Global artificial intelligence in construction market is expected to experience a significant growth during the forecast period. Planning and design sub-segment is predicted to be the most lucrative. North America is estimated to lead the market.
According to a report published by Research Dive, the global artificial intelligence in construction market is anticipated to register a revenue of $2,642.4 million at a CAGR of 26.3% during the forecast period. The inclusive report provides a brief overview of the current scenario of the market including significant aspects of the market from growth factors, challenges, other market dynamics, restraints and various opportunities during the forecast period. The report also provides all the market figures making it easier and helpful for the new participants to understand the market.
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Dynamics of the Market
The cost-effectiveness and easy accessibility of advanced artificial intelligence products are the main factors driving the growth of the AI in construction market. The usage of AI helps companies by calculating the overhead cost and provides accurate data related to companies’ overall expenditure, which saves a lot of money for the company. Moreover, the AI devices such as robots and drones help the construction site workers by enabling them mapping and surveying and taking the perfect decision on site. This is another factor enhancing the growth of the global artificial intelligence in construction market.
One of the biggest restraining factors behind the growth of the market is the lack of technically skilled workers.
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Segments of the Market
The report has divided the market into different segments based on application and regional outlook.
Planning and Design Sub-Segment is Expected to Become the Most Lucrative
By application, planning and design sub-segment accounted for $134.3 million in 2018 and is further predicted to grow at a CAGR of 28.9% during the upcoming years. Planning and design is an indispensable application for the construction companies. This is the main reason behind the growth of the market segment.
North America to Dominate the Market
North America regional market recorded a revenue of $146.9 million in 2018, and is further expected to grow at a CAGR of 25.4% during the forecast period. The major attributor behind this growth is the huge population base of North American countries with high purchasing power, constant investment of the government in the automation, and initiative in artificial intelligence in the construction sector.
Key Players of the Market
The report mentions the key players of the global artificial intelligence in construction market which include Building System Planning, Inc., Dassault Systemes SE, Volvo AB, NVIDIA Corporation, Autodesk, Inc., Smartvid.io, Inc., Komatsu Ltd, and Doxel Inc. among others.
These players are focusing on research and development, product launches, collaborations and partnerships to sustain the growth of the market. For instance, in November 2020, Dassault Systèmes announced jointly with NuoDB, that Dassault Systèmes, which already had a 16% ownership interest, is acquiring the remainder of NuoDB equity.
Based in Cambridge, Massachusetts, NuoDB provides a cloud-native distributed SQL database that capitalizes on the competitive advantages of the cloud, with on demand scalability, continuous availability and transactional consistency, and is built for mission critical applications.
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The report also summarizes many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments.
About Research Dive
Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With an unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.
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