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Artificial Intelligence (AI) in Construction Market Size, Trends, Latest Insights, Analysis and Forecast 2024-2031

06-24-2024 05:01 PM CET | IT, New Media & Software

Press release from: Orion Market Research

Artificial Intelligence (AI) in Construction Market Size,

The global AI in construction market is anticipated to grow at a considerable CAGR of 38.7% during the forecast period. Artificial intelligence (AI) is an aggregative term for describing when a machine mimics human cognitive functions, such as problem-solving, pattern recognition, and learning. The growing use of AI in construction has been helping the players realize value throughout project lifecycles, including design, bidding, and financing; procurement and construction; operations and asset management; and, business model transformation.

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AI in construction helps the industry to overcome challenges, including safety concerns, labor shortages, and cost and schedule overruns. For instance, artificial neural networks are used on projects to predict cost overruns based on factors such as project size, contract type, and the competence level of project managers. Historical data such as planned start and end dates are used by predictive models to envision realistic timelines for future projects. AI helps staff remotely access real-life training material which helps them enhance their skills and knowledge quickly. This reduces the time taken to onboard new resources onto projects. As a result, project delivery is expedited. All these factors combined are driving the integration of AI in construction industry.
Moreover, increased investment and funding in new startups based on players in AI is anticipated to propel the growth of the market. For instance, in June 2022, Alice Technologies, a startup developing software to help construction companies plan projects including bridges, tunnels, high-speed rail systems, and mixed-use towers, raised $30 million in a Series B funding round led by Vanedge Capital, with participation from Access Partners, Bouygues, Gaingels, GRIDS Capital, JLL Spark, and MetaPlanet.

Global AI in Construction Market Report Segment

By End-User

• Residential
• Public Infrastructure
• Heavy Construction
• Others

By Application

• Planning and Design
• Safety and Efficiency
• Equipment
• Monitoring and Maintenance

A full report of Artificial Intelligence (AI) in Construction Market available @ https://www.omrglobal.com/industry-reports/artificial-intelligence-ai-in-construction-market

Artificial Intelligence (AI) in Construction Market Report Segment by Region

North America

• United States
• Canada

Europe

• Germany
• United Kingdom
• France
• Spain
• Italy
• Rest of Europe

Asia-Pacific

• China
• Japan
• India
• Rest of Asia-Pacific

Rest of the World

• Middle East & Africa
• Latin America

Company Profiles

• ALICE Technologies, Inc.
• Applied Project Experience Pty. Ltd. (Damstra Technology)
• Assignar, Pty. Ltd.
• Autodesk Inc.
• Built Robotics, Inc.
• Deepomatic
• Doxel, Inc.
• eSUB, Inc.
• IBM Corp.
• INDUS.AI, Inc.
• INTSITE, Ltd.
• Jaroop
• Kwant.ai

Reasons to Buying From us -

1. We cover more than 15 major industries, further segmented into more than 90 sectors.
2. More than 120 countries are for analysis.
3. Over 100+ paid data sources mined for investigation.
4. Our expert research analysts answer all your questions before and after purchasing your report.


Visit more report at

https://www.linkedin.com/pulse/scaffold-technology-market-size-trends-latest-arti-vishwakarma-mlsof/

https://www.linkedin.com/pulse/aesthetic-threads-market-increasing-demand-growth-2031-vishwakarma-pyg5f

Media Contact:

Contact Person: Mr. Anurag Tiwari
Email: anurag@omrglobal.com
Contact no: +91 780-304-0404
Company Name: Orion Market Research

About Orion Market Research

Orion Market Research (OMR) is a market research and consulting company known for its crisp and concise reports. The company is equipped with an experienced team of analysts and consultants. OMR offers quality syndicated research reports, customized research reports, consulting and other research-based services. The company also offers Digital Marketing services through its subsidiary OMR Digital and Software development and Consulting Services through another subsidiary Encanto Technologies.

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