Artificial Intelligence (AI) in Construction Market Size Expected to Reach USD 4.51 Billion at a CAGR of 34.0% By 2026
Efficiency in construction designing, planning, and other processes is propelling the growth of the market.
Market Size – USD 429.2 Million in 2018, Market Growth – CAGR of 34.0%, Market Trends – Easy risk mitigation.
The global Artificial Intelligence (AI) in the Construction market is forecast to reach USD 4.51 Billion by 2026, according to a new report by Reports and Data. The easy risk mitigation of quality, and safety, coupled with the time and cost consumption requirements of the construction industry, will drive the growth of the market.
Artificial intelligence can help reduce construction costs in many ways. For example, the use of virtual reality goggles and mini-robots into buildings under construction to track the work as it progresses. AI is also being used today to design the routing of electrical and plumbing systems in modern buildings. Artificial intelligence is also beneficial for the development of safety systems at work sites, which reduces the risks of hazards and accidents. The technology is being used by many firms to pursue the real-time interactions of machinery, workers, and objects on the site and alert the supervisors of potential safety issues, productivity issues, and construction errors. Artificial intelligence is also expected to reduce the human workforce, reduce expensive errors, reduce worksite injuries, and make building operations more productive.
Get a sample of the report @ https://www.reportsanddata.com/sample-enquiry-form/1572
Further key findings from the report suggest
- Among the technologies, machine learning and deep learning technologies accounted for a larger market share of ~63% in the year 2018. Deep learning gives more accurate and quality results, along with both time and cost consumption benefits.
- Machine learning is also used to analyze the relevance of requirements and information based on the user’s preferences.
- The services segment is forecasted to witness a higher growth rate of 34.9% during the forecast period. Artificial Intelligence services for the construction industry enables firms to overcome several difficulties by integrating this emerging technology into their operational processes.
- The small and medium-sized organization is forecasted to witness a higher growth rate of 35.8% during the forecast period, due to the rapid adoption of artificial intelligence by these firms.
- The cloud deployment offers advanced scalability, intensified security, better compliance, and lower costs. The segment is anticipated to witness a higher growth rate of 37.3% during the forecast period.
- The risk management application is anticipated to witness the highest CAGR of 35.8% during the forecast period, attributing to the ability of artificial intelligence solutions to identify potential risks and frauds. These risks may be related to quality, safety, time, or even costs.
- Among the end uses, the safety segment is anticipated to witness the highest CAGR of 35.0% during the forecast period, which is attributed to the increasing risks and accidents reported at worksites.
- North America held the largest market share of ~29% in the year 2018, owing to the rapid technological advancements and increasing government investments into the development of artificial intelligence (AI). Moreover, the presence of some of the leading players of the market in the region will also drive the growth of the market in the region.
- Key participants include IBM, Renoworks Software, Microsoft, Autodesk, SAP, Oracle, Alice Technologies, Building System Planning, eSUB, Askporter, Darktrace, SmarTVid.Io, Jaroop, Aurora Computer Services, Predii, Lili.Ai, Deepomatic, Assignar, Beyond Limits, Coins Global, Plangrid, Doxel, and Bentley Systems, among others. The companies have adopted various strategies, including mergers, acquisitions, and partnerships to hold ongoing trails and come up with new developments in the market.
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/artificial-intelligence-ai-in-construction-market
For the purpose of this report, Reports and Data have segmented into the global Artificial Intelligence (AI) in Construction market on the basis of technology, component, organization size, deployment type, phase, applications, end use, and region:
Technology Outlook (Revenue, USD Million; 2016-2026)
- Machine Learning and Deep Learning
- Natural Language Processing
Component Outlook (Revenue, USD Million; 2016-2026)
- Support and Maintenance
- System Integration
- Training and consulting
Organization Size Outlook (Revenue, USD Million; 2016-2026)
- Small and Medium-Sized Enterprises
- Large Enterprises
Deployment Type Outlook (Revenue, USD Million; 2016-2026)
Phase Outlook (Revenue, USD Million; 2016-2026)
- Construction stage
Applications Outlook (Revenue, USD Million; 2016-2026)
- Project management
- Field management
- Risk management
- Schedule management
- Supply chain management
End-use Outlook (Revenue, USD Million; 2016-2026)
- Planning and Design
- Monitoring and Maintenance
Regional Outlook (Revenue, USD Million; 2016-2026)
- North America
- Asia Pacific
- Latin America
Request customization of the report @ https://www.reportsanddata.com/request-customization-form/1572
Key Highlights of the Artificial Intelligence (AI) in Construction Market Report:
- Extensive research of growth patterns, market size and share, top companies, and key segments of the global Artificial Intelligence (AI) in Construction market
- Detailed information on market trends, driving factors, restraining factors, product segmentation, and industry chain analysis
- Thorough regional analysis and competitive landscape
- Key statistical data organized in tables, charts, figures, and other pictorial representation
- SWOT analysis and Porter’s Five Forces analysis for each key player
Finally, all aspects of the Artificial Intelligence (AI) in Construction market are quantitatively as well qualitatively assessed to study the global as well as regional market comparatively. This market study presents critical information and factual data about the market providing an overall statistical study of this market on the basis of market drivers, limitations and its future prospects.
Reports and Data is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target and analyze consumer behavior shifts across demographics, across industries and help client’s make a smarter business decision. We offer market intelligence studies ensuring relevant and fact-based research across a multiple industries including Healthcare, Technology, Chemicals, Power and Energy. We consistently update our research offerings to ensure our clients are aware about the latest trends existent in the market.
Head of Business Development
Direct Line: +1-212-710-1370
E-mail: [email protected]
Reports and Data | Web: www.reportsanddata.com
Check our upcoming research reports @ https://www.reportsanddata.com/upcoming-reports
Visit our blog for more industry updates @ https://www.reportsanddata.com/blogs
Read similar reports by Reports and Data:
- 3D NAND Flash Memory Market, By Type, By Application, By End-use (Client, Enterprise), and By Region Forecast to 2028
- Space Situational Awareness Market Size, Share, And Industry Analysis By Offering Type, By Object, By End-user (Government and Commercial) and By Region Forecast To 2028
- Acoustic Wave Sensor Market Size, Share & Analysis, By Type (Wired, Wireless), By End-Use Industry, And By Region, Forecast To 2027
- GaN Power Semiconductor Devices Market Size, Trends & Analysis, By Device Type (Opto, RF, Power), By Component, By Wafer Size (2 inches, 4 inches, 6 inches), by Application, By End-User Industry, By Region, Forecast To 2027