AI in Construction Market Size by Key Players: Oracle, Microsoft, IBM, eSUB, Alice Technologies, SAP, Autodesk, Aurora Computer Services, Smartvid.io

Market Overview: -

AI in Construction Market size is driven by the rising safety and efficiency concerns. The construction companies are using the AI technology to extract precise information and insights to enhance the safety and productivity. It leverages on the image recognition algorithms to identify search criteria, such as safety vests and hard hats, to identify construction workers, who are not wearing proper safety equipment.

The increasing digital data is also propelling artificial intelligence in construction market growth. Over the past five years, a rapid surge in the growth of the digital data has been witnessed due to the growing adoption of Building Information Systems (BIM), security sensors, drones, and machine telematics. This is encouraging construction companies to adopt advanced analytics solutions to take the full advantage of the huge amount of digital data and extract actionable insights.

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Top Key Players: -

The prominent vendors in AI in construction market are Oracle, Microsoft, IBM, eSUB, Alice Technologies, SAP, Autodesk, Aurora Computer Services, Smartvid.io, and Building System Planning. For instance, Volvo Construction Equipment launched Compact Assist, tool that is used to identify and decipher objects using various computer vision methodologies. The prominent companies operating in the market are focusing on partnerships, fundraising, and new product development to increase the customer base and gain an edge over customers.

Market share calculation in this report is not done based on companies covered in it. The calculation of AI in construction market share is done based on a regional approach and countries covered. On request, additional companies can be covered as well as regional data for particular country / countries can be provided.

Regional Segmentations: -

The North American artificial intelligence (AI) in construction market will have the largest market share due to high investments by construction companies. The shortage of skilled workforce has driven the major construction companies to invest in robotics-based solutions. The construction companies are developing solutions that can detect risks and perform repetitive labor-intensive tasks that can enable inexperienced operators to fulfill complex tasks.

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The construction companies are utilizing the capabilities of the AI for designing, estimation, safety, management, and quality measurement. The design applications create complex designs efficiently and feed various design goals & criteria. The design applications employ machine learning algorithms to provide designers with anticipatory design models based on customers preferences and the past user history. The estimation applications are used for developing projections associated with cost, labor, and raw materials. The AI applications combine generative design models with costs associated with similar projects to provide preliminary schedule and cost estimates.

The adoption of the drones, robots, and autonomous vehicles in the construction sector is also backing the growth of the AI in construction market. The companies are adopting these technologies for mapping, aerial imaging, surveying construction sites, and to automate the construction operations. This is developing myriad opportunities for the growth of the AI technology in the construction sector. However, the unstructured construction environment and lack of skilled workforce are the major factors that are hindering the market growth.

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