The global AI-in-construction market was valued at USD 312 million in 2017 and is expected to grow at a CAGR of 38.14% between 2018 and 2024.
The global AI-in-construction market was valued at USD 312 million in 2017 and is expected to reach USD 3,161 million by 2024, growing at a CAGR of 38.14% between 2018 and 2024, according to new report published by Zion Market Research.
Artificial Intelligence allows computer systems to make intelligent decisions by applying the required skills. Artificial Intelligence has been beneficial in the development of applications that comprise machine vision for easy analysis and surveying of buildings and structures.
Additionally, the development of creating information modeling is software that gives information on a construction project, warranty details regarding material used, and commissioning data. This has resulted in increased AI adoption by most of the construction start-ups globally for various applications.
Asia Pacific is estimated to be the fastest growing AI-In-Construction market in the projected period, owing to the extensive adoption of the AI-based platforms, such as machine learning and deep learning, code frameworks, and pre-built algorithms by the real estate companies in emerging economies, such as China and India.
Asia Pacific contributes nearly 40% in the global construction market, which has resulted in the increased adoption of AI technology by the construction companies in India and China. Additionally, the rising demand by the economies to create smart cities that requires amenities, which, in turn, boost the construction industry and encourage the companies to adopt AI in construction projects.
North America dominated the global AI-In-Construction market in 2017, due to the lack of a skilled workforce that has driven the key construction enterprises to invest in robotics-based solutions. The high AI demand for various applications, such as field management, project management, and risk management, is likely to contribute toward this regional market’s growth.
Latin America comprises the emerging economies that have a potential market for AI-In-Construction market expansion.
Europe is projected to witness a remarkable rate of growth in the global AI-In-Construction market in the upcoming years, due to the huge investments made by construction companies in AI technology for support, training, and digital platform.
Some of the noticeable players operating in this market are Renoworks Software, IBM, Autodesk, Microsoft, Oracle, SAP, Building System Planning, Alice Technologies, Askporter, eSUB, SmarTVid.Io, Darktrace, Aurora Computer Services, Jaroop, Lili.Ai, Predii, Assignar, Deepomatic, Coins Global, Beyond Limits, Doxel, Plangrid, and Bentley Systems, among others.