Industry Background:
The artificial intelligence has been very beneficial to the construction industry, especially in pre-construction phases, like planning and designing, enabling advanced capabilities for building information modeling and generative design. Planning and design phase is one of the most crucial phases in any construction project. A lot of soft costs are associated with research, architecture, and design, as making any changes in the construction phase would lead to budgetary constraints.
Attributes | Details |
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Study Period | 2017-2027 |
Base Year | 2021 |
High Growth Market | Asia Pacific |
Unit | Value (USD Million) |
Key Companies Profiled | IBM (United States), Microsoft (United States), Oracle (United States), SAP (Germany), Alice Technologies (United States), eSUB (United States), Smartvid.io (United States), Aurora Computer Services(England), Autodesk (United States) and Building System Planning (United States) |
According to AMA, the market for AI in Construction is expected to register a CAGR of 34.1% during the forecast period to 2027. This growth is primarily driven by Rising Demand for AI-based Platforms and Solutions and Adoption of Industry 4.0 and IIoT and Construction Labor Shortage.
Globally, a noticeable market trend is evident The Growing Need for More Safety Measures at Construction Sites
The Internet Software & Services sector in the North America region has been increasing at a sustainable rate, and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Players, such as IBM (United States), Microsoft (United States), Oracle (United States), SAP (Germany), Alice Technologies (United States), eSUB (United States), Smartvid.io (United States), Aurora Computer Services(England), Autodesk (United States) and Building System Planning (United States), etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years. The artificial intelligence in the construction market consists of some major players providing AI solutions for the construction sector. Major players are undergoing new innovations and acquisitions, in order to provide more efficiency, as the construction sector is already witnessing slow growth in adopting these technologies.
On 13th September 2018, Fluor Corporation and IBM (NYSE: IBM) announced today the use of artificial intelligence-based systems to predict, monitor and measure the status of engineering, procurement, fabrication and construction (EPC) megaprojects from inception to completion
Influencing Trend:
The Growing Need for More Safety Measures at Construction Sites and Rising Requirement to Reduce Production Costs
Market Growth Drivers:
Rising Demand for AI-based Platforms and Solutions and Adoption of Industry 4.0 and IIoT and Construction Labor Shortage
Challenges:
Monitoring the Highly Unstructured Jobsite Environments
Restraints:
Low Levels of Penetration and Scarcity of Skilled Employees and Workers
Opportunities:
Increasing Construction Activities Due to Smart City Initiatives and Growing Need for Intelligent Business Process
AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Players landscape impacting the growth of the market. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts but also includes significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints in AI in Construction Market
- Analysis about New Entrants in AI in Construction Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
- An Unbiased Perspective towards Market Performance & Indicators
Against this Challenging Backdrop, AI in Construction Study Sheds Light on
The AI in Construction Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the AI in Construction industry Players. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where AI in Construction industry is heading and what are the top priorities. Insights are drawn from financial analysis, surveys, and interviews with key executives and industry experts.
How every company in this diverse set of Players can best navigate the emerging competition landscape and follow a strategy that helps them position to hold the value they currently claim or capture the new addressable opportunity.