With the advent of technology, engineering and construction sector has commenced the use of emerging technologies such as artificial intelligence (AI) to complete projects with enhanced operational efficiency, fewer errors & omissions, safer working environments, and shorten the project delays. Though Artificial Intelligence positively impacts multiple fields in every industrial vertical, there are also few other technologies which play a crucial role in real estate & construction sector. One of such techniques is Machine Learning, which involves implementing and training the complex algorithms for large data sets to identify and design desired patterns which increases the efficiency and performance of the tasks. According to a study, implementing AI in safety sensors, drones, autonomous vehicles, and robots are recognized as emerging trends in construction market over the forecast period. Moreover, slow adoption rate of AI in construction and complex software algorithms for developing construction specific programs are expected to be a few inhibiting factors the growth of AI in construction market over the forecast period.
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AI in the construction market is differentiated by stage, component, technology, deployment, organization size, and application.
On the basis of the stage, the market is categorized into pre-construction, construction stage, and post-construction. By component, the AI in construction market is sub-segmented as solutions and services. The solution segment is categorized as virtual assistant, design & planning, revenue estimation, demand forecasting, predictive maintenance, and others. The service sub-segment comprised training & consulting, implementation services, and other support services.
On the basis of technology, the market is segregated into neural networks, machine learning & deep learning, and natural learning programming (NLP). Additionally, on the basis of deployment, the market is bifurcated into on-cloud and on-premise. Depending on the organization size, the market is classified as large enterprises and small & medium enterprise.
On the basis of application, the market is categorized as, building information management, schedule management, project management, risk management, equipment management, and supply chain management.
According to the analysis of Market Research Future, the market for Artificial Intelligence in Construction Market has been valued at approximately over USD 2,011.4 million growing with a 35% CAGR during the forecast period 2018-2023.
Key Players Market research future identifies some of the key players of AI in construction Market Some of the key players of AI in Construction market include IBM Corporation (U.S.), Oracle Corporation (U.S), SAP SE (Germany), Alice Technologies.(U.S.), Microsoft Corporation (U.S.), Aurora Computer Services(U.K), Autodesk (U.S.), eSUB (U.S.), Smartvid.io(U.S.),and Building System Planning (U.S.)
Some other vendors who are involved in AI construction market are Jaroop, Lili.Ai, Predii, Assignar, Deepomatic, Coins Global, Beyond Limits, Doxel Askporter, Plangrid, Bentley Systems, and Renoworks Software.
LIST OF TABLES
Table1 Global AI In Construction Market: By Region, 2018-2023
Table2 North America AI In Construction Market: By Country, 2018-2023
Table3 Europe AI In Construction Market: By Country, 2018-2023
Table4 Asia Pacific AI In Construction Market: By Country, 2018-2023
Table5 The Middle East & Africa AI In Construction Market: By Country, 2018-2023
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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 2018, By Country (In %)
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