Artificial Intelligence (AI) is revolutionizing various industries, and the construction industry is no exception. The construction industry has traditionally been labor-intensive and has lagged behind other industries in adopting new technologies. However, with the advancement of AI, the construction industry is now embracing the use of intelligent systems, which has led to improved efficiency, increased productivity, and reduced costs. AI-powered systems can optimize the design process in the construction industry by analyzing vast amounts of data, identifying patterns and trends, and recommending the most efficient designs. This can help architects and engineers make better decisions and produce more effective designs.
Forecast Analysis of the Global Artificial Intelligence in Construction Market
The increasing applications of AI in the construction industry such as designing and planning, managing operations, and anticipating the massive amount of data in real-time are expected to fortify the growth of the artificial intelligence in construction market during the estimated period. Besides, the growing utilization of AI and machine intelligence on construction sites reduces the possibility of accidents and provides safer work areas for laborers which is expected to augment the growth of the market over the analysis timeframe. Moreover, the increasing need for intelligent business processes in the construction sector such as the use of building information systems (BIM), machine telematics, security sensors, and many more are predicted to create huge growth opportunities for the market during the forecast period. However, the high cost and maintenance charges of artificial intelligence robots in the construction industry may hamper the growth of the market throughout the analysis period.
According to the report published by Research dive, the global artificial intelligence in construction market is envisioned to garner $8,545.80 million and rise at an incredible CAGR of 34.1% over the forecast period from 2022 to 2031. The major players of the market include Autodesk, Inc., Askporter, Renoworks Software, Inc., Doxel, Building System Planning, Inc., Beyond Limits Inc., Bentley Systems, Incorporated, COINS Global, Predii, Deepomatic, and many more.
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Artificial Intelligence in Construction Market Developments
The key companies operating in the industry are adopting various growth strategies & business tactics such as partnerships, collaborations, mergers & acquisitions, and launches to maintain a robust position in the overall market, which is subsequently helping the global artificial intelligence in construction market to grow exponentially. For instance:
- In May 2021, Procore Technologies, Inc., a renowned provider of construction management software, announced its acquisition of INDUS.AI, the world’s most advanced construction intelligence solution. This acquisition would add computer vision capabilities to the Procure platform, and help owners and contractors to realize greater efficiencies, safety, and profitability.
- In March 2022, Slate Technologies, the world's first understanding-driven data aggregation, analytics, and collaboration platform for the construction industry launched a digital assistant for the construction sector. This would promote the productivity of construction professionals by improving the decision-making process to keep building projects on time while maximizing revenue.
- In October 2022, ConstructConnect, a leading provider of software solutions announced its partnership with Togal.AI, a leading provider of takeoff software powered by deep machine learning. With this partnership, the companies aimed to expand the use of machine learning artificial intelligence in nonresidential preconstruction.
Most Profitable Region
The North America region of the artificial intelligence in construction market generated the highest revenue in 2021 and is predicted to continue a steady growth during the forecast period. This is mainly due to the increasing incorporation of AI in this region in a variety of applications including supply chain management, schedule management, risk management, and others. Additionally, the strong existence of major AI companies in the areas of construction industry and the presence of advanced technological infrastructure are expected to drive the regional growth of the market over the analysis timeframe.
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Covid-19 Impact on the Artificial Intelligence in Construction Market
The outbreak of the Covid-19 pandemic has badly affected the artificial intelligence in construction market, likewise various other industries. This is mainly due to the shutdown of industrial and construction sectors owing to the spontaneous spread of the deadly virus. Moreover, the growing adoption of the work-from-home model by several enterprises and industries has lowered the potential of AI-enabled machinery in various production units. All these factors have declined the growth of the market over the period of crisis.
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