Artificial Intelligence In Construction Market (By Technology: Natural Language Processing, Machine Learning, Deep Learning; By Application: Project Management, Risk Management, Field Management, Supply Chain Management, Schedule Management, Others; By Deployment: On- Premises, Cloud, Others) - Global Industry Analysis, Market Size, Opportunities andForecast, 2019 - 2026

The global artificial intelligence in construction market is expected to grow at a CAGR of around 29.4% from 2019 to 2026 and expected to reach the market value of around US$ 2.1 Bn by 2026.

Artificial intelligence will facilitate cut back construction prices in many ways, for instance, the utilization of computer game spectacles and mini-robots into buildings underneath construction to trace the work because it progresses, AI is additionally getting used these days to style the routing of electrical and plumbing systems in trendy buildings, computer science is additionally useful for the event of safety systems at work sites, that reduces the risks of hazards and accidents. The technology is getting used by several corporations to pursue the time period interactions of machinery, workers, and objects on the location and alert the supervisors of potential questions of safety, productivity problems, and construction errors computer science is additionally expected to cut back the human force, cut back costly errors, cut back worksite injuries, and build building operations additional productive.

Market Dynamics

Increasing digital knowledge is additionally propellant computing in construction market growth. Over the past 5 years, a fast surge within the growth of the digital knowledge has been witnessed because of the growing adoption of Building info Systems (BIM), security sensors, drones, and machine telematics. This is often encouraging construction firms to adopt advanced analytics solutions to require the total advantage of the massive quantity of digital knowledge and extract unjust insights. The adoption of drones, robots, and autonomous vehicles within the construction sector is additionally backing the expansion of the AI in the construction market. the businesses are adopting these technologies for mapping, aerial imaging, measurement construction sites, and to automatize the development operations. This is often developing myriad opportunities for the expansion of the AI technology within the construction sector. However, the unstructured construction setting and lack of arch force are the key factors that are preventing the market growth.

The adoption of drones, robots, and autonomous vehicles within the construction sector is additionally backing the expansion of the AI in construction market. The businesses are adopting these technologies for mapping, aerial imaging, measuring construction sites, and to automatize the development operations. This is often developing myriad opportunities for the expansion of the AI technology within the construction sector. However, the unstructured construction setting and lack of virtuoso personnel are the foremost factors that are impeding the market growth.

By technology, Machine Learning and Deep Learning segment are has dominated the Construction Market

Machine learning and deep learning has dominated the technology segment in the year 2018 and the segment is projected to maintain its dominance over the forecast period from 2019 to 2026. Due to the growing want to analyze dark facts and automate enterprise functions, the use of gadget learning and deep learning technology has extended manifold in the creation industry. Many construction groups are deploying AI-primarily based solutions to achieve benefits.

Based on deployment, the cloud deployment is expected to dominate during the forecast period

Cloud deployment is expected to dominate the construction market in 2018 in terms of value and it is expected to maintain its dominance over the period. This deployment type is simple and cost-effective for use in applications. Some of the key benefits of using a cloud deployment are flexibility, disaster recovery, automatic software updates, capital expenditure free, increased collaboration, work from anywhere, document control, security, competitiveness, environmentally friendly.

The market research study on “Global Artificial Intelligence In Construction Market– Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 – 2026”, offers a detailed insight into the global artificial intelligence in construction market entailing insights on its different market segments. Market dynamics with drivers, restraints, and opportunities with their impact are provided in the report. The report provides insights into the global artificial intelligence in construction market, its market technology, application, deployment, and major geographic regions. The report covers basic development policies and layouts of technology development processes. Secondly, the report covers global artificial intelligence in construction market size and volume, and segment markets by market technology, application, deployment, and geography along with the information on companies operating in the market. The global artificial intelligence in construction market analysis is provided for major regional markets including North America, Europe, Asia Pacific, Latin America and Middle East and Africa. For each region, the market size and volume for different segments have been covered under the scope of the report.

In 2018, North America dominated the regional market with a maximum market share

North America accounted for the high market share of the global artificial intelligence in construction market and the region is also expected to maintain its dominance over the forecast period. Some major factors contributing to this growth are, Construction businesses within the North American vicinity have made huge investments within the market, and numerous vendors have advanced to cater to the rapidly developing market. A considerable increase is anticipated within the region all through the forecast period. In North America, AI technology is successfully used for various applications, such as project management, subject management, chance management, agenda management, supply chain management, and others (device and construction substances management, useful resource management, subcontractor management, and value management).

The key companies involved in the market includes IBM (US), Microsoft (US), Oracle (US), SAP (Germany), Alice Technologies (US), eSUB (US), Smartvid.io (US), Aurora pc Services (England), Autodesk (US), and Building System coming up with (US).

Market Segmentation

Market By Technology

• Natural Language Processing
• Machine Learning
• Deep Learning

Market By Application

• Project Management
• Risk Management
• Field Management
• Supply Chain Management
• Schedule Management
• Others

Market By Deployment

• On- Premises
• Cloud
• Others

Market By Geography

North America

• U.S.
• Canada

Europe

• U.K.
• Germany
• France
• Spain
• Rest of Europe

Asia-Pacific

• China
• Japan
• India
• Australia
• South Korea
• Rest of Asia-Pacific

Latin America

• Brazil
• Mexico
• Rest of Latin America

Middle East & Africa

• GCC
• South Africa
• Rest of Middle East & Africa