(IT-NEWSWIRE.COM, June 14, 2018 ) MarketsandMarkets expects the global Artificial Intelligence (AI) in construction market to grow from USD 407.2 Million in 2018 to USD 1,831.0 Million by 2023, at a Compound Annual Growth Rate (CAGR) of 35.1% during the forecast period. The rising demand for AI-based solutions and platforms, the need for more safety measures at construction sites, and the capabilities of AI solutions and services to reduce the production costs are expected to drive the growth of the AI in construction market.
The component segment has been further segmented into solutions and services. The solutions segment is expected to have the larger market size. AI in construction solutions play a vital role in the efficient and effective functioning of construction businesses using Natural Language Processing (NLP); and machine learning and deep learning technologies. AI-based solutions are required to revolutionize the way the construction industry functions. These solutions also help the construction industry familiarize itself with advanced technologies and assist professionals in saving their time in the process of decision-making.
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Among technologies, the machine learning and deep learning segment is expected to have the larger market size. Due to the growing need to analyze dark data and automate business functions, the use of machine learning and deep learning technologies has increased manifold in the construction industry. Many construction companies are deploying AI-based solutions to attain benefits.
The AI in construction market has also been segmented on the basis of applications. The project management segment is expected to have the largest market size. This application is the first most important phase of planning a construction project. It involves drafting of the proposal, managing the designing stage, and documenting funds, loans, and other minute details that are related to the project.
North America is expected to have the largest market size in the AI in construction market while Asia Pacific (APAC) is projected to grow at the highest CAGR during the forecast period. Construction companies in the North American region have made huge investments in the market, and several vendors have evolved to cater to the rapidly growing market. Considerable growth is expected in the region during the forecast period. In North America, AI technologies are effectively used for various applications, such as project management, field management, risk management, schedule management, supply chain management, and others (equipment and construction materials management, resource management, subcontractor management, and cost management).
The AI in construction market faces many challenges, as it is one of the most fragmented industries and lacks skilled employees who can use AI in construction solutions.
The key vendors that offer AI in construction solutions across the globe include such IBM (US), Microsoft (US), Oracle (US), SAP (Germany), Alice Technologies (US), eSUB (US), Smartvid.io (US), Aurora Computer Services (England), Autodesk (US), and Building System Planning (US). These vendors have adopted organic and inorganic growth strategies, such as new product launches, partnerships and collaborations to expand their presence in the market.
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