New York, USA, July 05, 2022 (GLOBE NEWSWIRE) -- A new report on the global artificial intelligence in construction market has been added by Research Dive to its repository. According to the report, the global market is expected to hit $2,642.4 million by 2026, rising at a CAGR of 26.3% from 2019 to 2026. This report is a meticulous study offering reliable insights into the present situation and future scope of the global industry. The report is drafted by expert market analysts and assures to be a trustworthy source of data and comprehensive market insights for new market players, investors, prevalent players, stakeholders, shareholders, etc.
Factors Impacting the Artificial Intelligence in Construction Market Growth:
The key factor thriving the growth of the global artificial intelligence in construction market is the rising demand for artificial intelligence in constructions as it helps in saving time and money, and increases the efficiency of construction activities. Moreover, rise in the adoption of robots, drones, and many other automated vehicles to capture an aerial view of the construction site, and for mapping and surveying of the construction project is projected to open doors to profitable opportunities for the growth of the market throughout the forecast period. However, lack of skilled technicians to properly implement artificial intelligence technology in construction is expected to hinder the market growth.
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| Aspect | Particulars |
| Historical Market Estimations | 2018-2019 |
| Base Year for Market Estimation | 2018 |
| Forecast timeline for Market Projection | 2019-2026 |
| Geographical Scope | North America, Europe, Asia-Pacific, LAMEA |
The report segments the global artificial intelligence in construction market into application and region.
Planning and Design Sub-Segment to Hold a Dominating Position
The planning and design sub-segment of the product segment is anticipated to hold a leading position in the market by growing with a CAGR of 28.9% during the forecast period. This is chiefly owing to the rising use of artificial intelligence in planning and designing of construction projects as artificial intelligence helps in collecting all the valuable data to develop 3D imprints of blueprints and construction strategies.
North America Artificial Intelligence in Construction Market to Dominate the Market
The report analyzes the global artificial intelligence in construction market across several regions such as North America, Europe, Asia Pacific, and LAMEA. Among these, the North America market is estimated to lead the market growth by rising with a CAGR of 25.4% in the forecast period. The growth of this region market is primarily due to the massive population with high purchasing power, growing investments in the advanced automation technologies, and rising government initiatives for implementing artificial intelligence in the construction industry in this region.
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Key Players of the Artificial intelligence in Construction Market
The report lists some of the foremost players operating in the global artificial intelligence in construction market including
- Dassault Systemes SE
- Komatsu Ltd
- Autodesk, Inc.
- Volvo AB
- NVIDIA Corporation
- Smartvid.io, Inc.
- Doxel Inc.
- Building System Planning, Inc., and others.
The report also offers several industry-top tactics and approaches such as top strategic moves & developments, product/service range, business performance, Porter five forces analysis, and SWOT analysis of the foremost players, functioning in the global industry. – Inquire here before buying Full Report
For instance, in April 2022, Slate Technologies, a mobile and web application development agency based in Portland, unveiled a digital assistant for the construction sector. The company makes use of AI and machine learning to increase the efficiency of construction experts by facilitating enhanced, quicker decision-making to keep construction projects on time, thus maximizing revenues.
More about Artificial Intelligence in Construction Market:
- Technological Advancements to Take Place in the Design and Construction Industry
- Applications of Artificial Intelligence in Construction Industry
