IBM (US), SAP (Germany), Microsoft (US) and Oracle (US) are the Prominent Players in Artificial Intelligence (AI) in Construction Market - Report by MarketsandMarkets™

According to recent research "Artificial Intelligence (AI) in Construction Market by Technology, Stage, Component, Application, Deployment Type, Organization Size, Industry Type (Residential, Institutional Commercial, and Heavy Construction), and Region - Global Forecast to 2023", MarketsandMarkets expects the global AI in construction market to grow from USD 407.2 Million in 2018 to USD 1,831.0 Million by 2023, at a Compound Annual Growth Rate (CAGR) of 35.1% during the forecast period. The rising demand for AI-based solutions and platforms, the need for more safety measures at construction sites, and the ability of the AI-based solutions to reduce the production costs are expected to drive the growth of the AI in construction market.

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The Natural Language Processing (NLP) technology is expected to grow at a higher CAGR during the forecast period

In the AI in construction industry, the NLP technology is used to collect, analyze, and visualize customer-related data, such as customers’ response to particular products and services. NLP is a human-to-computer interaction technology that analyzes and understands both the spoken and written forms of human languages. Moreover, it assists machines in understanding the languages in which humans communicate (both reading and writing) and formulating basic and advanced levels of interactions with humans. AI in construction platform providers are concentrating on developing strong cloud-based AI in construction solutions for their clients, as many businesses have migrated to either the private or the public cloud.

Among industry types, the residential segment is expected to have the largest market size and grow at the highest CAGR during the forecast period

On the basis of industry types, the AI in construction market has been segmented into residential, institutional commercials, heavy construction, and others (light industrial construction and specialized industrial construction). Among these industry types, the residential segment is expected to have the largest market size. The increasing demand for luxurious and high-rise residential buildings is expected to encourage the construction companies to adopt AI in construction solutions and services, and reduce the duration and cost of construction, while also being able to increase the Return on Investment (RoI).

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Asia Pacific (APAC) is expected to grow at the highest CAGR during the forecast period

In the APAC region, the construction companies are investing in AI technologies. The APAC region has great scope for growth in terms of the AI in construction market. The construction companies in the rapidly growing economies of the APAC region, such as China, Japan, and Singapore, are using AI tools via AI platforms across different industries to provide effective solutions. The growth of the AI in construction market in the APAC region can be attributed to the rapid technological advancements in AI in construction solutions and services among the developing countries.

The AI in construction market report encompasses the competitive landscape and company profiles of the key vendors based on their product offerings and business strategies. The key AI in construction vendors include IBM (US), Microsoft (US), Oracle (US), SAP (Germany), Alice Technologies (US), eSUB (US), Smartvid.io(US), Aurora Computer Services(England), Autodesk(US), and Building System Planning (US).

IBM is a global American multinational company, an established Information Technology (IT) player, and a globally renowned vendor, offering dedicated software, hardware, and related services. In July 2017, IBM launched its Watson-based service platform, created on cloud and designed to enhance service providers’ operations. The platform enables service providers to deliver quick and secure results while also dealing with clients’ problems. In March 2017, IBM expanded its presence in the Middle East and African (MEA) region by opening the IBM Digital Sales Center in Cairo, Egypt. The expansion would serve as an agreement between IBM and the Egyptian Government, and enable clients to digitalize their businesses using cloud, big data analytics, and mobile and social technologies.

SAP, another leading AI in construction vendor, is engaged in developing business software. The company operates in 2 business segments, namely, applications, technologies, and services; and SAP business network. SAP offers various products under categories, such as analytics, customer engagement and commerce, finance, human resources, Internet of Things (IoT) and digital supply chain, cloud and data platforms, Enterprise Resource Planning (ERP) and digital core, and procurement and networks. In July 2017, SAP expanded its global partnership with Fujitsu Limited, a Japanese Information and Communications Technology (ICT) company. The partnership intended to offer advanced ERP solutions to customers who use AI and IoT. Moreover, in May 2017, SAP launched an AI platform, SAP Leonardo Machine Learning, a part of SAP’s Leonardo portfolio. The SAP Leonardo Machine Learning platform finds data patterns and analyzes them by studying the texts, images, and voices, to help the business grow. It was developed with the aim to assist customers in bringing innovations to their businesses. Hence, the construction industry can leverage the capabilities of the Leonardo platform for ensuring safety at jobsites.

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