AI in Construction Market is expected to grow at a CAGR of 20.05% during the forecasted period | Evolve Business Intelligence

Key Highlights:
• The global AI in Construction Market size was valued at USD 2.5 billion in 2022 growing at a CAGR of 20.05% from 2023 to 2033.
• North America dominated the market in 2022
• Asia Pacific is expected to grow at the highest CAGR from 2023 to 2033

As per the study initiated by Evolve Business Intelligence, the global AI in Construction Market size accounted for USD 2.5 billion in 2022, growing at a CAGR of 20.05% from 2023 to 2033. The AI in Construction Market involves the integration of artificial intelligence technologies into the construction industry to enhance efficiency, safety, and decision-making. AI applications in construction include project management, risk analysis, design optimization, and autonomous machinery. This market is driven by the increasing need for automation, cost reduction, and improved project timelines in the construction sector. Key players provide AI solutions that leverage machine learning, computer vision, and data analytics to optimize various aspects of construction processes, leading to increased productivity and innovation in the industry.

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The AI in Construction Market is driven by a growing demand for automation and efficiency in the construction industry. Integration of AI technologies, such as machine learning and computer vision, optimizes project management, design processes, and risk analysis. Key players in the market offer solutions that enhance productivity, reduce costs, and accelerate project timelines, addressing the evolving needs of the construction sector.

Key Players
Some of the major AI in Construction Market players holding high market shares include IBM Corporation; Microsoft Corporation; Oracle Corporation and SAP SE. These players use partnership and collaboration as a key strategy to gain significant market share to compete with market leaders. Some of the other major market players include ALICE Technologies Inc.; eSUB Inc.; Smartvid.io, Inc.; Darktrace; Aurora Construction and Security; and Autodesk Inc.

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Segmental Analysis
Based on Offering, the AI in Construction market is segmented into Solutions and Services. Among the options, the solution sector is anticipated to hold a bigger market share. Leading companies in the sector are providing artificial intelligence solutions, such as Microsoft, Oracle, and IBM.
Based on Application, the AI in Construction market is segmented into Asset Management, Project Management, Risk Management, Schedule Management, Supply Chain Management and Others. Among applications, the project management category is anticipated to hold a sizable market share. Many businesses use project management software for all stages of the building process, including pre-, during, and post-construction.
Based on Stage, the AI in Construction market is segmented into Pre-Construction, Construction-Stage and Post-Construction. Among other industry stages, the pre-construction category is anticipated to hold a sizable market share. Many businesses use AI-enabled solutions extensively during the pre-construction phase since it includes earlier project management duties like cost and schedule management.
Based on Deployment Type, the AI in Construction market is segmented into Cloud and On-Premises. A large portion of the market share for both deployment options is anticipated to go to the cloud due to the growing investments in IoT-based applications. Through mergers and acquisitions, a number of AI in construction solution providers are increasing their investments in cloud and IoT-based goods and services.
Based on Industry Type, the AI in Construction market is segmented into Residential, Public Infrastructure, Heavy Construction and Others. Massive structures and a range of equipment are used in heavy construction, necessitating careful project management and in-depth engineering.
Based on Organization Size, the AI in Construction market is segmented into Small & Medium-sized Enterprises (SMEs) and Large Enterprises. A substantial portion of the market share for both organization sizes is anticipated to belong to the major corporations. The increasing demand for risk management and project management solutions throughout the market is driving large companies, including the government and commercial enterprises, to use AI solutions on a broad scale.

Key Region/ Countries Covered
• North America (US, Canada, Mexico)
• Europe (Germany, U.K., France, Italy, Spain, Russia, Nordic Countries, BeNeLux, Rest of Europe)
• Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Rest of Asia Pacific)
• Middle East and Africa (Saudi Arabia, UAE, Egypt, South Africa, Rest of MEA)
• Latin America (Mexico, Brazil, Argentina, Rest of Latin America)

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