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Global Artificial Intelligence in Construction Market on Course to Reach to USD 5.01 billion by 2027, at a CAGR of 25.2% from 2022 to 2027- TMR Study
Artificial Intelligence in Construction Market 2022-2027
Artificial intelligence is making its mark on the construction industry, transforming traditional processes and offering innovative solutions to improve project outcomes. AI applications in construction include predictive analytics, autonomous equipment, and real-time monitoring.
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Market Growth
The global AI in construction market has experienced significant growth and is expected to continue expanding. Key factors contributing to this growth include:
• Efficiency and Productivity: The adoption of AI-driven solutions to streamline construction processes and reduce project timelines.
• Safety Enhancements: AI applications that enhance safety through predictive analytics and real-time monitoring.
• Cost Reduction: AI's ability to optimize resource allocation, reducing construction costs.
Key Players:
Key players in the AI in construction market include technology providers, construction companies, and software developers specializing in AI applications. Some prominent organizations in this market include:
• Autodesk, Inc.
• IBM Corporation
• Oracle Corporation
• Trimble, Inc.
• Nemetschek SE
• Smartvid.io, Inc. and more
Recent Developments:
Here are some recent developments of companies in the global artificial intelligence (AI) in construction market, with the year: 2023
• Autodesk announced the launch of its new Autodesk Construction Cloud AI platform. This platform is designed to help construction companies use AI to improve efficiency, productivity, and quality.
• Bentley Systems announced the launch of its new SYNCHRO AI platform. This platform is designed to help construction companies use AI to plan and manage projects more effectively.
• Trimble announced the launch of its new Trimble Connect AI platform. This platform is designed to help construction companies use AI to collaborate and communicate more effectively.
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Market Segmentation
The AI in construction market can be segmented based on various criteria, including AI application, construction phase, end-user, and region:
• AI Application: AI is used in various applications, including project management, design, and autonomous equipment.
• Construction Phase: AI technologies are utilized during pre-construction, construction, and post-construction phases.
• End-User: End-users include construction companies, real estate developers, and infrastructure developers.
• Region: The market spans regions such as North America, Europe, Asia-Pacific, and Latin America.
Market Drivers
Several factors are driving the growth of the AI in construction market, including:
• Efficiency Gains: AI-driven solutions that improve construction efficiency and productivity.
• Safety Improvements: Real-time monitoring and predictive analytics for enhanced on-site safety.
• Cost Reduction: AI's role in optimizing resource allocation and reducing construction costs.
Challenges
The AI in construction market faces certain challenges, such as:
• Technological Adoption: Overcoming resistance to change and promoting the adoption of AI technologies in traditional construction processes.
• Data Management: Managing and securing the vast amount of data required for AI applications.
• Regulatory Compliance: Navigating complex regulatory and safety standards for AI in construction.
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Opportunities
Opportunities in the AI in construction market include:
• Innovation: Ongoing research and development to create advanced AI solutions for construction.
• Market Expansion: Exploring new applications and industries for AI in construction, such as infrastructure development and urban planning.
• Environmental Sustainability: Addressing sustainability concerns by developing AI solutions that reduce the environmental impact of construction.
Future Outlook
The global AI in construction market is expected to continue growing as the construction industry seeks ways to enhance efficiency, safety, and sustainability. The market's future will be influenced by factors such as technological innovations in AI applications, changes in construction regulations, and the expansion of AI's role in new construction phases and regions.
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About Transparency Market Research
Transparency Market Research registered at Wilmington, Delaware, United States, is a global market research company providing custom research and consulting services. TMR provides in-depth insights into factors governing demand in the market. It divulges opportunities across various segments based on Source, Application, Sales Channel, and End-Use that will favor growth in the market over the next 9 years.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
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