Technological progression has stimulated businesses, particularly in the engineering and construction sectors, to collect and share information in real time. The real time information deals with sharing large amounts of unorganized data, which at times is extraneous, which can exceed the operational and capital expenditure of a business.
Consequently, to restrict the exchange of inapt data, artificial intelligence (AI) plays a significant role in these verticals. Artificial intelligence finds wide application in sorting and responding to a range of data which is a pre-requisite for different construction activities. AI extends its technological services from surveying, exploring structures, mapping resources and coordinating with the automation of transportation and bricklaying.
Market Research Future (MRFR) has revealed in its report that the worldwide AI in construction sector is estimated to generate an estimated revenue of $2,011.4 mn by 2023. The market is expected to expand at 35% CAGR during the forecast period 2017 to 2023. AI-enabled applications within the construction vertical have been at a mushrooming stage and are anticipated to experience their incorporation with GPS and building information modelling (BIM) which would be very helpful for project scheduling, inventory, and planning purposes.
Additionally, artificial intelligence is projected to support the construction industry in curbing the repetitive and existing challenges of project schedule delay, safety concerns, and precision margin, which are assumed to be one of the key influencing factors for the expansion of AI in the construction sector during the review period. However, a slow rate of adoption of artificial intelligence in the construction industry and complicated algorithms for creating construction oriented programs are expected to hinder growth of artificial intelligence in the construction market throughout the review period.
The AI in Construction Market is segmented based on component, stage, deployment, technology, application, and organization size. Based on stage, the market is segmented into construction stage, post-construction, and pre-construction. Based on component, the Construction Market is segmented into services and solutions. The solution segment is divided into design & planning, predictive maintenance, virtual assistant, demand forecasting, revenue estimation, and others.
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The service segment comprises implementation services, consulting & training, and other support services. Based on technology, the market is segmented into machine learning & deep learning, natural learning programming (NLP), and neural networks. Based on deployment, the market is categorized into on premise and on cloud. Based on organization size, the market is segmented into small & medium enterprise (SME) and large enterprises. Based on application, the market is segmented into schedule management, building information management, risk management, project management, supply chain management, and equipment management.
Global AI in Construction Market is dominated by prominent players such as Oracle Corporation (U.S), IBM Corporation (U.S.), Alice Technologies. (U.S.), SAP SE (Germany), Aurora Computer Services (U.K), Microsoft Corporation (U.S.), eSUB (U.S.), Autodesk (U.S.), Building System Planning (U.S.), and Smartvid.io(U.S.).
Region wise, the artificial intelligence in construction market is segmented into Europe, Asia Pacific, North America, and the Rest of the World. The North America market is predicted to represent a prominent share of AI in the construction technology, Canada and the U.S. being the primary economies within the market. The regional dominance can be accounted to the growing investment by renowned players such as Oracle Corporation, IBM Corporation, and many more, in encouraging technological progressions such as machine learning and neural networks.
Additionally, APAC market is also likely to record a significant growth rate for the integration of AI in construction procedures. Japan, China, India, and South Korea are the key economies in this region. The market development is due to increasing demand by the economies to initiate smart city projects which involve improved amenities that fuels the growth of real estate.
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