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Artificial Intelligence in Construction Market, by Application

RA00046

Artificial Intelligence in Construction Market, by Application (Safety, Planning and Design, Maintenance and Monitoring, Equipment), Regional Outlook (North America, Europe, Asia-Pacific, LAMEA), Global Opportunity Analysis and Industry Forecast, 2019–2026

RA00046

Pages: 120

Feb 2020

COVID-19

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Impact of covid-19 on Artificial Intelligence in Construction Market

AI in Construction Market Overview 2026:

The artificial intelligence in construction market size was $408.1 Million by end of 2018, and is anticipated to reach $ 2,642.4 Million by 2026, growing with a CAGR of 26.3% during the forecast period.

Artificial intelligence is the ability of the machine which have the capabilities to do the work and imitate intelligence like human behavior. Some basic uses of artificial intelligence are expert systems which helps in decision making, speech recognition, natural language processing and many more. In the recent years, artificial intelligence have made a great impact in the construction field. It is mostly used in pre-construction phase and with the help of artificial intelligence one can plan and execute the models digitally that are going to be constructed. Additionally, it also helps in maintaining and monitoring the safety along with maintenance system in construction area.

AI in Construction Market Drivers:

Artificial intelligence in construction market growth will be majorly driven by the cost efficiency and advanced artificial intelligence products

The cost efficiency and the availability of advanced artificial intelligence products are expected to drive the AI in construction market. Many large companies hire the experts going over budget and spend a lot of time for hiring the professionals for their project team. With the help of artificial neural networks, the professionals calculate the overhead cost, where they predict the total cost of the project based on the historical data with accurate information which saves a lot of money and time for the company. Many companies have implemented the use of robots, drone and many other automated vehicles which gives them the aerial view of the construction site, mapping and surveying, which helps them to automate the construction site which increase the work efficiency of the work force.

Market Restrains:    

Lack of skilled workforce is the major threats for the growth of AI in construction market.

Lack of skilled workers is considered to be one of the biggest restrains. The work which has to be done in construction field with the help of artificial intelligence need technical as well as domain knowledge to give the appropriate outcomes, if the worker is not having a sound knowledge on it then the whole project prediction and off site construction work goes waste which can create a huge loss to the company and the company has to face a lot of circumstances regarding the project.

Artificial Intelligence in Construction Market, by Application:

Planning and design is forecast to be lucrative by 2026

Artificial Intelligence in Construction Market, by application
Source: Research Dive Analysis

Planning and design generated $134.3 million in 2018 and is projected to grow at a CAGR of 28.9% during the foreseen period. Planning and design is considered as one of the major application for the construction of the building or any other kind of construction. Huge amount is being invested in the designing, architecture, planning and research. In planning and design the artificial intelligence gathers all the valuable information to create blueprints 3D imprints and construction strategies, which helps in saving time and money for the worker. Equipment market size was $98.4 million in 2018 and is anticipated to grow at a CAGR of 25.7% during the anticipated period. Equipment is used as a tool, which helps in identifying the interpret object with various computer technology. Equipment acts as a self-performing machines which helps in the construction site for various operational work like demolition, excavation and many others.

Artificial Intelligence in Construction Market, by Region:

North America region will have huge growth opportunities over the coming years

Artificial Intelligence in Construction Market, by region

Source: Research Dive Analysis

North America AI in Construction Market was $146.9 million in 2018, and is expected to grow at a CAGR of 25.4%. North America has a huge population base, with high purchasing power, constant investment in the automation, and government’s initiative in artificial intelligence in the construction sector. This gives a significant boost to the growth of this region’s market. Europe is considered to be one of the key stakeholders in the global market. The Europe market was $118.3 million in 2018 and is estimated to grow at a CAGR of 26.7% in the forecast period. The Europe regional market is majorly driven by the adoption of the Industry 4.0 and other internet of things and many other government regulations, regarding the safety in construction sites.

Key participants in Artificial Intelligence in Construction Market:

Key participants in Artificial Intelligence in Construction Market
 

Source: Research Dive Analysis

AI in Construction Market players include Dassault Systemes SE, Building System Planning, Inc., Autodesk, Inc., Volvo AB, NVIDIA Corporation, Komatsu Ltd, Smartvid.io, Inc., and Doxel Inc. among several players.

Aspect

Particulars

  Historical Market Estimations

  2018-2019

  Base Year for Market Estimation

  2018

  Forecast timeline for Market Projection

  2019-2026

  Geographical Scope

  North America, Europe, Asia-Pacific, LAMEA

  Segmentation by Component

  • Safety
  • Planning and Design
  • Maintenance and Monitoring
  • Equipment

  Key Countries covered

U.S., Canada, Germany, France, UK, Italy, Japan, China, India, South Korea, Australia, Middle west, Africa

  Key Companies Profiled

  • Autodesk, Inc.,
  • Building System Planning, Inc.
  •  Smartvid.io, Inc.
  • Komatsu Ltd
  • NVIDIA Corporation
  • Doxel Inc.
  • Volvo AB
  • Dassault Systemes SE

 


FREQUENTLY ASKED QUESTIONS?
 

A. The global Artificial intelligence in construction market size was over $408.1 Million in 2018, and is further anticipated to reach $ 2,642.4 million by 2026.

A. Doxel Inc. and NVIDIA Corporation are some of the key players in the global artificial intelligence in construction market.

A. North America possess great investment opportunities for the investors to witness the most promising growth in the coming years.

A. North America Artificial intelligence in construction market is projected to grow at 25.4% CAGR during the forecast period.

A. Product development, and joint ventures are the key strategies opted by the operating companies in this market.

A. Doxel Inc. and NVIDIA Corporation are the companies investing more on R&D activities for developing new products and technologies.

A. AI makes the planning process of the architect easier and helps the company to cut their construction cost in many ways.

A. The technology like robotics, artificial intelligence and many other internet of things by using various algorithms it cut down the peer work of the architect and helps to build a better design within a limited cost.

1. Research Methodology

1.1. Desk Research
1.2. Real time insights and validation
1.3. Forecast model
1.4. Assumptions and forecast parameters

1.4.1. Assumptions
1.4.2. Forecast parameters

1.5. Data sources

1.5.1. Primary
1.5.2. Secondary

2. Executive Summary

2.1. 360° summary
2.2. Application trends

3. Market Overview

3.1. Market segmentation & definitions
3.2. Key takeaways

3.2.1. Top investment pockets
3.2.2. Top winning strategies

3.3. Porter’s five forces analysis

3.3.1. Bargaining power of consumers
3.3.2. Bargaining power of suppliers
3.3.3. Threat of new entrants
3.3.4. Threat of substitutes
3.3.5. Competitive rivalry in the market

3.4. Market dynamics

3.4.1. Drivers
3.4.2. Restraints
3.4.3. Opportunities

3.5. Technology landscape
3.6. Regulatory landscape
3.7. Patent landscape
3.8. Strategic overview

4. Artificial Intelligence in Construction Market, by Application

4.1. Safety

4.1.1. Market size and forecast, by region, 2017-2028
4.1.2. Comparative market share analysis, 2018 & 2028

4.2. Planning and design

4.2.1. Market size and forecast, by region, 2017-2028
4.2.2. Comparative market share analysis, 2018 & 2028

4.3. Maintenance and Monitoring

4.3.1. Market size and forecast, by region, 2017-2028
4.3.2. Comparative market share analysis, 2018 & 2028

4.4. Equipment

4.4.1. Market size and forecast, by region, 2017-2028
4.4.2. Comparative market share analysis, 2018 & 2028

5. Artificial Intelligence in Construction Market, by Region

5.1. North Region

5.1.1. Market size and forecast, by type, 2017-2028
5.1.2. Market size and forecast, by application, 2017-2028
5.1.3. Market size and forecast, by end-use, 2017-2028
5.1.4. Market size and forecast, by country, 2017-2028
5.1.5. Comparative market share analysis, 2018 & 2028
5.1.6. U.S

5.1.6.1. Market size and forecast, by type, 2017-2028
5.1.6.2. Market size and forecast, by application, 2017-2028
5.1.6.3. Market size and forecast, by end-use, 2017-2028
5.1.6.4. Comparative market share analysis, 2018 & 2028

5.1.7. Canada

5.1.7.1. Market size and forecast, by type, 2017-2028
5.1.7.2. Market size and forecast, by application, 2017-2028
5.1.7.3. Market size and forecast, by end-use, 2017-2028
5.1.7.4. Comparative market share analysis, 2018 & 2028

5.2. Europe

5.2.1. Market size and forecast, by type, 2017-2028
5.2.2. Market size and forecast, by application, 2017-2028
5.2.3. Market size and forecast, by end-use, 2017-2028
5.2.4. Market size and forecast, by country, 2017-2028
5.2.5. Comparative market share analysis, 2018 & 2028

5.2.6. UK

5.2.6.1. Market size and forecast, by type, 2017-2028
5.2.6.2. Market size and forecast, by application, 2017-2028
5.2.6.3. Market size and forecast, by end-use, 2017-2028
5.2.6.4. Comparative market share analysis, 2018 & 2028

5.2.7. Germany

5.2.7.1. Market size and forecast, by type, 2017-2028
5.2.7.2. Market size and forecast, by application, 2017-2028
5.2.7.3. Market size and forecast, by end-use, 2017-2028
5.2.7.4. Comparative market share analysis, 2018 & 2028

5.2.8. France

5.2.8.1. Market size and forecast, by type, 2017-2028
5.2.8.2. Market size and forecast, by application, 2017-2028
5.2.8.3. Market size and forecast, by end-use, 2017-2028
5.2.8.4. Comparative market share analysis, 2018 & 2028

5.2.9. Italy

5.2.9.1. Market size and forecast, by type, 2017-2028
5.2.9.2. Market size and forecast, by application, 2017-2028
5.2.9.3. Market size and forecast, by end-use, 2017-2028
5.2.9.4. Comparative market share analysis, 2018 & 2028

5.2.10. Rest of Europe

5.2.10.1. Market size and forecast, by type, 2017-2028
5.2.10.2. Market size and forecast, by application, 2017-2028
5.2.10.3. Market size and forecast, by end-use, 2017-2028
5.2.10.4. Comparative market share analysis, 2018 & 2028

5.3. Asia-Pacific

5.3.1. Market size and forecast, by type, 2017-2028
5.3.2. Market size and forecast, by application, 2017-2028
5.3.3. Market size and forecast, by end-use, 2017-2028
5.3.4. Market size and forecast, by country, 2017-2028
5.3.5. Comparative market share analysis, 2018 & 2028

5.3.6. China

5.3.6.1. Market size and forecast, by type, 2017-2028
5.3.6.2. Market size and forecast, by application, 2017-2028
5.3.6.3. Market size and forecast, by end-use, 2017-2028
5.3.6.4. Comparative market share analysis, 2018 & 2028

5.3.7. India

5.3.7.1. Market size and forecast, by type, 2017-2028
5.3.7.2. Market size and forecast, by application, 2017-2028
5.3.7.3. Market size and forecast, by end-use, 2017-2028
5.3.7.4. Comparative market share analysis, 2018 & 2028

5.3.8. Japan

5.3.8.1. Market size and forecast, by type, 2017-2028
5.3.8.2. Market size and forecast, by application, 2017-2028
5.3.8.3. Market size and forecast, by end-use, 2017-2028
5.3.8.4. Comparative market share analysis, 2018 & 2028

5.3.9. South Korea

5.3.9.1. Market size and forecast, by type, 2017-2028
5.3.9.2. Market size and forecast, by application, 2017-2028
5.3.9.3. Market size and forecast, by end-use, 2017-2028
5.3.9.4. Comparative market share analysis, 2018 & 2028

5.3.10. Australia

5.3.10.1. Market size and forecast, by type, 2017-2028
5.3.10.2. Market size and forecast, by application, 2017-2028
5.3.10.3. Market size and forecast, by end-use, 2017-2028
5.3.10.4. Comparative market share analysis, 2018 & 2028

5.3.11. Rest of Asia Pacific

5.3.11.1. Market size and forecast, by type, 2017-2028
5.3.11.2. Market size and forecast, by application, 2017-2028
5.3.11.3. Market size and forecast, by end-use, 2017-2028
5.3.11.4. Comparative market share analysis, 2018 & 2028

5.4. LAMEA

5.4.1. Market size and forecast, by type, 2017-2028
5.4.2. Market size and forecast, by application, 2017-2028
5.4.3. Market size and forecast, by end-use, 2017-2028
5.4.4. Market size and forecast, by country, 2017-2028
5.4.5. Comparative market share analysis, 2018 & 2028
5.4.6. Latin America

5.4.6.1. Market size and forecast, by type, 2017-2028
5.4.6.2. Market size and forecast, by application, 2017-2028
5.4.6.3. Market size and forecast, by end-use, 2017-2028
5.4.6.4. Comparative market share analysis, 2018 & 2028

5.4.7. Middle East

5.4.7.1. Market size and forecast, by type, 2017-2028
5.4.7.2. Market size and forecast, by application, 2017-2028
5.4.7.3. Market size and forecast, by end-use, 2017-2028
5.4.7.4. Comparative market share analysis, 2018 & 2028

5.4.8. Africa

5.4.8.1. Market size and forecast, by type, 2017-2028
5.4.8.2. Market size and forecast, by application, 2017-2028
5.4.8.3. Market size and forecast, by end-use, 2017-2028
5.4.8.4. Comparative market share analysis, 2018 & 2028

6. Company Profiles

6.1. Autodesk, Inc., 

6.1.1. Business overview
6.1.2. Financial performance
6.1.3. Product portfolio
6.1.4. Recent strategic moves & developments
6.1.5. SWOT analysis

6.2. Building System Planning, Inc.

6.2.1. Business overview
6.2.2. Financial performance
6.2.3. Product portfolio
6.2.4. Recent strategic moves & developments
6.2.5. SWOT analysis

6.3. Smartvid.io, Inc.

6.3.1. Business overview
6.3.2. Financial performance
6.3.3. Product portfolio
6.3.4. Recent strategic moves & developments
6.3.5. SWOT analysis

6.4. Komatsu Ltd

6.4.1. Business overview
6.4.2. Financial performance
6.4.3. Product portfolio
6.4.4. Recent strategic moves & developments
6.4.5. SWOT analysis

6.5. NVIDIA Corporation

6.5.1. Business overview
6.5.2. Financial performance
6.5.3. Product portfolio
6.5.4. Recent strategic moves & developments
6.5.5. SWOT analysis

6.6. Doxel Inc.

6.6.1. Business overview
6.6.2. Financial performance
6.6.3. Product portfolio
6.6.4. Recent strategic moves & developments
6.6.5. SWOT analysis

6.7. Volvo AB

6.7.1. Business overview
6.7.2. Financial performance
6.7.3. Product portfolio
6.7.4. Recent strategic moves & developments
6.7.5. SWOT analysis

6.8. Dassault Systemes SE

6.8.1. Business overview
6.8.2. Financial performance
6.8.3. Product portfolio
6.8.4. Recent strategic moves & developments
6.8.5. SWOT analysis

It is no longer unusual, before completing a project on a construction site, to fly a drone, to visualize a project or to select the best setting on the basis of artificial intelligence (AIs) forecasts. Construction is one of the most difficult artificial intelligence and robotic industries to achieve success in. Some advanced technology will keep the human labor torch but it is no match when it comes to physical knowledge and systemic thought. Up to now, we have seen some AI systems that do monotonous jobs in the construction industry that people no longer want to do and implement the various uses of enhanced and virtual reality. While with Industry 4.0, the definition of jobs and human activities has shifted by 2050, two-thirds of the global population is expected to live in towns, that is to say, new major cities, higher infrastructures and more highways.

Sectors in the Construction Industry

Global construction profitability quality is not standardized. Regional differences are broad and the sector has many variants. It is generally divided into two sectors: large-scale building players, including civil and factory staff and large-scale houses, and a number of companies working in decentralized specialist trades, including mechanical, electrical, and plumbing services, who function as subcontractors or operate on smaller projects, such as remediation of family-owned homes. The first group tends to be 20-40% higher than in the second category. Nonetheless, there are structural difficulties – actually systemic-in reaching costs and scheduling obligations to megaprojects, and players regularly subcontract specialty trades even in the more efficient heavy construction market.

Restraints in the Growth

However, the productivity of construction has been remarkably poor compared with other sectors for decades. Many markets have improved, maximizing competitiveness. At the retail level about 50 years ago, large-scale multinational supermarkets such as Aldi and Target substituted mommy and pop stores with global supply chains as well as ever-increasingly digital distribution channels and the processing of customer information. The production process was changed by lean concepts and rapid automation. In comparison, many buildings have evolved at a frozen pace. 

Opportunities

Nevertheless, given the significant advantages arising from increased productivity in the sector and the reality that the problems are well established and debated for a long time in the industry, improvement has been minimal. The artificial intelligence in construction industry  operates in a manner that at best tends to grow quite gradually and has misaligned opportunities between owners and developers and market failures such as uncertainty or obscurity.

The increase in the design and planning of projects and funds during the development process could be another consequence of the introduction of AI to the BIM. In the optimization of computational structures for future projects, many companies are already using cumulative templates and constructions evidence for their use. AI methods leverage existing data to avoid different designs from functioning optimally. In so doing, designers will automate the production and quality control of components, systems, and installations. In addition, it guarantees the economic efficiency of the BIM computational models for the promoters themselves which can be built in an efficient manner and have an economical lifecycle.

Market Overview

Investment focused on places where the Internet can have the greatest impact on your business ' unique needs should be given priority to construction industries ' members. In the short and long run, early movers will set the direction of the industry. Dassault Systemes, Inc., Autodesk, Inc., Volvo AB, NVIDIA Corporation, Komatsu Ltd, Smartvid.io, Inc., and Doxel Inc. Dassault Systemes, Inc., Carodesk, Inc., Volvo AB, NVIDIA, Komsu Ltd, Smartvid.io, Inc. and Doxel inc. are some of the key market players.

Future Developments

The so-called "evolutionary algorithms (EA) are one of the strongest algorithms to understand and enhance building design. These are approaches for refining and finding solutions based on biological evolutionary postulates. EA interprets BIM models through AI to simulate innovations and provides design solutions for the optimization of several parameters. The construction costs will that by up to 20 percent through robots, AI and the Internet of Things. Engineers can donate goggles for virtual reality and send mini-robots into construction buildings. Such robots use cameras to monitor the job. In modern buildings, AI works with the design of routing electrical and plumbing systems. Companies use AI for the production of workplace security systems. AI will be used to monitor staff, equipment and objects ' real-time encounters on the web and warn managers to potential security problems, building defects, and efficiency concerns. 

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