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Artificial Intelligence in Construction Market to Reach $2,642.4 Million Globally by 2026 at 26.3% CAGR

02-24-2020 09:28 AM CET | IT, New Media & Software

Press release from: Research Dive

Artificial Intelligence in Construction Market

Artificial Intelligence in Construction Market

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.

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Market Overview

oMarket segmentation & definitions
oKey takeaways
oPorter's five forces analysis
oMarket dynamics
oTechnology landscape
oRegulatory landscape
oPatent landscape
oPricing overview
oMarket value chain analysis
oStrategic overview

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.

Artificial Intelligence in Construction Market, by Application

oSafety
oPlanning and design
oMaintenance and Monitoring
oEquipment

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.

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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.

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Key Market players holding the major share

oAutodesk, Inc.,
oBuilding System Planning, Inc.
oSmartvid.io, Inc.
oKomatsu Ltd
oNVIDIA Corporation
oDoxel Inc.
oVolvo AB
oDassault Systemes SE

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.

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Mr. Abhishek Paliwal
Research Dive
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About Us:
Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.

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