Artificial Intelligence (AI) in Construction Market to Reach USD 4.51 Billion By 2026

Market Summary

Efficiency in construction designing, planning, and other processes is propelling the growth of the market.

Market Size – USD 429.2 Million in 2018, Market Growth - CAGR of 34.0%, Market Trends – Easy risk mitigation.

The global Artificial Intelligence (AI) in the Construction market is forecast to reach USD 4.51 Billion by 2026, according to a new report by Reports and Data. The easy risk mitigation of quality, and safety, coupled with the time and cost consumption requirements of the construction industry, will drive the growth of the market.

Market Summary

Further key findings from the report suggest

• Artificial intelligence can help reduce construction costs in many ways. For example, the use of virtual reality goggles and mini-robots into buildings under construction to track the work as it progresses. AI is also being used today to design the routing of electrical and plumbing systems in modern buildings. Artificial intelligence is also beneficial for the development of safety systems at work sites, which reduces the risks of hazards and accidents. The technology is being used by many firms to pursue the real-time interactions of machinery, workers, and objects on the site and alert the supervisors of potential safety issues, productivity issues, and construction errors. Artificial intelligence is also expected to reduce the human workforce, reduce expensive errors, reduce worksite injuries, and make building operations more productive.

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Market Summary

Key participants include IBM, Renoworks Software, Microsoft, Autodesk, SAP, Oracle, Alice Technologies, Building System Planning, eSUB, Askporter, Darktrace, SmarTVid.Io, Jaroop, Aurora Computer Services, Predii, Lili.Ai, Deepomatic, Assignar, Beyond Limits, Coins Global, Plangrid, Doxel, and Bentley Systems, among others.

Segmentation:For the purpose of this report, Reports and Data have segmented into the global Artificial Intelligence (AI) in Construction market on the basis of technology, component, organization size, deployment type, phase, applications, end use, and region:

Technology Outlook (Revenue, USD Million; 2016-2026)Machine Learning and Deep LearningNatural Language Processing

Component Outlook (Revenue, USD Million; 2016-2026)SolutionsServices

Market SummaryOrganization Size Outlook (Revenue, USD Million; 2016-2026)

• Small and Medium-Sized Enterprises

• Large Enterprises

Deployment Type Outlook (Revenue, USD Million; 2016-2026)

• Cloud

• On-premises

Phase Outlook (Revenue, USD Million; 2016-2026)

• Pre-construction

• Construction stage

• Post-construction

Regional Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2016-2026)

• North America

• Europe

• Asia Pacific

• MEA

• Latin America

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