The global Artificial Intelligence (AI) in Construction Market is estimated to reach USD 3.20 Billion by 2026, according to a new report by Reports and Data. Acoustic materials reduce the strength of the mechanical waves, including sound, ultrasound, vibration, and infrasound in several mediums such as liquid, gas, and solid. These materials, along with implementing active acoustics, also improve thermal insulation, driving comfort, and vehicle safety. In automobiles, the bonnet liners, powertrain, and engine encapsulation are made up of acoustic materials to absorb the engine bay noise. Internal combustion engine (ICE) cars need more acoustic materials for enhanced comfort and improved noise cancellation. Thus a rise in the number of passenger cars is anticipated to drive the growth of the market. Noise control engineers extensively use acoustical materials for reduction of Noise Vibration and Harshness (NVH).
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Table Of Contents-
Chapter 1. Market Synopsis
1.1. Market Definition
1.2. Research Scope & Premise
1.3. Methodology
1.4. Market Estimation Technique
Chapter 2. Executive Summary
2.1. Summary Snapshot, 2018-2026
Chapter 3. Indicative Metrics
Chapter 4. Artificial Intelligence (AI) in Construction Market Segmentation & Impact Analysis
4.1. Artificial Intelligence (AI) in Construction Market Material Segmentation Analysis
4.2. Industrial Outlook
4.2.1. Market indicators analysis
4.2.2. Market drivers analysis
4.2.2.1. Easy risk mitigation of quality, safety, time, and cost
4.2.2.2. Time and cost consumption
4.2.2.3. Efficiency in construction designing, planning and other processes
4.2.2.4. Increasing need for construction safety
4.2.3. Market restraints analysis
4.2.3.1. Lack of availability of expert professionals
4.2.3.2. Increasing risks of data breaches
4.3. Technological Insights
4.4. Regulatory Framework
4.5. ETOP Analysis
4.6. Porter’s Five Forces Analysis
4.7. Competitive Metric Space Analysis
4.8. Price trend Analysis
Continued…
The research study comprises of vital information focusing on major market trends and estimated revenue growth rate. Additionally, the report highlights the market competition including the portfolios and strategic alliances and endeavors of the key competitors. It focuses on the mergers and acquisitions, joint ventures, partnerships, collaborations, product launches, brand promotions, and agreements, among others. The report also offers key insights about top companies in the market along with their company overview, business expansion plans, financial standing, production and manufacturing capacity, and global position.
Key companies operating in the market include: 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.
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The report provides comprehensive details about the market with respect to overall revenue, sales and consumption, pricing trends, gross margins, growth rate, and market size. The report also provides an extensive analysis of key regions where the market has established its presence. The report covers major geographical regions such as North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. A country-wise analysis is also included to offer better insights into regional spread of the Artificial Intelligence (AI) in Construction market.
Technology Outlook (Revenue, USD Million; 2016-2026)
- Machine Learning and Deep Learning
- Natural Language Processing
Component Outlook (Revenue, USD Million; 2016-2026)
- Solutions
- Software
- Hardware
- Services
Support and Maintenance
- System Integration
- Training and consulting
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.
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