Categories: Industry

AI In Construction Market Insights 2024: Key Players and Strategies

Overview and Scope

AI in construction refers to the application of artificial intelligence (AI) tools and methods in the construction sector to provide an up-close view of all activities going on on-site. AI could be used to optimize energy efficiency, indoor air quality, and other performance indicators by analyzing data from building systems.

Sizing and Forecast

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.

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Segmentation & Regional Insights

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

North America was the largest region in the AI in construction market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global AI in construction market report during the forecast period. The regions covered in the ai in construction market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth

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.

Key Industry Players

Major companies operating in the AI in construction market report are Microsoft Corporation, Oracle Corporation, SAP SE, Nvidia Corporation, AECOM Technical Services Inc., Acciona S.A., Dassault Systèmes SE, Autodesk Inc., Trimble Inc., PTC Inc., Bentley Systems Incorporation, Procore Technologies Inc., OpenSpace Inc., Dusty Robotics Inc., Doxel Inc., Versatile Inc., Alice Technologies Inc., Deepomatic Inc, Smartvid.io Inc., eSUB Inc., Kwant.AI inc., Nyfty.AI inc., Built Robotics Inc., Newmetrix, Aurora Computer Services Ltd., Caidio Inc., Buildots, AirWorks LLC, Building System Planning Inc.

The ai in construction market report table of contents includes:

1.Executive Summary
2. AI In Construction Market Characteristics
3. AI In Construction Market Trends And Strategies
4. AI In Construction Market – Macro Economic Scenario
5. Global AI In Construction Market Size and Growth
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31. Global AI In Construction Market Competitive Benchmarking
32. Globa AI In Construction Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Fat Replacers Market
34. AI In Construction Market Future Outlook and Potential Analysis
35. Appendix