Press release
AI in Construction Market is Expected to Garner $ 2.60 Billion By 2030, at 33.20% CAGR
AI in construction refers to the utilization of advanced technologies, such as machine learning, robots, drones, and other AI-powered solutions, to enhance various aspects of the construction industry. By leveraging AI, construction companies can optimize processes, improve safety, increase productivity, automate tasks, and make informed decisions. Some examples of AI applications in the construction industry include predictive analytics, autonomous vehicles and robotics, intelligent monitoring systems, virtual reality (VR) and augmented reality (AR), and natural language processing (NLP). AI is used in construction for planning and designing, measuring site progress, robust fleet management, and safety enhancements.
The adoption of AI in construction is expected to contribute significantly to market growth, with a focus on planning and design, safety, autonomous equipment, monitoring, and maintenance. AI in construction is also anticipated to play a crucial role in lowering the risk of workplace accidents, enhancing safety, and improving operational efficiency within the construction industry.
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Market Segmentation:
The AI in Construction market is segmented based on components, applications, deployment types, industry types, and organization sizes. Components include solutions such as design and planning, revenue estimation, virtual assistant, and predictive maintenance, as well as services like integration, training, and support. Applications cover project management, field management, risk management, and supply chain management, among others. Deployment types include cloud and on-premises, while industry types encompass small and medium-sized enterprises (SMEs) and large enterprises, with organization sizes ranging from residential to heavy construction and others.
Market Growth and Forecast:
The AI in construction market industry is projected to grow from USD 0.47 Billion in 2023 to USD 2.60 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 33.20% during the forecast period (2023 - 2030).
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Top Key Players:
IBM Corporation (U.S.)
Oracle Corporation (U.S)
SAP SE (Germany)
Alice Technologies (U.S.)
Microsoft Corporation (U.S.)
Aurora Computer Services(U.K)
Autodesk (U.S.)
eSUB (U.S.)
io(U.S.)
Building System Planning (U.S.).
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Technological Shift and Benefits:
The adoption of AI products and services in construction is expected to contribute considerably to market growth, with a focus on planning and design, safety, autonomous equipment, monitoring, and maintenance.
AI in construction is anticipated to play a crucial role in lowering the risk of workplace accidents and replacing risky occupations in the engineering and construction industries with robots, thereby enhancing safety.
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Global Market Dominance and Drivers:
The growing demand for data integration and visual analytics is identified as a key driver for AI in the construction market, enabling construction businesses to gain insights and make better decisions based on data collected from various sources such as sensors, drones, cameras, and documents .
The AI in Construction market is poised for significant expansion, driven by technological advancements, increasing demand for data integration, and a focus on enhancing safety and operational efficiency within the construction industry.
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