cost-effective and saves a lot of time which in turn can be invested on other tasks. In addition, implementation of drones and robots helps in automating the construction site which significantly increases the work efficiency of the work force. These factors are expected to bolster the growth of artificial intelligence in construction market during the forecast period.
Restraints: Unavailability of skilled professionals is expected to hinder the growth of the market during the forecast period.
Opportunities: Persistent technological advancements in artificial intelligence technology are expected to create tremendous opportunities for the growth of the artificial intelligence in construction market during the forecast period.
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Segments of the Artificial Intelligence in Construction Market
The report has divided the market into various segments based on application and region.
Application: Planning and Design Sub-segment to be Most Profitable
The planning and design sub-segment generated a revenue of $134.3 million in 2018, and is further expected to grow expeditiously during the forecast period. Immaculate use of artificial intelligence to collect all pertinent information to develop blueprints 3D imprints and construction strategies in planning and designing is expected to stimulate the growth of the artificial intelligence in construction market sub-segment during the forecast period.
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Region: North America region to Dominate the Artificial Intelligence in Construction Market
The North America region generated a revenue of $146.9 million in 2018, and is further expected to grow rapidly during the forecast period. Immense purchasing power and persistent investments by companies to implement automation in this region is expected to drive the growth of the market during the forecast period. In addition, increasing initiatives taken by the government on use of artificial intelligence in the construction sector in this region is further expected to accelerate the growth of the regional artificial intelligence in construction market during the forecast period.
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Key Players of the Artificial Intelligence in Construction Market
• Autodesk, Inc.,
• Building System Planning, Inc.
• Smartvid.io, Inc.
• Komatsu Ltd
• NVIDIA Corporation
• Doxel Inc.
• Volvo AB
• Dassault Systemes SE
These players are working on developing strategies such as product development, merger and acquisition, partnerships and collaborations to sustain the market growth.
For instance, in May 2021, Procore Technologies, Inc., a leading California-based provider of construction management software, acquired INDUS.AI, makers of an artificial intelligence-powered analytics platform for the construction industry, in order to add computer vision capabilities to the Procore platform, helping owners, general contractors, and specialty contractors realize greater efficiencies, safety, and profitability.
The report also summarizes many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments. Click Here to Get Absolute Top Companies Development Strategies Summary Report.
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