The global artificial intelligence in construction market is expected to grow mainly due to the increasing demand for intelligent business processes. The cloud sub-segment is expected to be very thriving.the market of North America The region is projected to grow at a high CAGR by 2031
new york, April 6, 2023 /PR Newswire/ — Global Artificial Intelligence in Construction Market Forecast Analysis:
According to a report published by Research Dive, the global artificial intelligence in the construction market is $8,545.8 million By 2031 at a CAGR of 34.1% during the forecast period from 2022 to 2031.
The segment of artificial intelligence in the construction market
The report divides the Artificial Intelligence in Construction market into following segments:
- offering: Solutions and Services
- solution – Most Dominant in 2021
The building and construction industry is increasingly using AI solutions to complete various construction projects. Increased innovation, ingenuity, and availability of AI-based building activity solutions are expected to boost the growth of this sub-segment.
- Deployment type: cloud and on-premises
- clouds – Highest market share in 2021
Key benefits of using a cloud deployment method include disaster recovery, flexibility, automated software upgrades, competitiveness, enhanced collaboration, no capital investment, document management, work from anywhere, security, and environmental friendliness. there is. Increasing adoption of cloud solutions is expected to further drive the growth of this sub-segment.
- Organizational scale: Small and medium enterprises (SMEs) and large enterprises
- Large companies – Most Profitable in 2021
Larger companies are expected to hold a larger market share as the construction industry increases its investment in artificial intelligence. Many companies are developing artificial intelligence solutions for large construction companies. This is expected to further drive the growth of this sub-segment.
- Industry: Home use, facility use commercial, others
- others – Most Favorable in 2021
Artificial intelligence is widely used to build services and solutions for public construction projects such as schools, hospitals, and recreation centers, helping them complete projects in a timely manner. This is expected to drive the market forward.
- region: North America, Europe, Asia Pacificand Lamea
- North America – Large market share in 2021
Sophisticated technological infrastructure and the presence of numerous major AI businesses in the construction industry in the region are projected to propel the market during the forecast period.
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Global artificial intelligence dynamics in the construction market
The increasing use of AI and machine learning on construction sites is projected to make AI in the construction industry highly profitable during the forecast period. In addition, AI systems can quickly acquire and evaluate vast amounts of data in real time, predicting quality, safety and productivity concerns, and are predicted to propel the market forward. However, the utilization of artificial intelligence-based robots in the construction industry can be very costly as they are highly complex equipment that are expensive to repair and maintain, which is expected to restrain the growth of the market. .
The use of artificial intelligence technology to reduce health risks and increase worker safety on construction sites is projected to bring numerous growth opportunities to the market during the forecast period. Moreover, increasing use of digital information is expected to drive artificial intelligence in the upcoming construction market.
Impact of COVID-19 on Global Artificial Intelligence in Construction Market
The COVID-19 pandemic has disrupted the daily lifestyles of people around the world and the ensuing lockdowns have adversely affected industrial processes in all sectors. The artificial intelligence market in the construction industry has also been adversely affected by the pandemic. The construction industry was adversely affected by declining market cash flows, and some businesses closed due to lack of financial liquidity. The potential for global artificial intelligence in the construction industry is declining as various industries and companies have adopted a work-from-home model to combat his COVID-19 epidemic.
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Major players in the global market
Major players of artificial intelligence in the construction market include:
- coin global
- deep pomatic
- Beyond Limits Co., Ltd.
- Renoworks Software Inc.
- Autodesk, Inc.
- Building System Planning Co., Ltd.
- bentley systems
These players are working on developing strategies such as product development, mergers and acquisitions, partnerships, and collaborations to sustain market growth.
for example, March 2022, Slate Technologies, a platform for AI software for the building sector, has launched a digital assistant for the construction sector. Slate uses AI and machine learning to improve the productivity of construction professionals. This allows you to make better and faster decisions, complete projects on time, and maximize profits.
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Apart from the information summarized in this press release, the final report provides SWOT analysis, market overview, Porter’s five forces analysis, market dynamics, segmentation (key market trends, forecast analysis, regional analysis), companies, etc. It covers important aspects of the market. Profile (company profile, business segments, product portfolio, financial performance, latest strategic moves and developments)
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About research dives
Research Dive is a market research company based in pune, indiaWhile maintaining the integrity and reliability of its services, the company offers services based solely on a proprietary data model enforced by a 360-degree research methodology that ensures comprehensive and accurate analysis. With unprecedented access to several paid data resources, a team of expert researchers, and a rigorous work ethic, the company delivers highly accurate and authoritative insights. Related news releases, government publications, numbers We scrutinize decades of trade data, technical papers and white papers to provide our clients with the services they need within the timeframe they need. Its expertise is focused on researching niche markets, identifying key drivers and uncovering threatening impediments. Complementary, we also have seamless collaboration with leading industry enthusiasts, giving us an additional edge in our research.
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SOURCE Research Dive