Artificial Intelligence in Construction Market Size & Share to Surpass $4909.7 Million by 2030 | Vantage Market Research


WASHINGTON, June 06, 2023 (GLOBE NEWSWIRE) -- The Global Artificial Intelligence (AI) in Construction Market is valued at USD 594.6 Million in 2022 and is projected to reach a value of USD 4909.7 Million by 2030 at a CAGR (Compound Annual Growth Rate) of 35.2% over the forecast period 2023-2030.

Market Overview

Artificial intelligence has emerged to help improve regulatory standards and detect hazards on building sites before they occur. As a result, building companies have embraced machine intelligence technology through predictive maintenance and risk management solutions. Furthermore, AI is widely used in the construction industry to create industrial Internet of Things (IIoT)-based applications for building sites. IIoT provides project managers with efficient outputs and lower labor costs, increasing the industry's artificial intelligence needs.

We forecast that the solution in Artificial Intelligence (AI) in Construction Market sales will account for more than 55% of total sales by 2030. The solution category is likely to have a bigger market share among offerings. Major organizations like IBM, Microsoft, and Oracle offer artificial intelligence solutions for the sector. AI solutions improve on-site efficiency by delivering critical following development such as risk mitigation, project planning, work schedule, and supply chain control.

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Market Dynamics

Increase in Planning and Design Support Market Expansion
Construction begins with planning and design. Any defects or errors made at this stage of development may result in a significant loss to the vendors later in the project. Such scenarios result in numerous financial constraints and project completion delays. Building data modeling is one of the digital tools required for the construction industry. During the planning, design, and execution phases of a building project, BIM can increase productivity and save costs. Users can utilize Autodesk Revit to develop 3D internal structures and building systems and attach timetable data to specific 3D model pieces.

Increased Demand for Cloud Deployment Type Drives Market Growth
The cloud deployment type offers numerous advantages in the AI in the construction sector, including lower management and upkeep costs, fewer hassles, and greater adaptability. As many entrepreneurs should be able to use cloud-based deployment, AI in construction application developers focuses on offering robust cloud-based solutions for their clients. Furthermore, cloud deployment is subscriber, price, and simple to administer.

Top Players in the Global Artificial Intelligence (AI) in Construction Market

  • Autodesk Inc. (San Francisco, U.S.)
  • IBM (Armonk, U.S.)
  • Microsoft Corporation (Redmond, U.S.)
  • Oracle Corp. (Austin, U.S.)
  • SAP (Walldorf, Germany)
  • Aurora Computer Services (UK)
  • Building System Planning Inc. (U.S.)
  • NVIDIA Corporation (Santa Clara, U.S.)
  • Dassault Systems SE (France)

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Top Trends in the Global Artificial Intelligence (AI) in Construction Market

  • One trend that Vantage Market Research (VMR) expects to see in Artificial Intelligence (AI) in the Construction industry is the growing demand for project management applications. Hundreds of companies use project management software for each construction step, including before, in fabrication, and thread. Automating constructability such as project management, planning and design, procuring and supplier management, and virtual design and construction help the organization increase production and efficiency. Furthermore, AI-enabled project management applications aid in managing over-budget construction projects by capturing real-image data from the job site and delivering correct precision and reliability for the budget by estimating the total hours required to accomplish the activities.

  • Another trend that VMR predicts will continue in Artificial Intelligence (AI) in the Construction industry is its increasing trend of small and medium-sized businesses. Because of the platform's low cost, small and medium-sized businesses are increasingly implementing AI solutions. Cloud-based AI solutions are advantageous to construction organizations since there is no make budget cost, and they may be started and stopped as needed. Furthermore, expanding construction enterprises necessitates computer database organization, which is likely to drive higher demand.

Top Report Findings

  • Based on the Offerings, most of the Artificial Intelligence (AI) in the Construction market's revenue is controlled by the Solution category. With work automation, artificial intelligence technologies address the challenge of skilled labor shortages. These systems can handle time-consuming processes, including cost estimation, program development, resource management, and risk management. Most construction organizations have implemented AI solutions for risk management and improved job site safety.

  • Based on Deployment Type, most of the Artificial Intelligence (AI) in the Construction market's revenue is controlled by the On-Premises category. Several firms have embraced AI-enabled solutions from before the stage because this stage encompasses prior project delivery responsibilities such as schedule oversight and expense management. It encompasses all planning and design aspects, including opportunity and proposal management, cost management, purchasing and vendor selection, and simulated design and construction.

  • Based on Organization Type, most of the Artificial Intelligence (AI) in the Construction market's revenue is controlled by the Large Enterprise category. Because of the growing market for projects and risk management solutions throughout the segment, significant companies, including government agencies and business firms, are rapidly implementing AI solutions on a broad scale. Regulatory rules that favour AI solutions and services encourage large construction firms to embrace them.

  • Based on Industry Type, most of the artificial intelligence (AI) in the construction market's revenue is controlled by the others category. Sports venues, schools, offices, shopping malls, bookstores, art galleries, and museums are examples of constructions that fit under this category. Ai systems are widely used in construction products and services for public buildings such as hospitals, schools, and recreation centers to assure project completion on schedule. During the analysis period, these factors are expected to promote the growth of the other sub-segment.

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Recent Developments in the Global Artificial Intelligence (AI) in Construction Market

  • In September 2022, Toric, a data platform used by construction, engineering, and similar sectors that allows anybody to connect, convert, model, and visualize data without writing code, raised $22 million in investment. Toric will offer additional interfaces for Autocad Construction Cloud and Autodesk's BIM design tools, such as Revit, Navisworks, and Civil 3D, as part of the investment.
  • In July 2022, United Rentals, Inc. will collaborate with Turner Construction, which offers sustainable solutions such as all-electric trucks and zero-emission power systems. To lessen the Jobsite's environmental effect, Turner will use the rented equipment to build a hyperscale data center building for Meta, formerly the Facebook firm.

Solution Category of the Offerings Segment of the Artificial Intelligence (AI) in Construction Market Forecast to Produce More than Half the Total Global Segment Revenue
Based on the Offerings, Artificial Intelligence (AI) in the Construction market is divided into Solutions and Services for better understanding.

The Solution market was the largest by application, and it is anticipated to hold the top spot during the projected period. The increase is mostly due to the market's increasing originality, innovation, and accessibility of AI-based building activity solutions. Building and construction organizations are rapidly using AI technologies to finish various infrastructure projects. Artificial intelligence (AI) solutions, which have key implications in supply chain management, schematic design, and risk mitigation, are making the building process more efficient. Over the forecast period, these are expected to be the primary drivers driving artificial intelligence in the construction market size.

On the other hand, the Services category is anticipated to grow significantly. In construction services, artificial intelligence monitors real-time interactions among workers, gear, and products on the project site and warns management of potential safety dangers, design errors, or productivity issues. The usage of artificial intelligence (AI) services in construction is increasing, which increases the need for worker trainers and competent technology setup and upkeep.

North America Region of the Global Artificial Intelligence (AI) in Construction Market Anticipated to Generate Nearly Half the Total Global Revenue
The North American region is anticipated to do so in the coming years. The North American region is distinguished by a big population with increased purchasing power, ongoing expenditures in mechanization, and the government's growing emphasis on having in-house AI in construction materials production. Furthermore, significantly increased expenditures in IIoT and industrial automation in this area are among the primary reasons driving market growth in North America. Most IT titans have invested in the regional market and have been chosen by the business to deploy AI-based solutions.

The Asia Pacific regional market is projected to see the fastest growth in artificial intelligence (AI) in the construction market. Increasing investment projects for varied uses, like risk mitigation, project management, and supply chain management, propels the Asia-Pacific region's growth in this market. Ai technologies for pre-construction have seen significant use in rising economies. Furthermore, the growing demand in these markets for smart cities is prompting businesses to implement AI products and services.

Browse market data Tables and Figures spread through 145 Pages and in-depth TOC on Artificial Intelligence in Construction Market Forecast Report (2023-2030).

Global Artificial Intelligence (AI) in Construction Market Segmentation

By Offerings        

  • Solutions
  • Services

By Deployment Type        

  • Cloud
  • On-premises

By Organization Size        

  • Small and Medium-sized Enterprises (SMEs)
  • Large enterprises

By Industry Type        

  • Residential
  • Institutional Commercials
  • Other Industry Types

By Region

  • North America
    • United States
    • Canada
    • Mexico
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Spain
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • South-East Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Argentina
    • Rest of Latin America
  • Middle East & Africa
    • GCC Countries
    • South Africa
    • Rest of MEA

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Scope of the Report:    

Report AttributesDetails
Market Size in 2022USD 594.6 Million
Revenue Forecast by 2030USD 4909.7 Million
CAGR35.2% from 2023 to 2030
Base Year2022
Forecast Year2023 to 2030
Key PlayersAutodesk Inc., IBM, Microsoft Corporation, Oracle Corp., SAP, Aurora Computer Services, Building System Planning Inc., NVIDIA Corporation, Dassault Systems SE
Customization OptionsCustomized purchase options are available to meet any research needs. Explore customized purchase options

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