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2021
Artificial Intelligence In Construction Market

Artificial Intelligence in Construction Market by Component (Software and Services), Deployment Model (On-Premises and Cloud), Enterprise Size (Large Enterprises and Small & Medium Enterprises), Stage (Pre-construction Stage, Construction Stage, and Post-construction Stage), and Application (Project Management, Field Management, Risk Management, Schedule Management, and Others): Global Opportunity Analysis and Industry Forecast, 2021–2030

A12996
Pages: NA
Oct 2021 | 126 Views
   
Author(s) : Vineet Kumar
Tables: NA
Charts: NA
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COVID-19

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Artificial Intelligence in Construction Market Statistics: 2030

Construction refers to the process of building shelters and structures for personal and professional use. This artificial intelligence in construction market has evolved with the changing patterns such as design, plan, and building structures. The use of technology in the construction industry has made jobs more efficient and construction projects & structures safer. The adoption of artificial intelligence by the construction industry has made construction more innovative and also helped to reduce the cost. It is used for adjusting work schedules to improve workplace safety and keep surveillance on construction sites. Using machine learning, organizations are able to detect and identify potential issues faster in comparison to the human being. Construction administrators have been finding value with artificial intelligence and cognitive technologies to help automate many of the everyday but essential tasks to running their operations effectively.

Market scope and structure analysis

Report Metric

Details

 Market size available for years

 2020–2030

 Base year considered

 2020

 Forecast period

 2021–2030

 Forecast unit

 Value ($)

 Segments covered

Component, Deployment Model, Enterprise Size, Stage, Application, and Region

 Regions Covered

North America (U.S., Canada and Mexico), Europe (Germany, UK, France, Italy and the Rest of Europe), Asia-Pacific (China, Japan, India, South Korea and the Rest of Asia-Pacific), and LAMEA (Latin America, Middle East and Africa)

 Companies covered

International Business Machines Corporation, Microsoft Corporation, Oracle Corporation, eSUB Inc., SAP SE, Alice Technologies Inc., Building System Planning Inc., Aurora Computer Services Limited, Autodesk Inc., Smartvid.io Inc.


COVID-19 Scenario Analysis

  • The global artificial intelligence in construction market has observed a considerable decline in its growth because of the COVID-19 pandemic. This declined growth can be mainly credited to the growing need for safety and advanced measures at the construction sites to restrict the spread of virus.
  • Decreased circulation of cash in the market has affected the cash liquidity, pressurizing construction companies to shut down their operations. In addition, most of the businesses have adopted work from home business model, which resulted in reducing office floor space and expenses. However, the governments are planning to ease restriction, which is expected to propel the growth of the market.

Top Impacting Factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis

The rise in demand for artificial intelligence and increase in the requirement of large-scale project management across the globe are the factors that drive the market growth. In addition, this technology helps in cost projection based upon the historical data, saving the time and resources for the companies. However, high maintenance & operational cost and lack of technical expertise hamper the market growth. Furthermore, to run the operations efficiently by minimizing expensive errors and reducing worksite injuries is expected to provide lucrative opportunities for the artificial intelligence in construction market.

The market trends for artificial intelligence in construction market are as follows:

Rapid urbanization to drive the market growth

Rapid movement of people from villages to cities in search for better amenities propels the growth of the artificial intelligence in construction market which in turn encourages the construction companies to adopt advanced technologies like artificial intelligence and machine learning. Despite the considerable increase in construction labor activities, it is driving the need for automation in the construction sector to reduce human mistakes that can cause huge loss to the companies.

Asia-Pacific is expected to witness highest growth rate

Asia-Pacific consists of countries, which are developing and under-developed. These countries open up the opportunities for the construction companies to build infrastructures supporting the government scheme. The growing need for smart cities in this region is encouraging businesses to invest in artificial intelligence technologies, which will boost the growth of the AI in construction market in this region.

Key segments covered:

Segments

Sub segments

 Component

  • Software 
  • Services

 Deployment Model

  • On-Premises
  • Cloud

 Enterprise Size

  • Large Enterprises
  • Small & Medium Enterprises

 Stage

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

 Application

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


Key benefits of the report:

  • This study presents analytical depiction of the artificial intelligence in construction market along with the current trends and future estimations to determine the imminent investment pockets.
  • The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the artificial intelligence in construction market share.
  • The current market is quantitatively analyzed from 2021 to 2030 to highlight the market growth scenario.
  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
  • The report provides a detailed artificial intelligence in construction market analysis based on the present and future competitive intensity of the market.

Questions answered in the artificial intelligence in construction market research report:

  • Which are the leading players active in the artificial intelligence in construction market?
  • What are the detailed impacts of COVID-19 on the market?
  • What current trends will influence the market in the next few years?
  • What are the driving factors, restraints, and opportunities in the market?
 
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