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Artificial Intelligence in Construction Market Expected to Reach $8.6 Billion by 2031—Allied Market Research

 
2022
Artificial Intelligence in Construction Market

Report Code : A12996

quote An increase in demand for data integration and visual analytics in the construction sector has significantly contributed to the growth of artificial intelligence in construction in recent years. This is because artificial intelligence in construction facilitates the better design of buildings through generative design. Additionally, AI in construction helps in risk mitigation, project planning, improves construction safety, and can address labor shortages. quote

Vitika Verma - Manager
ICT and Media at Allied Market Research

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According to a new report published by Allied Market Research, titled, “Artificial Intelligence in Construction Market," The artificial intelligence in construction market was valued at $496.40 million in 2021, and is estimated to reach $8.6 billion by 2031, growing at a CAGR of 34.1% from 2022 to 2031.

AI in construction market is being used to monitor the interactions between personnel, equipment, and other objects at the job site in real-time and notify managers of any potential safety hazards, design flaws, or productivity problems. For instance, AI is used in modern buildings to plan out electrical routing and plumbing systems. Additionally, some of the riskiest occupations in the perilous industries of engineering and construction can be replaced by robots. When properly programmed, they can be made to operate in hazardous conditions and learn through interactions with their surroundings, which will reduce the number of workplace accidents. Although automation was initially employed to boost productivity on construction sites, evidence is accumulating that it can also make the workplace safer. These factors are anticipated to boost artificial intelligence in construction market growth in the upcoming years.

However, some of the disadvantages of AI in construction industry include the limitations of robots that are used. Since the use of robots is extremely costly and complicated, it requires a lot of maintenance and repair. Also, these robots are software programs that require regular updation to meet the demands of the continuously varying environment and construction needs. The issue of getting a machine to execute work is neither simple nor inexpensive. As a result, only large construction companies can afford them. These factors are anticipated to restrain the artificial intelligence in construction market share in the upcoming years.

A number of market participants in artificial intelligence in construction industry are consistently investing in the R&D division to advance the technology used in AI-integrated building and construction equipment. For instance, in March 2020, Newmetrix's construction-trained AI engine named "Vinnie" was upgraded with additional features such as the ability to detect workers in a group and identify work at height concerns. Such technological developments convince businesses to use artificial intelligence at construction sites to reduce health hazards, enhance job quality, and reduce operational costs, which is predicted to accelerate the growth of the AI in construction market. These factors are anticipated to boost the artificial intelligence in construction market size in the upcoming years.

The global artificial intelligence in construction market analysis is segmented based on offerings, deployment type, organization size, industry type, and region. By offerings, it is classified into solution and services. By deployment type, it is classified into cloud and on-premises. By organization size it is classified into small and medium-sized enterprises (SMEs) and large enterprises. By industry type, it is classified into residential, institutional commercials, and others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The key players profiled in the artificial intelligence in construction market forecast report include Autodesk Inc, Microsoft Corporation, IBM Corporation, SAP SE, Oracle Corporation, Aurora Computer Services, Building System Planning INC., PTC Inc., NVIDIA Corporation, and Dassault Systemes SE.

The report offers a comprehensive analysis of the global artificial intelligence in construction market trends by thoroughly studying different aspects of the market, including major segments, market statistics, market dynamics, regional market outlook, investment opportunities, and top players working toward the growth of the market. Furthermore, the report sheds light on the present scenario and upcoming trends & developments that are contributing to the growth of the market. Moreover, restraints and challenges that hold power to obstruct the market growth are profiled in the report along with Porter’s five forces analysis of the market to elucidate factors such as competitive landscape, bargaining power of buyers and suppliers, threats of new players, and the emergence of substitutes in the market.

Impact of Covid-19 on the Global Artificial Intelligence in Construction Market:

  • Artificial intelligence in the construction industry has been significantly impacted by COVID-19 pandemic. Artificial intelligence in construction industry is impacting the demand owing to reduced cash flow that had impacted the cash liquidity and affected the operational activities in the construction sector.
  • To prevent the spread of the COVID-19 pandemic, a number of industries and businesses have chosen work-from-home models. This has resulted in a decline in the use of office space and associated costs, which had a negative impact on the construction industry's access to global artificial intelligence in construction market.
  • Social distancing norms, closed borders, and production constraints due to the pandemic across various countries such as China, India, and the U.S. have affected the global artificial intelligence in construction market opportunities during the pandemic.

Key Findings of the Study:

  • Based on offering, the solutions sub-segment emerged as the global leader in 2021, and services sub-segment is anticipated to be the fastest-growing sub-segment during the forecast period.
  • Based on deployment type, the on-premises sub-segment emerged as the global leader in 2021, and cloud sub-segment is predicted to show the fastest growth in the upcoming years.
  • Based on organization size, the large enterprises sub-segment emerged as the global leader in 2021, and the small & medium-sized enterprises sub-segment is predicted to show the fastest growth in the upcoming years.
  • Based on industry type, the institutional commercials sub-segment is predicted to show the fastest growth in the upcoming years.
  • Based on region, the North America region registered the highest market share in 2021, and is projected to maintain its dominance during the forecast period.
 

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quote Artificial Intelligence in Construction Market by Offerings (Solutions, Services), by Deployment Type (Cloud, On-premises), by Organization Size (Small and Medium-sized Enterprises (SMEs), Large enterprises), by Industry Type (Residential, Institutional commercials, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031 quote

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