Artificial Intelligence in Construction Market 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, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031
The global artificial intelligence in construction market is envisioned to garner $8,545.80 million by 2031, growing from $496.40 million in 2021 at a CAGR of 34.1% from 2022 to 2031.
The primary driver of artificial intelligence's growth in the construction industry is the increase in demand for this technology as it boosts productivity while saving time and money. In addition, the increased use of robots, drones, and other automated vehicles to map and survey construction projects and take aerial photos of construction sites is anticipated to create lucrative new market growth potential throughout the course of the projection period.
Maintaining a robot can be enormously expensive since they are extremely complex machines that require enormous costs to repair and maintain. Outside of the programming that is contained in their internal circuits and firmware, they are unable to behave any differently. Nothing can match the originality of the human mind. A machine cannot think creatively beyond the box, yet humans generate thousands of unique ideas daily. This factor is restraining the market growth.
Rapid technological innovations and research & developments with respect to artificial intelligence in the construction sector is estimated to generate excellent growth opportunities. For example, in March 2020, Newmetrix's construction-trained AI engine named Vinnie was updated with new capabilities such as new work at height dangers, the ability to see different stages of building, and the ability to identify employees in a group. Such technological developments convince businesses to use artificial intelligence at construction sites to reduce health hazards, enhance job quality, and reduce operational costs, which is predicted to accelerate artificial intelligence in construction market growth in the upcoming years.
The complete shutdown of construction activities as well as economic uncertainties caused by the COVID-19 pandemic has negatively impacted artificial intelligence in construction market growth. The social distancing norms and fear of COVID-19 virus spread among workers have negatively impacted the construction sector leading to slow growth. These factors have impacted the artificial intelligence in construction market size during the pandemic and the market is estimated to show speedy growth post-pandemic times.
The key players profiled in this report include Deepomatic, COINS Global, Beyond Limits Inc., Doxel, askporter, Autodesk, Inc., Renoworks Software, Inc., Building System Planning, Inc., Bentley Systems, Incorporated, and Predii.
Key Benefits For Stakeholders
This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the artificial intelligence in construction market analysis from 2021 to 2031 to identify the prevailing artificial intelligence in construction market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the artificial intelligence in construction market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global artificial intelligence in construction market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
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
Others
By Region
North America
U.S.
Canada
Mexico
Europe
UK
Germany
France
Spain
Italy
Rest of Europe
Asia-Pacific
China
India
Japan
South Korea
Australia
Rest of Asia-Pacific
LAMEA
Brazil
UAE
Saudi Arabia
South Africa
Rest of LAMEA
Key Market Players
Autodesk, Inc.
IBM
Microsoft Corporation
Oracle Corporation
SAP
aurora computer services
Building System Planning Inc.
PTC Inc.
NVIDIA Corporation
Dassault Systemes SE
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