Press release
Artificial Intelligence (AI) in Construction Market Size Report 2023-2030
Artificial Intelligence (AI) in Construction Market-DataM Intelligence
Global Artificial Intelligence (AI) in Construction Market Achieves Remarkable Growth, Projected to Reach USD 7.8 Billion by 2030
The global Artificial Intelligence (AI) in Construction Market has demonstrated substantial expansion, reaching USD 0.6 billion in 2022 and is anticipated to soar to USD 7.8 billion by 2030, boasting a robust CAGR of 33.7% during the forecast period of 2023-2030.
The escalating investment in AI research and development within the construction sector is propelling innovation, fostering the creation of cutting-edge AI-powered tools and solutions. In response to the pervasive trend of urbanization, the demand for construction projects is on the rise, and AI emerges as a pivotal solution to meet these demands efficiently. AI ensures compliance with building codes and regulations, mitigating the risk of costly legal ramifications.
A notable collaboration exemplifying AI's impact in construction is the partnership between Trimble and Exyn Technologies, announced on 7 November 2022. This collaboration focuses on autonomous construction surveying technology, combining Boston Dynamics' Spot robot, Exyn's ExynPak powered by ExynAI, and Trimble's X7 total station. The resulting solution enables fully autonomous missions within complex construction environments, with data analysis capabilities for quality and progress monitoring against Building Information Models.
Asia-Pacific Spearheads Growth in the Global AI in Construction Market
The Asia-Pacific region stands out as a burgeoning market, covering over 1/4th of the global AI in construction market. The region's rapid urbanization has led to a surge in construction projects, and AI proves instrumental in efficiently managing and optimizing these large-scale endeavors. Automation and AI technologies play a pivotal role in handling labor-intensive, repetitive tasks, aligning with substantial government investments in transportation, energy, and housing infrastructure.
To know more about Report: https://www.datamintelligence.com/research-report/artificial-intelligence-ai-in-construction-market
Key Market Metrics
CAGR: 33.7%
Size Available for Years: 2021-2030
Forecast Period: 2023-2030
Data Availability: Value (US$)
Segments Covered: Offerings, Deployment Type, Organization Size, End-User, and Region
Regions Covered: North America, Europe, Asia-Pacific, South America, and Middle East & Africa
Fastest Growing Region: Asia-Pacific
Largest Region: North America
Insights into the AI in Construction Market Dynamics and Trends
Reducing Production Costs Drives Market Growth
AI, with its robotic and machinery capabilities, automates time-consuming operations, reducing the demand for manual labor and accompanying costs. AI algorithms optimize resource allocation, minimizing waste and enhancing resource efficiency. Accenture's study indicates that AI adoption can potentially increase the construction industry's profits by 71% by 2035, emphasizing the transformative impact on efficiency, cost reduction, safety, and decision-making.
Enhanced Safety Measures in Focus
AI, particularly machine learning algorithms, leverages historical data to predict safety issues, contributing to accident prevention. Real-time data from sophisticated sensors and IoT devices at construction sites enable AI to analyze worker activities, machine operation, and the environment for potential dangers and security breaches. Robotic process automation (RPA) aids in eliminating dangerous tasks, reducing risks associated with manual labor.
Rising Advancements in Machine Learning and Deep Learning Algorithms
Advancements in machine learning and deep learning algorithms empower AI systems to analyze extensive construction data, identifying patterns and providing valuable insights. Edge AI, processing data locally, enhances responsiveness and efficiency in remote construction environments. Togal.ai, entering the market in August 2021, aims to revolutionize construction estimating with automated software.
Challenges in Data Availability and Storage of Labor
AI systems rely on high-quality, consistent data, posing challenges in construction due to diverse data sources and limited historical data. Protecting sensitive information from cyber threats and ensuring compliance with data privacy regulations remain significant challenges. The construction industry faces a shortage of approximately 665,000 workers, exacerbating the critical shortage of skilled labor.
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AI in Construction Market Segmentation Analysis
Scalability of Cloud-Based AI Platforms Boosts Growth
Cloud-based AI platforms, scalable to accommodate projects of varying sizes, offer affordability and accessibility to a wider range of construction enterprises. Nvidia's partnerships with Reliance Industries and Tata Group in September 2023 exemplify the global adoption of cloud-based AI infrastructure in construction.
Global Geographic Share and Digital Platform Adoption
Adoption of Digital Platforms Boosts the Market
North America dominates the global AI in construction market, serving as a hub for AI development with leading tech companies and research institutions. The region undergoes a digital transformation in the construction industry, recognizing the value of AI-driven solutions for efficiency, cost savings, and competitiveness. Procore Technologies' acquisition of INDUS.AI in May 2021 exemplifies the integration of AI-powered analytics for improved efficiency, safety, and profitability.
Major Global Players in the AI in Construction Market
Key players shaping the AI in construction market include Building System Planning, Inc., SAP SE, Autodesk, Inc., NVIDIA Corporation, International Business Machines Corp, Microsoft Corporation, Oracle Corporation, Dassault Systems SE, Aurora Computer Services Limited, and PTC Inc.
Related Report:
AI in Education Market: https://www.datamintelligence.com/research-report/ai-in-education-market
Artificial Intelligence in Manufacturing and Supply Chain Market: https://www.datamintelligence.com/research-report/artificial-intelligence-in-manufacturing-and-supply-chain-market
Smart Port Market: https://www.datamintelligence.com/research-report/smart-port-market
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DataM Intelligence 4Market Research is a Market Research and Consulting firm that provides end-to-end business solutions to organizations from Research to Consulting. We, at DataM Intelligence, leverage our top trademark trends, insights and developments to emancipate swift and astute solutions to clients like you. We encompass a multitude of syndicate reports and customized reports with a robust methodology.
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