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.
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The report is an engaging document that provides vital statistical information about the market in terms of dales, revenue, market share, and market size with regards to product types, application spectrum, regional bifurcation, leading players, and technological advancements.
A comprehensive analysis of the competitive landscape is offered in the report along with a study of the company profiles, product portfolio, manufacturing and production capacity, technological developments, R&D advancements, and strategic initiatives of the prominent players of the industry. Prominent players operating in the industry and profiled in the report 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 Global Artificial Intelligence (AI) in Construction Market is segmented as follows:
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
Organization Size Outlook (Revenue, USD Million; 2016-2026)
- Small and Medium-Sized Enterprises
- Large Enterprises
Deployment Type Outlook (Revenue, USD Million; 2016-2026)
- Cloud
- On-premises
Phase Outlook (Revenue, USD Million; 2016-2026)
- Pre-construction
- Construction stage
- Post-construction
Applications Outlook (Revenue, USD Million; 2016-2026)
- Project management
- Field management
- Risk management
- Schedule management
- Supply chain management
- Others
End-use Outlook (Revenue, USD Million; 2016-2026)
- Planning and Design
- Safety
- Equipment
- Monitoring and Maintenance
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The report provides an explicit analysis of the market with regards to growth driving factors, restraining factors, regulatory framework, threats and opportunities, financial hurdles to offer a thorough outlook of the market. The report also covers value chain analysis, market share, market size, CAGR, sales and revenue, import/export, the scope of the market, growth prospects,and other key factors.The report offers a regional analysis that covers key geographies such as North America, Europe, AsiaPacific, Latin America, and Middle East & Africa.
The report applies advanced analytical tools such as SWOT analysis, Porter’s Five Forces analysis, along with feasibility analysis and investment return analysis. It also offers strategic recommendations to new entrants as well as established companies about market barriers. It also offers insights into futuristic business opportunities, market scope, threats, and obstacles, to enable fruitful business decision-making process.
Furthermore, the report renders a complete analysis of the Artificial Intelligence (AI) in Construction market that allows readers to formulate profitable and lucrative business strategies by offering insights into the competitive landscape, crucial market details, growth prospects, regional rules and regulations, and other key factors.
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