AI in construction refers to the integration of Artificial intelligence (AI) technology in the construction industry. The powerful, AI technology has the potential to enhance productivity, safety, alongside refining other aspects of business success. The burgeoning construction industry is a trillion dollars space, built on collaboration between owners, project managers, engineers, architects, contractors, and subcontractors, remaining highly fragmented.
In such a scenario, AI Algorithms can run tedious numbers, scenarios and project variations in a fraction of the time without letting the productivity to lag behind, saving a huge amount of time. The technology (AI) is galvanizing the business of construction by connecting and streamlining the entire process, from inception to the end of the project.
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AI in construction as a concept has deep-rooted by now and all geared up to witness its heyday leading to the automation escalating further. As a result, its market, AI in the construction market is growing persistently.
Acknowledging AI’s capability and identifying the level its market growth is going upsurge to, Market Research Future (MRFR) in its recently published study report asserts that the already flourishing, global AI in construction market is will register a whopping 35% CAGR during 2017-2023, valuing at USD 2,011.4 million by 2023
Additional factors impacting the market growth include rising demand of adept technologies to improve productivity in the sector. “Some matured players in the industry are already sitting pretty securing a chunk of revenues in the market. It’s the right time for investment and players should seize the opportunity”, states the MRFR research analyst while discussing the report.
On the other hand, technical incompetency of developers and the lack of expertise among the end-users along with the initial cost associated with the implementation are some of the factors impeding the market growth. Also, the slow adoption rate of AI in the construction sector is estimated to obstruct the root to the growth of the market.
Some of the eminent players leading the AI in Construction Market include Oracle Corporation (US), IBM Corporation (US), SAP SE (Germany), Microsoft Corporation (US), Alice Technologies (US), Aurora Computer Services (UK), eSUB (US), Autodesk (US), Smartvid.io (US), Jaroop, Building System Planning (US), Lili.Ai, Assignar, Predii, Deepomatic, Beyond Limits, Coins Global, Doxel Askporter, Bentley Systems, Renoworks Software, and Plangrid.
The MRFR analysis is segmented into five key dynamics for an easy grasp;
By Stages: Pre-Construction, Construction Stage, and Post-Construction.
By Components: Solutions and Services among others.
By Technologies: Machine & Deep learning, NLP, and Neural Networks among others.
By Applications: Building Information Management, Schedule Management, Project Management, Risk Management, Equipment Management, and Supply Chain Management among others.
By Regions: North America, Europe, APAC and the Rest-of-the-World.
North America region is projected to dominate the global AI in construction market with the largest market share due to the growing uptake of AI in the sector. The US, backed by the presence of some technology giants such as IBM and Oracle, accounts for the leading market in the region. The region is therefore valued remarkably in the past and is expected to grow further by 2023.
The AI in construction market in the Asia Pacific region is expected to grow at a substantial CAGR from 2017 to 2023. Countries such as China, Japan, South Korea, and India are supporting the market growth in the region. Additionally, increasing infrastructure development and smart city projects are fostering the market growth.
The Europe AI In Construction Market is expected to grow at a considerable CAGR between 2017-2023.
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Tech firms operating in the construction field often merge their forces to join their adept solutions with other technologies providing more comprehensive and interoperable tools. The market is witnessing mergers, acquisitions, and integrations in construction technology.
Technology providers to provide adept technology that can access and prepare all types of data and reports for the clients, can manage content and users with a custom look and feel, with scheduled distribution, easy to share at scale with the format.
September 4, 2018 – IngeniousIO (US), a market innovator in the construction industry with a unified, AI-driven platform announced the launch of the company with around 4Mn. USD funding led by American Family Ventures to become the connective tissue between not only projects but the construction industry at large.
Company’s AI-driven platform transforms document chaos into intelligent insights. Using a “unifying, data-driven approach" to make construction workflows less fragmented, the company plans to release owner and contractor applications soon.
LIST OF TABLES
Table1 Global AI In Construction Market: By Region, 2017-2023
Table2 North America AI In Construction Market: By Country, 2017-2023
Table3 Europe AI In Construction Market: By Country, 2017-2023
Table4 Asia Pacific AI In Construction Market: By Country, 2017-2023
Table5 The Middle East & Africa AI In Construction Market: By Country, 2017-2023
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LIST OF FIGURES
FIGURE 1 Global AI In Construction Software Market Segmentation
FIGURE 2 Forecast Methodology
FIGURE 3 Porter’s Five Forces Analysis Of Global AI In Construction Software Market
FIGURE 4 Value Chain Of Global AI In Construction Software Market
FIGURE 5 Share Of Global AI In Construction Software Market In 2017, By Country (In %)
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