Artificial Intelligence (AI) in Construction Market Analysis by Component (Services, and Solutions); by Stage (Pre- Construction, Construction Stage, and Post-Construction); End Users (Commercial, and Residential); and by Application (Supply Chain, Risk, Field, Project, and Others Management)-Global Supply & Demand Analysis & Opportunity Outlook 2022-2031

Global Artificial Intelligence (AI) in Construction Market Size, Forecast, and Trend Highlights Over 2022 - 2031 

The global artificial intelligence (AI) in the construction market is estimated to garner notable revenue by the end of 2031 by growing at a CAGR of ~34% over the forecast period, i.e., 2022 – 2031. Further, the market generated a revenue of approximately USD 620.0 million in the year 2021. The growth of the market can be attributed to rapid urbanization as more people are inclined to work or stay in cities. According to the World Economic Forum data, 80 percent of the world's population by 2050 is expected to live in cities, up from the current 55 percent.

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Artificial intelligence (AI) is becoming more prevalent in the construction industry as more builders are seeking to streamline delivery in order to meet the ever-increasing demand. Moreover, it maintains a real-time interaction among machinery, workers, and object on the construction site to avoid any kind of errors. With the advancement, more people are turning to artificial intelligence solutions in their day-to-day operations and it is expected to surge the growth of global AI in the construction market. For instance, more than 1 in 3 construction players are opting for artificial intelligence in their operations.

Global Artificial Intelligence (AI) in Construction Market: Growth Drivers and Challenges

Growth Drivers

• Rising Residential Constructions – As per the data, residential expenditure has increased by approximately 24 percent in the year 2021.

• Development of Smart Cities – Countries across the globe are moving towards smart cities, and this type of development can be done with the support of artificial intelligence in construction. The global smart cities’ revenue was estimated at nearly USD 390 billion in the year 2019.

• Increasing Internet of Things (IoT) Trend – Integration of AI with IoT helps to extract information from the construction environment and convert it into knowledge, assisting the business in implementing innovative solutions aimed at improving operations, and processes. For instance, the number of active IoT devices is expected to exceed 26 billion by 2030, up from more than 11 billion in 2021.

• Increasing Demand for Workers Safety– Artificial intelligence integration with construction helps to provide safety to the workers working on the construction sites. Therefore, it is expected to surge the growth of global AI in the construction market. As per the U.S. Bureau of Labor Statistics, fatal work injuries accounted for 3.4 fatalities per 100,000 full-time equivalent workers.

Challenges

• High Cost for the Installation of AI Solutions in Construction

• Lack of Skilled Workers to Operate AI in construction

• Need for More Research and Development Investments

The global artificial intelligence (AI) in the construction market is segmented and analyzed for demand and supply by application into the supply chain, risk, field, project, and other management. Out of these, the project management segment is anticipated to hold the largest share over the forecast period owing to the rising number of construction and development projects across the globe. As per the India Brand Equity Foundation, a total investment of USD 27.60 Billion has been allocated till March 2021 for the Smart City Mission.

Global Artificial Intelligence (AI) in Construction Market Regional Synopsis

Regionally, the global artificial intelligence (AI) in the construction market is studied into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. Amongst these, the market in the North America region is projected to hold the largest market share by the end of 2031 on the back of the growth of the construction industry and the huge investment made by construction companies in the market. As per the data, the U.S. construction industry contributes to ~4 % of the GDP, accounting for approximately USD 1.36 trillion in 2020.

Market Segmentation

Our in-depth analysis of the global artificial intelligence (AI) in the construction market includes the following segments:

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Key Companies Dominating the Global Artificial Intelligence (AI) in Construction Market

Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global artificial intelligence (AI) in the construction market that are included in our report are IBM Corporation, Microsoft Corporation, SAP SE, BENTLEY SYSTEMS, INCORPORATED, Autodesk Inc., ALICE Technologies Inc., Oracle Corporation, eSUB, Inc., Renoworks Software, Inc., Aurora Computer Services Ltd, and others.

Global Artificial Intelligence (AI) in Construction Market: Latest Developments

• June, 2022:  Renoworks Software Inc. announced the release of Renoworks Analytics Hub, a SaaS-based analytics tool that provides in-depth product and consumer behavior insights that help construction material manufacturers grow their businesses.

• March, 2022: SAP SE announced the launch of SAP Labs Singapore in order to drive foster local digital talent, and product leadership, and boost community and ecosystem engagement.

Key Reasons to Buy Our Report

• The report covers a detailed analysis comprising market share attained by each market segment and its sub-segments.

• It covers market dynamics including growth drivers, trends, potential opportunities, price trend analysis, and challenges that impact market growth.

• The report includes detailed company profiles of the major players dominating the market.

• We use effective research methodologies to calculate the market numbers and provide value-added assessment for overall growth.

• We provide customized reports as per the clients’ requirement helping them to see possible and unexpected challenges and unforeseen opportunities in order to help them reach their goal.  

Geography Analysis:

The report further discusses the market opportunity, compound annual growth rate (CAGR) growth rate, competition, new technology innovations, market players analysis, government guidelines, export and import (EXIM) analysis, historical revenues, future forecasts etc. in the following regions and/or countries:

• North America (U.S. & Canada) Market Size, Y-O-Y Growth, Market Players Analysis & Opportunity Outlook
• Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC(Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market Size, Y-O-Y Growth Market Players Analys  & Opportunity Outlook
• Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Middle East and Africa  (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market Size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook

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