The Artificial Intelligence in Construction Market

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.

• In May 2020, Microsoft Corporation introduced an AI development platform for industrial systems known as ‘Project Bonsai’. The Project Bonsai is a machine teaching service which combines calibration, optimization and machine learning to make the control system autonomous in machineries such as underground drills, robotic arms, bulldozer blades, and forklifts, among others.
• In October 2018, InEight Inc., the US-based developer of construction project management software, declared a successful acquisition over BASIS International, the US-based software company which is associated to develop an artificial intelligence (AI) planning software tool.
• In March 2020, The Newmetrix’s construction-trained AI engine known as ‘Vinnie’ is developed with new features such as new work at height risks, see construction phases and identify workers in a group.

The global Artificial Intelligence (AI) in Construction Market has been segmented as below:

Artificial Intelligence (AI) in Construction Market, By Component

• Software
• Services

Artificial Intelligence (AI) in Construction Market, By Deployment Model

• On-Premises
• Cloud

Artificial Intelligence (AI) in Construction Market, By Enterprise Size

• Large Enterprises
• Small & Medium Enterprises

Artificial Intelligence (AI) in Construction Market, By Stage

• Pre-construction stage
• Construction Stage
• Post-construction Stage

Artificial Intelligence (AI) in Construction Market, By Application

• Project Management
• Field Management
• Risk Management
• Schedule Management
• Others

Artificial Intelligence (AI) in Construction Market, By Region

• Europe
• North America
• Asia Pacific
• Rest of The World

Artificial Intelligence (AI) in Construction Market, By Company

• IBM
• Microsoft
• Oracle
• SAP
• Alice Technologies
• eSUB
• SmarTVid.Io
• DarKTrace
• Aurora Computer Services
• Autodesk
• Jaroop
• Lili.Ai
• Predii
• Assignar
• Deepomatic
• Coins Global
• Beyond Limits
• Doxel

The report covers the below scope:

• Global Artificial Intelligence (AI) in Construction Market sizes from 2020 to 2026, along with CAGR for 2020-2026
• Market size comparison for 2019 vs 2026, with actual data for 2019, estimates for 2019 and forecast from 2020 to 2026
• Global Artificial Intelligence (AI) in Construction Market trends, covering comprehensive range of consumer trends & manufacturer trends
• Value chain analysis covering participants from raw material suppliers to the downstream buyer in the global Artificial Intelligence (AI) in Construction Market
• Major market opportunities and challenges in forecast timeframe to be focused
• Competitive landscape with analysis on competition pattern, portfolio comparisons, development trends and strategic management
• Comprehensive company profiles of the key industry players

The years considered for the study are as follows:

• Base year - 2019
• Estimated year - 2019
• Projected year - 2020
• Forecast period - 2021 to 2026

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.

Why to Buy this Report:

• Gain detailed insights on the Artificial Intelligence (AI) in Construction industry trends
• Find complete analysis on the market status
• Identify the Artificial Intelligence (AI) in Construction Market opportunities and growth segments
• Analyse competitive dynamics by evaluating business segments & product portfolios
• Facilitate strategy planning and industry dynamics to enhance decision making

Target Audience:

• The report targeted towards the existing players in the industry is as follows:
• Market Manufacturers/Service Providers
• Market Wholesale/Traders
• Investment and Financial Institutions

Free and Paid Customization based on the requirement

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