Artificial Intelligence in Construction Market 2021-2026: Trends, Scope, Demand, Opportunity and Forecast

The Artificial Intelligence in Construction Market report offers an in-depth assessment of market dynamics, the competitive landscape, segments, and regions in order to help readers to become familiar with the Artificial Intelligence in Construction market. It particularly sheds light on market fluctuations, pricing structure, uncertainties, potential risks, and growth prospects to help players to plan effective strategies for gaining successful in the Artificial Intelligence in Construction market. Importantly, it allows players to gain deep insights into the business development and market growth of leading companies operating in the Artificial Intelligence in Construction market.

The AI in Construction Market was valued at USD 466.9 million in 2020, and it is projected to be worth USD 2312.8 million by 2026, registering a CAGR of 33.87% during the period 2021 to 2026. 

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Top Leading Companies of Artificial Intelligence in Construction Market are - Autodesk Inc., Building System Planning Inc., Smartvid.io Inc., Doxel Inc., Bentley Systems Inc., PTC Inc., IBM Corporation, NVIDIA Corporation, Oracle Corporation, Alice Technologies Inc., Dassault Systems SE, Lurtis Rules, S.L., Microsoft Corporation, eSUB Inc. and others.

Industry News and Updates:

- April 2020 - Bentley Systems, Inc., launched its ProjectWise 365 cloud service, and waived subscription fees till September 30, 2020, to promotie and virtually connect infrastructure project participants forced to work from home.

- March 2020 - Smartvid.io announced that its AI platform, Vinnie, can now recognize construction phases, new work at height risks, and workers in groups. This helps Smartvid.io to automatically recommend risk ratings based on the hazard detected in combination with contextual tags.

Key Market Trends:

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.

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.

Investigator Observers Strong Growth in Specific Regions:

– Europe Market (Germany, UK, France, Russia, Italy)

– Center East and Africa Market (Saudi Arabia, UAE, Egypt, Nigeria, South Africa)

– South America Market (Brazil, Argentina, Colombia)

– North America Market (United States, Canada, Mexico)

– Asia Pacific Market (China, Japan, Korea, India, Southeast Asia).

The Latest Industry Data Included in this Report:
- Artificial Intelligence in Construction Market Size & Analysis (2016 - 2026)
- Market Share Analysis of Artificial Intelligence in Construction Market (%),2016 - 2026
- Artificial Intelligence in Construction Market Share, By Brand
- Artificial Intelligence in Construction Market Share, By Company
- Artificial Intelligence in Construction Market Assessment & Opportunity (Value),2016 - 2026
- Major Companies Artificial Intelligence in Construction Market Value Analysis & Forecast
- Promising Artificial Intelligence in Construction Development by Major Companies
- Detailed Artificial Intelligence in Construction Portfolio of the Major Companies
- Major Deals in the Artificial Intelligence in Construction Market
- Major Companies Analysis

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