The global artificial intelligence (AI) in construction market is estimated to attain USD 3.3 billion, by the end of 2025, and is anticipated to grow at the CAGR of 34.0% over the forecast period, 2019 to 2025, according to a new report by Million Insights. Growing need for efficient deployment and risk management solutions is boosting demand for AI-enabled solutions. In addition, AI solutions are useful in predictive maintenance analytics. AI solution helps to track and review multiple images and help in providing insights to mitigate risk factors. Moreover, these solutions can estimate results or outputs based on predictive analysis.
Artificial intelligence technology also helps to manage cost overruns depending on project size, competencies of project managers, and other contract types. AI-enabled systems provide real-time feedback that helps to reduce overall production costs. AI-enabled cameras are used to track resources and activities in manufacturing units. Thus, increasing adoption of AI-based predictive maintenance, cost overruns, and post-construction solution is projected to surge the market growth.
Asia Pacific is anticipated to grow at a significant rate of CAGR during the forecasted period. This growth is contributed to increasing demand for AI-based services across countries such as China and India. Mitigation of risk factors at job sites is expected to positively impact on market growth. Industries are looking after artificial intelligence solutions to enhance their productivity with all safety measures.
Key companies in the AI in construction market include, IBM Corporation; SAP SE; Microsoft Corporation; ALICE Technologies Inc.; Oracle Corporation; eSUB Inc.; Smartvid.io, Inc.; and Autodesk Inc; Darktrace; and Aurora Construction and Security.
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Further key findings from the report suggest:
• Increasing demand for deployment of risk management and project management solutions is expected foster the market growth.
• AI solution offers various benefits such as project planning, cost overruns, risk mitigation, safety, and improved productivity.
• Some of the companies in market focus on providing advanced integrated technologies like big data and AI services
• Key players in the industry engage in strategic acquisitions and partnerships to expand their reach across the world.
Million Insights has segmented the artificial intelligence in construction market based on offering, application, stage, deployment type, organization size, industry type, and region:
AI in Construction Offering Outlook (Revenue, USD Million, 2014 - 2025)
AI in Construction Application Outlook (Revenue, USD Million, 2014 - 2025)
• Fingerprint Readers
• Asset Management
• Project Management
• Risk Management
• Schedule Management
• Supply Chain Management
AI in Construction Stage Outlook (Revenue, USD Million, 2014 - 2025)
AI in Construction Deployment Type Outlook (Revenue, USD Million, 2014 - 2025)
AI in Construction Industry Type Outlook (Revenue, USD Million, 2014 - 2025)
• Public Infrastructure
• Heavy Construction
AI in Construction Organization Size Outlook (Revenue, USD Million, 2014 - 2025)
• Small & Medium-sized Enterprises (SMEs)
• Large Enterprises
AI in Construction Regional Outlook (Revenue, USD Million, 2014 - 2025)
• North America
• Asia Pacific
• Latin America
• Middle East & Africa