Artificial Intelligence In Construction Market

Artificial Intelligence In Construction Market by Construction Stages (Constructing-stage, Pre-construction, and Post-construction), Offerings (Service and Solution), Industry types (Heavy Construction, Residential, Public Infrastructure, and Others), Applications (Schedule Management, Project Management, Supply Chain Management, Risk Management, Asset Management, and Others), Organization Sizes (Large Enterprise and Small & Medium Enterprises), Deployments (On-premises and Cloud), and Regions (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2021 – 2028

  • Report ID: ICT-SE-2762
  • Author: Growth Market Reports
  • Rating: 4.5
  • Total Reviews: 3
  • No. Of Pages: 209
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The global artificial intelligence in construction market is anticipated to register a considerable CAGR during the forecast period, 2021-2028. The growth of the market is attributed to the use of artificial intelligence technology by construction companies for risk management solutions and predictive maintenance.

Artificial Intelligence In Construction Market

Artificial Intelligence (AI) in construction can support in many ways including designing, facility management, planning, building material, and construction phase. AI in construction helps to overcome challenges such as schedule management, exceeding cost of construction, and labor shortages. Main concern during constructions is death of the workers, AI address this problem by alarming system after detecting elevated threat. AI based solutions are also helping in building information modeling for creating the 3D models of building. The development of AI based software is proved to be effective for providing information on a construction project and gathering of data which will be beneficial for overall construction process.

The COVID-19 pandemic outbreak had considerable impact on the market. During pandemic, construction sites were totally shut down, which was restraining the market. On the other hand lockdown and social distancing norms imposed by government bodies resulted in shortage of labors, which in turn increases the adoption of AI solutions for automated construction and off-site construction.

Market Trends, Drivers, Restraints, and Opportunities

  • Increasing adoption of AI solutions for safety concern is one of the key factor driving the market growth.
  • Using AI based solutions to ease the communication between different elements in the construction process is projected to drive the market expansion during the forecast period.
  • Lack of skilled professionals to handle the AI technology at construction site acts as a major challenge that can restrict the market growth in the coming years.
  • Escalating cost of initial investment in AI technologies can hamper the market growth during the projected timeline.
  • Using industrial internet of things applications along with AI to bring full automation at construction sites is projected to create significant growth opportunities for the market.

Scope of the Report

The report on the global artificial intelligence in construction market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Attributes

Details

Report Title

 Artificial Intelligence In Construction Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast

Base Year

2020

Historic Data

2018–2019

Forecast Period

2021–2028

Segmentation

Construction Stages (Constructing-stage, Pre-construction, and Post-construction), Offerings (Service and Solution), Industry types (Heavy Construction, Residential,  Public Infrastructure, and Others), Applications (Schedule Management, Project Management, Supply Chain Management, Risk Management, Asset Management, and Others), Organization Sizes (Large Enterprise and Small & Medium Enterprises), and  Deployments (On-premises and Cloud)

Regional Scope

Asia Pacific, North America, Latin America, Europe, and Middle East & Africa

Report Coverage

Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast

Key Players Covered in the Report

Microsoft Corp.; SAP SE Corp.; eSUB Inc.; Darktrace; Autodesk Inc.; IBM Corp.; Oracle Corp.; ALICE Technologies Inc.; Smartvid.io, Inc.; and Aurora Construction and Security

Market Segment Insights

Coast management by using AI drive the pre-construction segment

Based on construction stages, the global artificial intelligence in construction market is divided into constructing-stage, pre-construction, and post-construction. The pre-construction segment is expected to grow at a rapid pace during the forecast period attributed to cost management and schedule management by using AI. Furthermore, AI helps in creating virtual design of the model to be constructed, at the pre-construction stage, which is projected to accelerate the segment growth further. However, the constructing-stage segment is anticipated to expand at a substantial CAGR in the coming years due to use of AI enabled cameras, drones, and robots for safety concern and automation in construction process.

Artificial Intelligence In Construction Market

Service segment is projected to expand at considerable CAGR

In terms of offerings, the market is bifurcated into service and solution. The solution segment is expected to account for a major market share during the projected timeline owing to AI solutions, which escalate the efficiency of construction process by providing major construction applications, such as supply chain management, project planning, schedule management, and risk management. On the other hand, the service segment is projected to expand at a considerable CAGR during the forecast period due to increasing implementation of AI solutions in the construction, which creates high necessity for training services among workers and correct installation as well as maintenance of technologies

Artificial Intelligence In Construction Market

Growing accident cases increases heavy construction segment market share

On the basis of industry types, the global artificial intelligence in construction market is segregated into heavy construction, residential, public infrastructure, and others. The heavy construction segment is estimated to account for a significant market share during the forecast period owing to growing accident cases and sudden falls at large building construction sites. Moreover, heavy construction includes huge structures and a varied variety of equipment so, numerous equipment manufacturers are creating investments in self-operating machines to perform paving, excavation, grading, site work, demolition, and other tasks, which presents a major factor driving the segment.

Project management segment is expected to expand at robust growth rate

Based on applications, the market is segmented into schedule management, project management, supply chain management, risk management, asset management, and others. The project management segment is expected to expand at robust growth rate during the forecast period due to adoption of project management by companies in every construction stage. On the other hand, the risk management segment is projected to expand a considerable CAGR during the forecast period owing to the use of AI cameras and drones on construction sites for predicting and managing the risk of sudden fall and death of worker while working on site.

Artificial Intelligence In Construction Market

Increasing government regulations drive the large enterprise segment

In terms of organization sizes, the global artificial intelligence in construction market is bifurcated into large enterprise and small & medium enterprises. The large enterprise segment is estimated to account for a major market share during the forecast period owing to increasing advantageous government regulations which are encouraging large construction enterprises to incorporate AI solutions and services. On the other hand, the small & medium enterprises segment is expected to expand at a robust CAGR in the coming years due to rising use of cloud based AI solutions as it is cost effective. Additionally, enlargement of building firms need appropriate management of their databases is major driver of the segment

Cloud segment is projected to expand at high growth rate

On the basis of deployments, the market is bifurcated into on-premises and cloud. The cloud segment is projected to expand at high growth rate in the projected timeline attributed to cost-effective deployment method for construction companies. Furthermore, investors are investing in cloud based AI solutions for developing computer aided virtual environment to provide virtual experience of building to customers, designers, and contractors, which is projected to accelerate the segment growth further. However, the on-premises segment is anticipated to register a substantial CAGR during the forecast period due to data privacy risks associated with cloud based AI solutions and services.

Artificial Intelligence In Construction Market

North America is anticipated to constitute a key market share

In terms of region, the global artificial intelligence in construction market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is anticipated to constitute a key share of the market during the projected period owing to investment by key players in the regional market for implementation of AI solution and services in the region. However, the Asia Pacific market is anticipated to grow at a rapid pace during the forecast period due to the rising investment of AI solutions in the region for supply chain management, risk management, and project management.

Artificial Intelligence In Construction Market

Segments

Segments Covered in the Report

The global artificial intelligence in construction market has been segmented on the basis of

Construction stages

  • Constructing-stage
  • Pre-construction
  • Post-construction

Offerings

  • Service
  • Solution

Industry types

  • Heavy Construction
  • Residential
  • Public Infrastructure
  • Others

Applications

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

Organization Sizes

  • Large Enterprise
  • Small & Medium Enterprises

Deployments

  • On-premises
  • Cloud

Regions

  • Asia Pacific
  • North America
  • Latin America
  • Europe
  • Middle East & Africa

Key Players

  • Microsoft Corp.
  • SAP SE Corp.
  • eSUB Inc.
  • Darktrace
  • Autodesk Inc.
  • IBM Corp.
  • Oracle Corp.
  • ALICE Technologies Inc.
  • Smartvid.io, Inc.
  • Aurora Construction and Security

Competitive Landscape

Key players competing in the global artificial intelligence in construction market are Microsoft Corp.; SAP SE Corp.; eSUB Inc.; Darktrace; Autodesk Inc.; IBM Corp.; Oracle Corp.; ALICE Technologies Inc.; Smartvid.io, Inc.; and Aurora Construction and Security

Companies are focusing on investment in R&D for development of cost effective AI technologies for the market. Furthermore, companies are widely engaging in strategic partnership, merger & acquisition, and collaborations to boost their market share and acquiring new buyers. For instance, in December 2018, BuildingConnected and PlanGrid, Inc., the U.S. based construction-tech startups was acquired by Autodesk Inc. These acquisitions were intended to AI based construction software development for digitalization of the construction process.

In August 2019, Construction BI, LLC, the U.S. based construction company was acquired by Procore Technologies, Inc.  This acquisition was aimed to bring next-generation AI analytics to the construction industry.

Artificial Intelligence In Construction Market

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Artificial Intelligence In Construction Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Artificial Intelligence In Construction Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Artificial Intelligence In Construction Market - Supply Chain
  4.5. Global Artificial Intelligence In Construction Market Forecast
     4.5.1. Artificial Intelligence In Construction Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Artificial Intelligence In Construction Market Size (000’ Units) and Y-o-Y Growth
     4.5.3. Artificial Intelligence In Construction Market Absolute $ Opportunity
5. Global Artificial Intelligence In Construction Market Analysis and Forecast by Region
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Region
     5.2.2. Y-o-Y Growth Projections by Region
  5.3. Artificial Intelligence In Construction Market Size and Volume Forecast by Region
     5.3.1. North America
     5.3.2. Latin America
     5.3.3. Europe
     5.3.4. Asia Pacific
     5.3.5. Middle East and Africa (MEA)
  5.4. Absolute $ Opportunity Assessment by Region
  5.5. Market Attractiveness/Growth Potential Analysis by Region
  5.6. Global Artificial Intelligence In Construction Demand Share Forecast, 2019-2026
6. North America Artificial Intelligence In Construction Market Analysis and Forecast
  6.1. Introduction
     6.1.1. Basis Point Share (BPS) Analysis by Country
     6.1.2. Y-o-Y Growth Projections by Country
  6.2. North America Artificial Intelligence In Construction Market Size and Volume Forecast by Country
     6.2.1. U.S.
     6.2.2. Canada
  6.3. Absolute $ Opportunity Assessment by Country
  6.4. Market Attractiveness/Growth Potential Analysis
     6.4.1. By Country
     6.4.2. By Product Type
     6.4.3. By Application
  6.5. North America Artificial Intelligence In Construction Demand Share Forecast, 2019-2026
7. Latin America Artificial Intelligence In Construction Market Analysis and Forecast
  7.1. Introduction
     7.1.1. Basis Point Share (BPS) Analysis by Country
     7.1.2. Y-o-Y Growth Projections by Country
     7.1.3. Latin America Average Pricing Analysis
  7.2. Latin America Artificial Intelligence In Construction Market Size and Volume Forecast by Country
      7.2.1. Brazil
      7.2.2. Mexico
      7.2.3. Rest of Latin America
   7.3. Absolute $ Opportunity Assessment by Country
  7.4. Market Attractiveness/Growth Potential Analysis
     7.4.1. By Country
     7.4.2. By Product Type
     7.4.3. By Application
  7.5. Latin America Artificial Intelligence In Construction Demand Share Forecast, 2019-2026
8. Europe Artificial Intelligence In Construction Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
     8.1.3. Europe Average Pricing Analysis
  8.2. Europe Artificial Intelligence In Construction Market Size and Volume Forecast by Country
     8.2.1. Germany
     8.2.2. France
     8.2.3. Italy
     8.2.4. U.K.
     8.2.5. Spain
     8.2.6. Russia
     8.2.7. Rest of Europe
  8.3. Absolute $ Opportunity Assessment by Country
  8.4. Market Attractiveness/Growth Potential Analysis
     8.4.1. By Country
     8.4.2. By Product Type
     8.4.3. By Application
  8.5. Europe Artificial Intelligence In Construction Demand Share Forecast, 2019-2026
9. Asia Pacific Artificial Intelligence In Construction Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Asia Pacific Average Pricing Analysis
  9.2. Asia Pacific Artificial Intelligence In Construction Market Size and Volume Forecast by Country
     9.2.1. China
     9.2.2. Japan
     9.2.3. South Korea
     9.2.4. India
     9.2.5. Australia
     9.2.6. Rest of Asia Pacific (APAC)
  9.3. Absolute $ Opportunity Assessment by Country
  9.4. Market Attractiveness/Growth Potential Analysis
     9.4.1. By Country
     9.4.2. By Product Type
     9.4.3. By Application
  9.5. Asia Pacific Artificial Intelligence In Construction Demand Share Forecast, 2019-2026
10. Middle East & Africa Artificial Intelligence In Construction Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Middle East & Africa Average Pricing Analysis
  10.2. Middle East & Africa Artificial Intelligence In Construction Market Size and Volume Forecast by Country
     10.2.1. Saudi Arabia
     10.2.2. South Africa
     10.2.3. UAE
     10.2.4. Rest of Middle East & Africa (MEA)
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Market Attractiveness/Growth Potential Analysis
     10.4.1. By Country
     10.4.2. By Product Type
     10.4.3. By Application
  10.5. Middle East & Africa Artificial Intelligence In Construction Demand Share Forecast, 2019-2026
11. Competition Landscape
  11.1. Global Artificial Intelligence In Construction Market: Market Share Analysis
  11.2. Artificial Intelligence In Construction Distributors and Customers
  11.3. Artificial Intelligence In Construction Market: Competitive Dashboard
  11.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)

Segments Covered in the Report

The global artificial intelligence in construction market has been segmented on the basis of

Construction stages

  • Constructing-stage
  • Pre-construction
  • Post-construction

Offerings

  • Service
  • Solution

Industry types

  • Heavy Construction
  • Residential
  • Public Infrastructure
  • Others

Applications

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

Organization Sizes

  • Large Enterprise
  • Small & Medium Enterprises

Deployments

  • On-premises
  • Cloud

Regions

  • Asia Pacific
  • North America
  • Latin America
  • Europe
  • Middle East & Africa

Key Players

  • Microsoft Corp.
  • SAP SE Corp.
  • eSUB Inc.
  • Darktrace
  • Autodesk Inc.
  • IBM Corp.
  • Oracle Corp.
  • ALICE Technologies Inc.
  • Smartvid.io, Inc.
  • Aurora Construction and Security

Key players competing in the global artificial intelligence in construction market are Microsoft Corp.; SAP SE Corp.; eSUB Inc.; Darktrace; Autodesk Inc.; IBM Corp.; Oracle Corp.; ALICE Technologies Inc.; Smartvid.io, Inc.; and Aurora Construction and Security

Companies are focusing on investment in R&D for development of cost effective AI technologies for the market. Furthermore, companies are widely engaging in strategic partnership, merger & acquisition, and collaborations to boost their market share and acquiring new buyers. For instance, in December 2018, BuildingConnected and PlanGrid, Inc., the U.S. based construction-tech startups was acquired by Autodesk Inc. These acquisitions were intended to AI based construction software development for digitalization of the construction process.

In August 2019, Construction BI, LLC, the U.S. based construction company was acquired by Procore Technologies, Inc.  This acquisition was aimed to bring next-generation AI analytics to the construction industry.

Artificial Intelligence In Construction Market

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