Artificial Intelligence in Construction Market Size Outlook , Demand, Competitive Analysis, Growth Factors, Key Players

4
others

Summary

Availability and collection of data is very important for accurate results, especially in case of safety and monitoring applications.

Press Release

Amazon Music Disney Promo

The AI in Construction Market was valued at USD 466.9 million, and it is projected to be worth USD 2312.8 million, registering a CAGR of 33.87% during the period. According to the Association of Equipment Manufacturers (AEM), AI has the potential to boost productivity, safety, and other aspects of business success in the construction industry.

– In recent years, artificial intelligence has been very beneficial to the construction industry, especially in pre-construction phases, like planning and designing, enabling advanced capabilities for building information modeling and generative design. Additionally, considerable innovations in safety, monitoring, and maintenance systems that use AI capabilities to predict and warn about adverse situations are gradually increasing the role of AI-based technology in the construction industry.
– AI is also being used to ease the communication between different elements in the construction process. For Instance, the US software firm, PlanGrid, offers an app that gives real-time updates and synchronized files to allow architects, designers, and contractors easy access to the plans related to a project.

Click Here to Download Sample Report >> https://www.sdki.us/sample-request-82505

Planning and Design Segment is Expected to Occupy Significant Market Share

– Planning and design is a crucial phase of construction. Any flaws or errors that are committed at this stage of development may incur a severe loss to the contractors in the later stages of the project. Such scenarios lead to many budget constraints and delays in project completion.
– As more than 35% of construction, professionals spend time in activities, such as conflict resolution, dealing with design flaws, and rework, paper-based communication is hard to update and distribute. Such scenarios are increasing the demand for one-stop solutions, such as BIM 360 (Autodesk), that make use of AI to eliminate flaws in design at the planning stage, with the help of generative design capabilities.
– Autodesk Revit is one such BIM software, which allows users to design buildings and internal components in 3D and link schedule-related information to individual components in the 3D model.

North America is Expected to Witness Significant Growth Rate

– North America is one of the most advanced construction markets in the world. It is the second-largest construction market, after Asia-Pacific, with more than 15% of the global annual construction revenues.
– The change in the political scenario of the United States and massive construction labor shortage in the region, despite a considerable increase in construction labor activities, are driving the need for automation in the construction sector. The country is one of the most prominent hubs for construction tech startups. Therefore, the rapid adoption of AI is expected in the construction sector to overcome these hurdles, making it the fastest-growing region for artificial intelligence in the construction market.