AI In Construction Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The AI In Construction Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s AI In Construction Global Market Report 2024, The AI in construction market size has grown exponentially in recent years. It will grow from $1.37 billion in 2023 to $1.79 billion in 2024 at a compound annual growth rate (CAGR) of 31.1%. The growth in the historic period can be attributed to efficiency improvements, cost reduction, data analytics, automation in construction processes, safety enhancement.

The AI in construction market size is expected to see exponential growth in the next few years. It will grow to $5.35 billion in 2028 at a compound annual growth rate (CAGR) of 31.4%. The growth in the forecast period can be attributed to predictive maintenance, increased adoption of drones, AI-driven project risk management, supply chain optimization, augmented reality (AR) applications. Major trends in the forecast period include autonomous construction equipment, predictive analytics for project management, computer vision for site monitoring, collaborative robots (cobots), energy efficiency and sustainable construction.

The increase in infrastructure projects is expected to propel the growth of artificial intelligence (AI) in the construction market going forward. An infrastructure project is one that involves the development of new road infrastructure or a significant alteration to an existing network that affects traffic flow. Artificial intelligence (AI) is useful in infrastructure projects because it refers to the use of advanced technologies and algorithms to improve various aspects of the project’s lifecycle, allowing for more efficient design, planning, operation, and management of building infrastructure initiatives. As a result, the adoption of AI in construction is expected to grow as the industry seeks innovative solutions to meet the demands of infrastructure development. For instance, in November 2022, according to Global Australia Highlights, an Australia-based intergovernmental organization, the government budget for 2022–23 promises $12.04 billion (A$17.9 billion) over ten years for significant infrastructure projects around the country, including billions for road and rail projects. Between 2021 and 2025, total investment in major public infrastructure is estimated to exceed $146.72 billion (A$218 billion). Furthermore, in March 2023, according to Global X ETF, a US-based fund management firm, with the $1.2 trillion Infrastructure Investment and Jobs Act (IIJA) in November 2021, the United States took a significant step towards improving its infrastructure. Over the next ten years, the IIJA is going to invest $550 billion to improve roads, bridges, airports, and railroads, extend access to clean drinking water and broadband internet, and achieve environmental justice. Therefore, the increase in infrastructure projects is driving the growth of artificial intelligence (AI) in the construction market going forward.

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The AI in construction market covered in this report is segmented –

1) By Component: Solutions, Services

2) By Stage: Pre-Construction, Construction Stage, Post-Construction

3) By Deployment Type: Cloud, On-Premises

4) By Application: Project Management, Field Management, Risk Management, Schedule Management, Supply Chain Management, Other Applications

5) By Industry Type: Heavy Construction, Institutional Commercials, Residential, Other Industry Types

Major companies operating in the AI construction market are focused on developing new innovative technologies, such as digital assistants, to maximize revenue and productivity for building and infrastructure projects. Digital assistants, also known as virtual assistants, virtual digital assistants, or mobile assistants, are advanced computer programs designed to assist in various ways. For instance, in March 2022, Slate Technologies, Inc., a US-based AI software platform for the construction industry, launched a digital assistant for the industry. Through the use of AI and machine learning, it helps construction workers make smarter decisions earlier on, optimizing revenue while keeping projects under construction, which increases productivity. The assistant adjusts based on user engagement and project outcomes, providing contextual advice. Slate Digital Assistant provides complete transparency into the construction process by performing multi-dimensional analysis on both internal and external data sources while learning along the way. These data sources include emails, RFIDs, 3D models, ERP systems, and other construction-related data. They also comprise non-integrated systems within general contractor and subcontractor organizations, as well as public data like labor, weather, and traffic.

The ai in construction market report table of contents includes: