AI In Construction Market Share, Trends And Forecast From 2024 To 2033

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.

Market Overview -
AI in construction refers to the application of artificial intelligence (AI) tools and methods in the construction sector to provide an up-close view of all activities going on on-site. AI could be used to optimize energy efficiency, indoor air quality, and other performance indicators by analyzing data from building systems.

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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.

PCL Construction Introduces AI Surveyor For Efficient Project Monitoring And Reporting
Major companies operating in artificial intelligence (AI) in the construction market are adopting new technologies to sustain their position in the market. For instance, in December 2022, PCL Construction, a Canada-based construction company, launched the AI Surveyor, a platform for new construction technology. AI Surveyor, a platform for revolutionary construction technology, was launched. AI Surveyor is a construction technology platform that automates the reporting of construction infrastructure development through the use of artificial intelligence and strong GIS analytics. Data is collected by UAV and entered into the AI Surveyor system, which gives reporting on daily progress in the field via specialized Key Performance Indicator (KPI) monitoring and indicates potential deviations for additional assessment. Previously, this process was done manually, demanding additional labor and equipment expenses. This procedure can be expedited and made more efficient by using an AI surveyor, as well as by providing project teams with accurate information and statistics for the development of their project.

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Key Segments -
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

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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