New York, US, Jan. 31, 2022 (GLOBE NEWSWIRE) -- Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “AI in Construction Market information by Stage, by Components, by Technology, by Application and Region – forecast to 2030” market size to reach USD 2512.8 million, growing at a compound annual growth rate of 33.2% by 2030.
Market Scope:
The cost-efficiency of using artificial neural networks will offer robust opportunities for the market over the forecast period. Through such networks, professionals generally calculate the overhead price and predict the total expenditure of the project resting on the historical data backed with accurate information that saves the company’s money and time.
Dominant Key Players on AI in Construction Market Covered are:
- IBM Corporation (U.S.)
- Oracle Corporation (U.S)
- SAP SE (Germany)
- Alice Technologies (U.S.)
- Microsoft Corporation (U.S.)
- Aurora Computer Services (U.K)
- Autodesk (U.S.)
- eSUB (U.S.)
- Smartvid.io (U.S.)
- Building System Planning (U.S.)
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Market USP Exclusively Encompassed:
Market Drivers
Growing Adoption of AI to Boost Workers Safety to Fuel Market Growth
The growing adoption of AI to boost the workers safety level working on construction sites and also reducing the health risks in the construction area will boost market growth over the forecast period. The rate of deaths taking place in the construction sites is indeed alarming and thus needs to be taken care of. For preventing the probable hazards on construction sites, these sites are usually equipped with various safety equipment like IoT devices, sensors, and cameras which detect various features of construction operations and inform the team when the safety hazards may take place, thus bolstering market growth.
Dearth of Skilled Employees to act as Market Restraints
The dearth of skilled employees that can use artificial intelligence in construction solutions may act as a market restraint over the forecast period.
Unstructured Construction Setting may act as Market Challenge
The unstructured construction setting may act as a market challenge over the forecast period.
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Segmentation of Market Covered in the Research:
The global AI in construction market has been bifurcated based on technology, components, stage, application, organization, and industry type.
By technology, machine learning & deep learning will lead the market over the forecast period. Due to the increasing need for analyzing dark facts and automating enterprise functions, the usage of deep learning and gadget learning technology has extended deeply in the creation industry. Most construction groups are using artificial intelligence based solutions for achieving benefits.
By components, solutions will dominate the market over the forecast period. Artificial intelligence in construction solutions play an imperative part in the effective and efficient functioning of construction businesses utilizing deep learning, machine learning, and natural language processing. Solutions that are AI-based are needed for revolutionizing the manner in which construction sector functions. Such solutions also aid the construction sector in familiarizing itself with innovative technologies and helping professionals to save their time during decision-making.
By stage, the pre-construction stage will spearhead the market over the forecast period as AI is highly beneficial in the construction industry during the pre-construction phases such as planning and designing thus allowing advanced capabilities for generative design and building information modeling.
By application, the project management segment will have the lions share in the market over the forecast period as this application is the foremost vital phase to plan a construction project. This includes drafting the proposal, managing the designing stage, and document loans, funds, as well as other minute details which are associated with the project.
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By organization size, heavy construction will have the largest share in the market over the forecast period for increase in the number of accidents as well as sudden falls in large building sites. The heavy construction includes huge structures and assorted equipment that need project management with extensive engineering and diligence. Different key equipment manufacturers are making huge investments in the self-operating machines for performing site work, paving, demolition, grading, excavation, and other tasks.
By industry type, large enterprises will command the market over the forecast period. Large enterprises that include commercial enterprises and the government are making the most of AI solutions for the surging need for project management and risk management solutions across the segment. Various favorable government regulations are indeed motivating large construction enterprises in incorporating artificial intelligence services and solutions.
Regional Analysis
North America to Spearhead AI in Construction Market
North America will spearhead the AI in construction market over the forecast period. Key construction companies making huge investments, increasing use of AI in construction for different purposes- risk management, project management, field management, and supply chain management, change in the political scenario in the US, massive construction labor shortage, the region being a hub for construction tech startups, rapid adoption of AI in the construction sector, robust increase in investments by companies such as IBM Corporation, Oracle Corporation, and others in creating technologies like neural networks and machine learning, the region hosting several AI solution providers & construction companies, the use of AI for surveying and also analyzing structures and materials, and the presence of well-developed technological infrastructure are adding to the global AI in construction market growth in the region.
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COVID-19 Impact on the Global AI in Construction Market
The COVID-19 crisis has led to a worldwide economic and industrial shutdown together with complete lockdown. The manufacturing and building sector faced a complete shutdown that resulted in work cessation. Also the fall in growth of the AI in construction market is due to the rising need to maintain COVID-19 safety measures like social distancing to prevent the virus to spread. This market has been affected negatively for the market’s decreased cash circulation which impacted the cash liquidity with construction companies and shutting down of their operational activities. Most companies and industries opted for the policy of work from home to curtail the spread that in turn is leading to lesser use of office floor space & expenses, hence decreasing the market opportunities for the construction sector.
Competitive Landscape
The global AI in construction market is both competitive along with being fragmented on account of the presence of several international and also domestic industry players. Such industry players have utilized an assorted innovative strategies for being at the top along with sufficing to the burgeoning requirement of the esteemed clients including geographic expansions, collaborations, joint ventures, new product launches, partnerships, contracts, and much more. Besides, the players are also investing in different research & development activities.
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