New York, USA, March 21, 2023 (GLOBE NEWSWIRE) -- As per the newly published report by Research Dive, the global artificial intelligence in construction market is anticipated to grow at a stunning CAGR of 34.1%, thereby garnering a revenue of $8,545.80 million in the 2022-2031 timeframe. This comprehensive report provides a brief outlook of the current framework of the artificial intelligence in construction market including its major characteristics like growth drivers, growth opportunities, restraints, and hindrances during the analysis period of 2022-2031. All the necessary and essential market figures are also provided in this report to help new entrants analyze the market easily.
Dynamics of the Market
Drivers: Over the years, there has been an increasing need to introduce intelligence business processes in the construction sector which is predicted to be the primary growth driver of the artificial intelligence in construction market in the forecast period. Additionally, growing adoption of artificial intelligence technology to improve worker safety on building sites is expected to push the market forward.
Opportunities: Increasing use of artificial intelligence in the construction sector from designing and planning stage to managing operations is anticipated to offer numerous growth opportunities to the market in the forecast period. Along with this, growing investments in R&D of artificial intelligence is expected to help the market grow in the forecast period.
Restraints: High cost and maintenance charges, however, might prove to be a hindrance in the growth trajectory of artificial intelligence in construction market.
Impact of Covid-19 on the Market
The artificial intelligence in construction market, like many other industries and sectors, experienced a negative impact during the Covid-19 pandemic. The government-ordered lockdowns and travel restrictions led to stoppage of construction activities across the globe which declined the demand for artificial intelligence in construction sector. This decline in demand brought down the growth rate of the market during the pandemic period.
Segments of the Market
The report has divided the artificial intelligence in construction market into certain segments based on offerings, deployment type, organization size, industry type, and region.
Offerings: Solutions Sub-segment to be Highly Dominant
The solutions sub-segment is expected to be highly dominant during the forecast period. The growing originality, innovation, and accessibility of AI-based building activity solutions is expected to help in the growth of this sub-segment.
Deployment Type: Cloud Sub-segment to be the Fastest Growing
The cloud sub-segment is expected to have the highest CAGR by 2031. The various advantages of cloud-based deployment such as flexibility, disaster recovery, automated software upgrades, capital expense-free, and increased collaboration is predicted to propel the growth of this sub-segment in this forecast period.
Organization Size: Large Enterprises Sub-segment to Witness Huge Growth
The large enterprises sub-segment is expected to have a significant market share by 2031. Increasing investments by large construction companies in adoption of artificial intelligence is predicted to drive the growth of this sub-segment.
Industry Type: Others Sub-segment to Flourish Substantially
The others sub-segment is expected to be highly dominant during the forecast period. Use of artificial intelligence for construction of buildings such as stadiums, schools, hospitals, malls, libraries, art galleries, and museums is expected to help in the growth of this sub-segment.
Market in the North America Region to be Most Lucrative
By regional analysis, the artificial intelligence in construction market in the North America region is anticipated to be the most profitable by 2031. Increasing adoption of artificial intelligence by various construction sector companies in this region is anticipated to be the main growth driver of the market in the forecast period.
Prominent Market Players
Some of the key players in the artificial intelligence in construction market are
- Deepomatic
- Askporter
- Building System Planning Inc.
- COINS Global
- Autodesk Inc.
- Bentley Systems
- Incorporated
- Beyond Limits Inc.
- Renoworks Software Inc.
- Predii
- Doxel
These key players are devising new technologies and smart innovations to gain a prominent position in the global market.
For instance, in May 2021, Procore Technologies, a leading construction management software developer, announced the acquisition of INDUS.AI, an AI-powered analytics software developer. This acquisition is predicted to help Procore to gain a considerable lead over its competitors of the market in the coming period.
Finally, the report also summarizes many crucial aspects of artificial intelligence in construction market including SWOT analysis, latest strategic developments, product portfolio, and financial performance of the key players.
More about Artificial Intelligence in Construction Market:
- Artificial Intelligence in Construction Market: Paving the Way for Smart Construction
- Rise in Applications of Artificial Intelligence in the Construction Sector to Bolster the Growth of the Artificial Intelligence in Construction Market
