The Artificial Intelligence (AI) in Construction Market is expected to grow from USD 466.9 million in 2020 to USD 2312.8 million by 2026 at a CAGR of 33.87% from 2020 to 2026.
Artificial intelligence is the capability of the machine which has the abilities to do the work and mimic intelligence as human behavior. Few basic uses of artificial intelligence are expert systems which assist in decision making, speech recognition, and natural language processing among others. In the recent years, artificial intelligence has made a huge impact in the construction sector. It is widely used in pre-construction stage and with the use of artificial intelligence one can plan and implement the models digitally which are going to be constructed. The global AI in construction market is projected to grow at a major speed primarily due to the adoption of artificial intelligence technology to enhance the safety levels for workers working on the constructions sites and minimize the health hazards in the construction area. As per the regulatory agency of the United States Department of Labor named “Occupational Safety and Health Administration (OSHA)”, declares that the till year 2020, “one in five worker deaths last year were in construction.” The death rate at the construction sites is alarming and is required to be taken care of. In order avoid the possible hazards on the construction sites, the sites are commonly equipped with safety equipment such as sensors, cameras and IoT devices which detect various features of construction operations and notify the team whenever the safety hazard is anticipated to happen and therefore is propelling the AI in construction market. Moreover, various AI in construction market players are constantly investing in the research and development activity to bring advancements to the artificial intelligence incorporated equipment for the building and construction sector usage. However, the huge maintenance & operational cost and dearth of technical expertise in the field will limit the market growth.
In addition, the AI neural networks are used for construction projects to recognize cost exceeds. Its predictive model uses past data such as project beginning and end dates to visualize realistic timelines for upcoming projects. Cost overruns are anticipated on the basis of various factors, such as project size, contract type and the competence level of the project managers. Project managers can arrange the project schedule and evaluate the original cost and budget with the assistance of real-time feedback offered by the AI platform. Besides, artificial intelligence assists the company staff access real-life training material to improve their knowledge and skills quickly.
The global Artificial Intelligence (AI) in Construction Market is segregated on the basis of component as Software and Services. Based on Deployment Model the global Artificial Intelligence (AI) in Construction Market is segmented in On-Premises and Cloud. Based on Enterprise Size the global Artificial Intelligence (AI) in Construction Market is segmented in Large Enterprises and Small & Medium Enterprises. Based on Stage the global Artificial Intelligence (AI) in Construction Market is segmented in Pre-construction stage, Construction Stage and Post-construction Stage. Based on Application the global Artificial Intelligence (AI) in Construction Market is segmented in Project Management, Field Management, Risk Management, Schedule Management and Others.
The global Artificial Intelligence (AI) in Construction Market report provides geographic analysis covering regions, such as Europe, North America, Asia Pacific, and Rest of The World. The Artificial Intelligence (AI) in Construction Market for each region is further segmented for major countries including the U.S., Canada, Germany, the U.K., France, Italy, China, India, Japan, Brazil, South Africa, and others.
Competitive Analysis
IBM, Microsoft, Oracle, SAP, Alice Technologies, eSUB and others are among the major players in the global Artificial Intelligence (AI) in Construction Market. The companies studied in terms of product strategy and various n several growth and expansion strategies to gain a competitive edge in the market. The major players not only follow value chain integration with business operations in multiple stages of the value chain.
The global Artificial Intelligence (AI) in Construction Market has been segmented as below:
Artificial Intelligence (AI) in Construction Market, By Component
Artificial Intelligence (AI) in Construction Market, By Deployment Model
Artificial Intelligence (AI) in Construction Market, By Enterprise Size
Artificial Intelligence (AI) in Construction Market, By Stage
Artificial Intelligence (AI) in Construction Market, By Application
Artificial Intelligence (AI) in Construction Market, By Region
Artificial Intelligence (AI) in Construction Market, By Company
The report covers the below scope:
The years considered for the study are as follows:
Report Scope:
The global Artificial Intelligence (AI) in Construction Market report scope includes detailed study covering underlying factors influencing the industry trends. The report covers analysis on regional and country level market dynamics. The scope also covers competitive overview providing company market shares along with company profiles for major revenue contributing companies. The report scope includes detailed competitive outlook covering market shares and profiles key participants in the global Artificial Intelligence (AI) in Construction Market share. Major industry players with significant revenue share include IBM, Microsoft, Oracle, SAP, Alice Technologies, eSUB and others.
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1. Introduction
1.1. Key Points
1.2. Report Description
1.3. Markets Covered
1.4. Stakeholders
2. Research Methodology
2.1. Research Scope
2.2. Research Methodology
2.2.1. Market Research Process
2.2.2. Research Methodology
2.2.2.1. Secondary Research
2.2.2.2. Primary Research
2.2.2.3. Models for Estimation
2.3. Market Size Estimation
2.3.1. Bottom-Up Approach
2.3.2. Top-Down Approach
3. Executive Summary
4. Market Overview
4.1. Introduction
4.2. Drivers
4.3. Restraints
4.4. Opportunities
4.5. Challenges
5. Artificial Intelligence (AI) in Construction Market, By Component
5.1. Key Points
5.2. Software
5.3. Services
6. Artificial Intelligence (AI) in Construction Market, By Deployment Model
6.1. Key Points
6.2. On-Premises
6.3. Cloud
7. Artificial Intelligence (AI) in Construction Market, By Enterprise Size
7.1. Key Points
7.2. Large Enterprises
7.3. Small & Medium Enterprises
8. Artificial Intelligence (AI) in Construction Market, By Stage
8.1. Key Points
8.2. Pre-construction stage
8.3. Construction Stage
8.4. Post-construction Stage
9. Artificial Intelligence (AI) in Construction Market, By Application
9.1. Key Points
9.2. Project Management
9.3. Field Management
9.4. Risk Management
9.5. Schedule Management
9.6. Others
10. Competitive Landscape
10.1. Introduction
10.2. Start-up companies- Artificial Intelligence (AI) in Construction Market
10.3. Recent Developments
10.3.1. Mergers & Acquisitions
10.3.2. New Product Developments
10.3.3. Portfolio/Production Capacity Expansions
10.3.4.Joint Ventures, Collaborations, Partnerships & Agreements
10.3.5. Others
11. Company Profile
11.1. IBM
11.2. Microsoft
11.3. Oracle
11.4. SAP
11.5. Alice Technologies
11.6. eSUB
11.7. SmarTVid.Io
11.8. DarKTrace
11.9. Aurora Computer Services
11.10. Autodesk
11.11. Jaroop
11.12. Lili.Ai
11.13. Predii
11.14. Assignar
11.15. Deepomatic
11.16. Coins Global
11.17. Beyond Limits
11.18. Doxel
Artificial Intelligence (AI) in Construction Market, By Component
Artificial Intelligence (AI) in Construction Market, By Deployment Model
Artificial Intelligence (AI) in Construction Market, By Enterprise Size
Artificial Intelligence (AI) in Construction Market, By Stage
Artificial Intelligence (AI) in Construction Market, By Application
Artificial Intelligence (AI) in Construction Market, By Company