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Market Analysis:
The global AI in construction market will touch USD 2.60 billion at a 33.20% CAGR by 2030, as per the recent Market Research Future report.
Key Players:
Key players profiled in the AI in construction market report include,
Key players have incorporated several strategies to stay ahead such as mergers, acquisitions, partnerships, agreements, and more.
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Report Scope:
|
Report Attribute |
Details |
|
Market Size 2022 |
USD 0.35 billion |
|
Market Size 2023 |
USD 0.47 billion |
|
Market Size 2030 |
USD 2.60 billion |
|
Compound Annual Growth Rate (CAGR) |
33.20% (2023-2030) |
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Market Segmentation:
The global AI in construction market is bifurcated into technology, component, and stage.
By stage, pre-construction will lead the market in the forecast period.
By component, solutions will domineer the market in the forecast period.
By technology, machine learning & deep learning will spearhead the market in the forecast period.
Drivers:
Increasing Use in Project Management to Boost Market Growth:
The increasing use of AI in project management will boost market growth in the forecast period for the growing use of AI incorporated project management application in each phase in construction activities like post-construction, construction-stage, and pre-construction. The artificial technology benefits the organization with growing productivity and efficiency. AI aids to automate the construction processes like virtual design & construction, proposal management, and sourcing & contact management amid others.
Opportunities:
Growing Demand for Sustainable and Smart Buildings to offer Robust Opportunities:
The growing demand for sustainable and smart buildings will offer robust opportunities in the AI in construction market over the forecast period. AI may aid construction companies to satisfy the demands and expectations of society, regulators, and consumers. Smart & sustainable buildings utilize design and technology to augment the occupant’s health, quality of life, and wellbeing and at the same time reduce the building’s operational expenses and environmental impact. The endeavour provides evidence-based analysis & resolutions to optimize building design, operation, and construction.
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Restraints and Challenges:
Data Safety to act as Market Restraint:
Data safety & security, high investment cost & operation, limited skilled professionals, & rising cases of privacy invasion may act as market restraints over the forecast period.
COVID-19 Analysis:
The COVID-19 pandemic greatly impacted the AI in construction market. The market was negatively impacted for the fall in cash circulation which impacted the cash liquidity with the construction companies & led to closing their operational activities. Most companies and industries chose WFH models to stop the pandemic’s spread which resulted in lesser use of office floor space as well as expenses which decreased the opportunities of the market for the construction industry.
Regional Analysis:
North America to Head AI in Construction Market:
North America will head the AI in construction market in the forecast period. The construction companies here have made huge investments in the market and some vendors emerged in meeting the needs of the rapidly developing market. Besides, various applications in the region are managed effectively by AI technologies.
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