Artificial Intelligence in Construction Market Expecting to Reach $ 2,642.4 Million by 2026Download Sample Reports Overview
The Artificial Intelligence in Construction Market size is estimated to generate a revenue of $2,642.4 million by 2026 with a CAGR of 26.3% in the forecast period.
Artificial Intelligence is a system that enables to achieve the task in seconds where a normal human being requires high intelligence to complete the same task. Artificial intelligence includes decision-making, speech recognition, translation between languages, visual perception and many more. All these activities can be performed with the use of historical data. With the use of artificial intelligence, companies can have a better design for building with generic ideas. By using some software, they design and explore all the difference to a solution and can generate the alternative design in the minimum time which a normal human being can take a lot of time according to the intelligence level.
The cost involved in artificial intelligence is very less. Several companies hire professionals by spending so much of time and money. The professional takes a lot of time based on the intelligence to complete the task, but with the help of artificial intelligence and small team one can do the same work within minimum time by gathering the previous data of the company which gives the accurate result. Many companies have initiated many automated vehicles and devices which can finish the construction work at the earliest and improve the work competence of the workforce.
To work with artificial intelligence one must have sound knowledge with regards to the domain and also have technical knowledge. The availability of the skilled workforce is considered to be the biggest constraint for artificial intelligence in the construction market.
Depending on the application the AI in Construction market is segmented into safety, maintenance and monitoring, planning and design, and equipment. The planning and design is the most important phases in the construction industry. The work starts with planning and designing. Preparing the proposal, designing the proposal, funding of the document, and many micro details related to the project are done under the planning and design. Planning and design are projected to grow at a CAGR of 28.9% by generating a revenue of $1,023.3 million by 2026. Maintance and monitoring segment is projected to rise at a CAGR of 25.1% by generating a revenue of $538.6 by 2026. Maintenance and monitoring are adopted after the construction has been completed. Maintenance and monitoring maintained the assets and monitor on the constructed site. So, the companies are working on artificial intelligence for the maintenance and monitoring to keep a track on the constructed site which can boost the aftermarket service in artificial intelligence in construction sector.
North America accounted to have the highest share in the global artificial intelligence in the construction market. North America is estimated to raise at a CAGR of 25.4% by generating a revenue of $898.4 million by 2026. Due to the rapid advancement in technology and the increasing government initiative are expected to drive the artificial intelligence in construction market for North America. AI in Construction Market forecast that the Asia-Pacific regional market has the highest growth rate. Asia-Pacific market is likely to rise at a CAGR of 28.9% by generating a revenue of $684.2 million by 2026. Increasing investment in infrastructural construction like supply chain management, risk management, and project management. The increasing demand to create smart cities in this region is encouraging the companies to invest in artificial intelligence which will give boost to AI in Construction market.
AI in Construction Market players include Smartvid.io, Inc., Dassault Systemes SE, Volvo AB, Doxel Inc., NVIDIA Corporation, Building System Planning Inc., Komatsu Ltd, and Autodesk, Inc. among several players.