Global AI in Construction Market Projected to Garner $2,325.9 Million by 2026 despite the Covid-19 Chaos

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The occurrence of COVID-19 pandemic has forced a negative impact on the AI in construction market. COVID-19 is having a huge impact on construction projects, as this disease is communicable, and can be easily spread by air, mouth, and others. Due to this all the commercial and retail segments have been shut down owing to which the rental incomes have decreased. The construction industry has thus suffered a lot during this crisis. For instance, people who work in open air conditions may be in a better position to comply with the new health and safety precautions than people working in an enclosed environment. In addition, WHO has made health and safety risk assessments mandatory in all cases where work is ongoing. These measures need to be consistent with all medical, scientific, and government guidelines, and it is contractors’ responsibility to provide a safe working environment. In the course of this chaos, we are offering complete support to our clients in understanding the influence of COVID-19 on the global AI in construction industry. Our report consists of:

• Technological Impact
• Social Impact
• Investment Opportunity Analysis
• Pre- & Post-COVID Market Scenario
• Infrastructure Analysis
• Supply Side & Demand Side Impact

According to a recent report published by Research Dive, the global AI in construction market is anticipated to garner $2,325.9 million by 2026, growing at a rate of 24.1% from 2018 to 2026. The report segments the global market on the basis of applications, and regions. This report is a comprehensive analysis of recent drivers, key segments, opportunities, restraints, and major players of the market. 

Factors Affecting the Market Growth

As per the report, rise in need for safety measures at construction sites, and increase in demand for IoT, and growing adoption of security sensors & machine telematics are expected to greatly fuel the growth of the AI in construction industry, during the forecast period. On the other hand, huge expenses incurred in the acquisition of AI are likely to hamper the development of the global AI in construction market.

Planning & Design to be at the Forefront During the Projected Timeframe

By application, the report categorizes the market for AI in construction into safety, planning & design, maintenance & monitoring, and equipment. Among these, the planning & design segment is expected to grab highest share of the market by collecting a revenue of $903.6 million in 2026, growing at a healthy growth rate of 26.6% during the forecasted timeframe. 

Regional Breakdown of the Market 

Regionally, the report evaluates the global market across North America, Europe, Asia Pacific, and LAMEA. Among these, the Asia-Pacific region is anticipated to generate a revenue of $793.3 million in 2026 and grow at a CAGR 26.6% during the projected period. This growth is mainly due to the presence of large number of manufacturers in this region.  

Top Companies Leading the Market

The major players of the global AI in construction industry are IBM, Microsoft, Oracle, SAP, Alice Technologies, eSUB, Smartvid.io, Aurora Computer Services, Autodesk, and Building System Planning. These players are implementing various business strategies like mergers and acquisitions, collaborations & partnerships in order to gain a major market share in the global industry.