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.
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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.
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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 Deepomatic, COINS Global, Beyond Limits Inc., Doxel, askporter, Autodesk, Inc., Renoworks Software, Inc., Building System Planning, Inc., Bentley Systems, Incorporated, and Predii.
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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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