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AI In Construction Market Analysis 2024-2033: Understanding Industry Demand and Forecast

03-05-2024 02:18 PM CET | IT, New Media & Software

Press release from: The Business research company

AI In Construction

AI In Construction

The Business Research Company has updated its global market reports, featuring the latest data for 2024 and projections up to 2033

The Business Research Company offers in-depth market insights through AI In Construction Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.

Market Size And Growth Forecast:
The AI in construction market size has grown exponentially in recent years. It will grow from $1.37 billion in 2023 to $1.79 billion in 2024 at a compound annual growth rate (CAGR) of 31.1%. The growth in the historic period can be attributed to efficiency improvements, cost reduction, data analytics, automation in construction processes, safety enhancement.

The AI in construction market size is expected to see exponential growth in the next few years. It will grow to $5.35 billion in 2028 at a compound annual growth rate (CAGR) of 31.4%. The growth in the forecast period can be attributed to predictive maintenance, increased adoption of drones, AI-driven project risk management, supply chain optimization, augmented reality (AR) applications. Major trends in the forecast period include autonomous construction equipment, predictive analytics for project management, computer vision for site monitoring, collaborative robots (cobots), energy efficiency and sustainable construction.

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Market Segmentation:
The AI in construction market covered in this report is segmented -

1) By Component: Solutions, Services
2) By Stage: Pre-Construction, Construction Stage, Post-Construction
3) By Deployment Type: Cloud, On-Premises
4) By Application: Project Management, Field Management, Risk Management, Schedule Management, Supply Chain Management, Other Applications
5) By Industry Type: Heavy Construction, Institutional Commercials, Residential, Other Industry Types

Major Driver - The Surge Of Artificial Intelligence In Construction Fueled By Booming Infrastructure Projects
The increase in infrastructure projects is expected to propel the growth of artificial intelligence (AI) in the construction market going forward. An infrastructure project is one that involves the development of new road infrastructure or a significant alteration to an existing network that affects traffic flow. Artificial intelligence (AI) is useful in infrastructure projects because it refers to the use of advanced technologies and algorithms to improve various aspects of the project's lifecycle, allowing for more efficient design, planning, operation, and management of building infrastructure initiatives. As a result, the adoption of AI in construction is expected to grow as the industry seeks innovative solutions to meet the demands of infrastructure development. For instance, in November 2022, according to Global Australia Highlights, an Australia-based intergovernmental organization, the government budget for 2022-23 promises $12.04 billion (A$17.9 billion) over ten years for significant infrastructure projects around the country, including billions for road and rail projects. Between 2021 and 2025, total investment in major public infrastructure is estimated to exceed $146.72 billion (A$218 billion). Furthermore, in March 2023, according to Global X ETF, a US-based fund management firm, with the $1.2 trillion Infrastructure Investment and Jobs Act (IIJA) in November 2021, the United States took a significant step towards improving its infrastructure. Over the next ten years, the IIJA is going to invest $550 billion to improve roads, bridges, airports, and railroads, extend access to clean drinking water and broadband internet, and achieve environmental justice. Therefore, the increase in infrastructure projects is driving the growth of artificial intelligence (AI) in the construction market going forward.

Competitive Landscape:
Major companies operating in the AI in construction market report are Microsoft Corporation, Oracle Corporation, SAP SE, Nvidia Corporation, AECOM Technical Services Inc., Acciona S.A., Dassault Systèmes SE, Autodesk Inc., Trimble Inc., PTC Inc., Bentley Systems Incorporation, Procore Technologies Inc., OpenSpace Inc., Dusty Robotics Inc., Doxel Inc., Versatile Inc., Alice Technologies Inc., Deepomatic Inc, Smartvid.io Inc., eSUB Inc., Kwant.AI inc., Nyfty.AI inc., Built Robotics Inc., Newmetrix, Aurora Computer Services Ltd., Caidio Inc., Buildots, AirWorks LLC, Building System Planning Inc.

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https://www.thebusinessresearchcompany.com/report/ai-in-construction-global-market-report

Top Trend - Innovative AI Solutions Revolutionize Construction Industry With Slate Digital Assistant To Boost Revenue And Productivity
Major companies operating in the AI construction market are focused on developing new innovative technologies, such as digital assistants, to maximize revenue and productivity for building and infrastructure projects. Digital assistants, also known as virtual assistants, virtual digital assistants, or mobile assistants, are advanced computer programs designed to assist in various ways. For instance, in March 2022, Slate Technologies, Inc., a US-based AI software platform for the construction industry, launched a digital assistant for the industry. Through the use of AI and machine learning, it helps construction workers make smarter decisions earlier on, optimizing revenue while keeping projects under construction, which increases productivity. The assistant adjusts based on user engagement and project outcomes, providing contextual advice. Slate Digital Assistant provides complete transparency into the construction process by performing multi-dimensional analysis on both internal and external data sources while learning along the way. These data sources include emails, RFIDs, 3D models, ERP systems, and other construction-related data. They also comprise non-integrated systems within general contractor and subcontractor organizations, as well as public data like labor, weather, and traffic.

The Table Of Content For The Market Report Include:
1. Executive Summary
2. AI In Construction Market Characteristics
3. AI In Construction Market Trends And Strategies
4. AI In Construction Market - Macro Economic Scenario
5. AI In Construction Market Size And Growth
…..
27. AI In Construction Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialize in various industries including manufacturing, healthcare, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries.

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