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OverviewThe global AI in construction market is expected to grow at a massive pace in the coming years. This is further proven by the study report published by the team of Market Research Future (MRFR). The report states that the global market for AI in construction is slated to reach an approximate valuation figure of USD 2,011.4 million by the end of the forecast period in 2023. The report goes on to mention that the market is expected to grow at an impressive pace of 35% CAGR over the review period between 2017 and 2023.
AI-based applications in the construction industry is at a proliferating stage, wherein new developments are expected to push the growth of the market significantly. It is anticipated to witness its integration with BIM or building information modelling and GPS is slated to be particularly beneficial for scheduling, project planning, and inventory purposes. Add to this, AI is forecasted to aid the construction industry in tackling against the existing as well as the repetitive challenges of project schedule delay, accuracy margin, and safety concerns. This is expected to be one of the major drivers of the global market in the forthcoming years.
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Market Segmentation
The global AI in Construction market segmentation is based upon the following key dynamics: deployment, stage, component, technology, organization size, and application.
By component, the market is segmented into solutions and services. The solution segment breaks down into design & planning, virtual assistant, demand forecasting, revenue estimation, predictive maintenance, and others. The service segment narrows down into implementation services, training & consulting, and other support services.
By stage, the market divides into construction stage, pre-construction stage, and post-construction stage.
By technology, the market breaks down I to machine learning & deep learning, neural networks, and natural learning programming (NLP).
By deployment, the market narrows down into on-cloud and on-premise deployment.
By application, the market categorizes into schedule management, building information management, risk management, project management, supply chain management, and equipment management.
Competitive Landscape
The global AI in construction market includes various prominent players, including key names like Microsoft Corporation (U.S.), SAP SE (Germany), IBM Corporation (U.S.), Autodesk (U.S.), eSUB (U.S.), Aurora Computer Services (U.K), Oracle Corporation (U.S), Alice Technologies (U.S.), Building System Planning (U.S.), Smartvid.io (U.S.), and others. Some other key vendors identified by MRFR in its report as operators in the AI in Construction market are Plangrid, Jaroop, Predii, Assignar, Coins Global, Doxel Askporter, Bentley Systems, Lili.Ai, Deepomatic, Beyond Limits, and Renoworks Software.
Regional Analysis
The global AI in Construction Market is geographically distributed across the following regions: Europe, Asia Pacific, North America, and the Rest of the World (RoW).
North America region holds the leading position in the AI construction market landscape. The region is expected to dominate the global market in the coming years due to the contributions made by countries like the US and Canada. The North American regional market hosts a number of key players like Oracle Corporation, IBM Corporation, and much more who are making considerable investments in developing and emerging technologies like machine learning and neural networks.
Aside from North America, Asia Pacific is another key region in the global AI in construction market landscape. The region is expected to exhibit notable growth percentage in the coming years as was reported by MRFR in its recently published report. The presence of countries like South Korea, China, Japan, and India further aids the growth of the market. The growth of the market can be primarily attributed to the proliferating demand of developing and undertaking smart city projects, one which require better amenities that accelerates the real estate industry.
Industry News
May 30th, 2019, InEight, a global leader in developing construction project management software, made an announcement of an agreement, wherein Clark Construction will use the project planning and scheduling application features of InEight to improve its process. The InEight Basis is expected to offer Clark Construction with the capability to use AI to accelerate the creation of their project planning.
LIST OF TABLES
Table1 Global AI In Construction Market: By Region, 2017-2023
Table2 North America AI In Construction Market: By Country, 2017-2023
Table3 Europe AI In Construction Market: By Country, 2017-2023
Table4 Asia Pacific AI In Construction Market: By Country, 2017-2023
Table5 The Middle East & Africa AI In Construction Market: By Country, 2017-2023
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LIST OF FIGURES
FIGURE 1 Global AI In Construction Software Market Segmentation
FIGURE 2 Forecast Methodology
FIGURE 3 Porter’s Five Forces Analysis Of Global AI In Construction Software Market
FIGURE 4 Value Chain Of Global AI In Construction Software Market
FIGURE 5 Share Of Global AI In Construction Software Market In 2017, By Country (In %)
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About Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by Components, Application, Logistics and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.
In order to stay updated with technology and work process of the industry, MRFR often plans & conducts meet with the industry experts and industrial visits for its research analyst members
Contact Info:
Name: Market Research Future
Email: Send Email
Organization: Market Research Future
Website: https://www.marketresearchfuture.com/reports/ai-in-construction-market-6035
Release ID: 523880
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