The global artificial intelligence in construction market is expected to value at USD 3.3 Billion by 2025 to expand at CAGR of 34%. Artificial intelligence has evolved with improved safety standards and assist in predicting hazards at construction sites before they take place. Therefore, the construction companies have leveraged the artificial intelligence technology in terms of predictive maintenance and risk management solutions. Also, the AI in the construction industry is highly adopted for the development of industrial internet of things (IIoT) based applications for construction sites. IIoT assists project managers with efficient outputs and reduced labor costs, which boosts the demand for artificial intelligence in the industry.
COVID-19 is an unprecedented disease and the sudden outbreak proved a havoc for business operations. Construction sites have been asked to work in limited capacities and are expected to follow COVID appropriate behaviour. However, work from policies are highly infeasible at times and herein artificial intelligence is helping the industry to sustain the challenges. Use of drone and automated robots to ferry construction materials are being tried and tested thereby reducing manual labour and human contact. AI tools are now getting adopted throughout the construction industries that is reaping in more benefits.
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Artificial Intelligence in Construction Market Report Highlights
• Considerable surge in deployment of project management and risk management solutions in the industry will create a massive potential for artificial intelligence solutions in the industry
• Several benefits of AI including prevention of cost overruns, generative designs for buildings, risk mitigation, project planning, increased productivity, and safety has significantly contributed to market growth
• Market players are focusing on providing advanced AI and big data in the industry, which offers advanced features, such as improved safety, post-construction solutions, budget management, and project planning
• Key market players are considering partnerships and acquisition of startups providing innovative products to expand their outreach in the market
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Artificial Intelligence in Construction Market Segmentation
Grand View Research has segmented the global AI in construction market on the basis of offering, application, stage, deployment type, organization size, industry type, and region:
AI in Construction Offering Outlook (Revenue, USD Million, 2014 – 2025)
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Solution
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Services
AI in Construction Application Outlook (Revenue, USD Million, 2014 – 2025)
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Asset Management
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Project Management
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Risk Management
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Schedule Management
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Supply Chain Management
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Others
AI in Construction Stage Outlook (Revenue, USD Million, 2014 – 2025)
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Pre-Construction
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Construction-Stage
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Post-Construction
AI in Construction Deployment Type Outlook (Revenue, USD Million, 2014 – 2025)
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Cloud
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On-Premises
AI in Construction Industry Type Outlook (Revenue, USD Million, 2014 – 2025)
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Residential
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Public Infrastructure
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Heavy Construction
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Others
AI in Construction Organization Size Outlook (Revenue, USD Million, 2014 – 2025)
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Small & Medium-sized Enterprises (SMEs)
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Large Enterprises
AI in Construction Regional Outlook (Revenue, USD Million, 2014 – 2025)
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North America
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U.S.
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Canada
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Mexico
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Europe
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U.K.
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Germany
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France
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Asia Pacific
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China
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Japan
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India
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South America
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Brazil
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Middle East and Africa (MEA)
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About Grand View Research
Grand View Research is an India & U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services.
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