The global artificial intelligence in construction market is set to gain significant revenue in the forecast period. North America region is predicted to dominate the market. Various key players are working on initiatives to help in the market growth.
Press Release
The latest report by Research Dive states that the global artificial intelligence in construction market is anticipated to garner revenue of $2,642.4 million by 2026 rising from $408.1 million in 2018, at a steady CAGR of 26.3% from 2019-2026.
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Regional Analysis
The North America region garnered a revenue of $146.9 million in 2018 and is expected to rise further at a CAGR of 25.4% in the analysis period. The presence of a large population that has the ability to invest in large scale automation as well as the government’s efforts have added to the growth of the artificial intelligence in construction market in the region.
Key Market Segments
By application, the planning and design sub-segment gained revenue of $134.3 million in 2018 and is expected to rise further at a CAGR of 28.9% over the forecast period. The process of construction can be only carried out after proper planning of layouts, design of architectural structure, and more. Artificial intelligence is used in creating 3D blueprints and it also provides additional inputs in terms of efficient construction methods. By doing so it assists in saving the time and energy of the workers involved in the process. These factors are expected to help the segment dominate the market in the analysis period.Market Dynamics
Lately, several organizations have been working towards upgrading their work process by implementing different forms of technology such as artificial intelligence, which will make the tasks easier to complete. AI is known for its ability to provide an estimated cost of the project along with other data that can also help in saving the cost of construction to some extent. Additionally, the use of drones and robots to oversee the construction activity especially from a height is extremely beneficial in mapping the area. These factors are set to add to the growth of the artificial intelligence in construction market.
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On the contrary, there are very few individuals skilled in the minute technicalities of artificial intelligence. Without the required amount of knowledge, the project could end up facing drawbacks which could lead to financial losses to the company as well as the consumers. These factors are predicted to restrain the growth of the market in the analysis period.
Key Players, New Developments, and Strategies
As per the report, some of the renowned key players of the market are Autodesk, Inc, Smartvid.io, Inc, NVIDIA Corporation, Volvo AB, Building System Planning, Inc, Komatsu Ltd, DoxelInc, and Dassault Systems SE.The report also summarizes many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and recent strategic developments.
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For instance, in July 2020, Autodesk, Inc., a renowned producer of software for several domains such as engineering, media, and education, acquired Pype, a pioneer in cloud solutions that are used in construction project management. This initiative is expected to provide contractors, owners, and more value in the process of construction by using Autodesk Construction Cloud. It has the ability to provide automated solutions such as closeouts and submittals, especially when there is an overflow of work. This can further help in enhancing the productivity and eliminate any project risk.
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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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