Generative AI in Construction Market Size, Share, Forecast

The AI In Construction Global Market Report 2023 by The Business Research Company, provides ai in construction market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.

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According to The Business Research Company’s AI In Construction Global Market Report 2023, the global AI in construction market size is expected to grow from $1.05 billion in 2022 to $1.37 billion in 2023 at a compound annual growth rate (CAGR) of 30.54%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global AI in construction market size is expected to reach $4.05 billion in 2027 at a CAGR of 31.12%.

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.

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The ai in construction market 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

Technological advancements are a key trend gaining popularity in artificial intelligence (AI) in the construction market. Companies operating in artificial intelligence (AI) in the construction market are adopting new technologies to sustain their position in the market. For instance, in December 2022, PCL Construction, a Canada-based construction company, launched the AI Surveyor, a platform for new construction technology. AI Surveyor, a platform for revolutionary construction technology, was launched. AI Surveyor is a construction technology platform that automates the reporting of construction infrastructure development through the use of artificial intelligence and strong GIS analytics. Data is collected by UAV and entered into the AI Surveyor system, which gives reporting on daily progress in the field via specialized Key Performance Indicator (KPI) monitoring and indicates potential deviations for additional assessment. Previously, this process was done manually, demanding additional labor and equipment expenses. This procedure can be expedited and made more efficient by using an AI surveyor, as well as by providing project teams with accurate information and statistics for the development of their project.

The ai in construction market report table of contents includes: