The construction industry is on the edge of digitalization and is holding several opportunities in the market. To make the construction industry work in a better manner, several businesses are training artificial intelligence systems. The use of AI in construction industry includes use of technology to boost efficiency, reduce waste, and make building sites safer. AI-based technologies are emerging in the construction industry and are progressing at a glacial pace.
The potential of artificial intelligence to enhance the efficiency right from facility management, as well as manufacture of building materials to the design, plan, and construct phase itself, is surging the inclination to introduce AI in construction. This is driving the growth of global artificial intelligence in construction market. Further, AI in construction industry prevents cost overruns, allows better design of buildings through generative design, address labor shortages, helps risk mitigation and project planning. All such factors in addition to increase in smart city projects with smart homes and smart offices are propelling the growth of the global market. Moreover, growing demand for forecasting, predictive maintenance, and risk management is augmenting the growth of the global market. Furthermore, increase in training of AI machines & systems and use of robotics & AI-enhanced drones may generate significant opportunities for the growth of the global market during the forecast period.
The global artificial intelligence in construction market is bifurcated based on component, stage, technology, application, industry type, and region. Based on the component, the global market is divided into services and solutions. The stage segment comprises post-construction, construction stage, and pre-construction. The technology in the global market comprises Natural Language Processing (NLP) and machine learning & deep learning. The application segment is split into project management, supply chain management, schedule management, risk management, field management, and others. The industry type segment is divided into heavy construction, institutional commercials, residential, and others.
Geographically, North America is expected to lead the global artificial intelligence in construction market over the forecast period. An increase in automation in construction industry and growing investment in developing AI systems and machines are the key factors that are fostering the growth of the market in this region. In addition to this, growing research on AI software and robotics for use in construction industry is also contributing to the growth of the market in North America. Asia Pacific is estimated to be the fastest-growing region during the forecast period as it is counted as the largest construction market.
The dominant players operating in the global artificial intelligence in construction market are Smartvid.io, eSUB, Alice Technologies, SAP, Oracle, Microsoft, IBM Building System Planning, Autodesk, and Aurora Computer Services.
Key Developments: In October 2017, Microsoft announced the launch of new technology using artificial intelligence to enhance safety at construction sites.