PUNE, India, Feb. 20, 2020 /PRNewswire/ -- The artificial intelligence (AI) in construction market size was valued at $408.1 million in 2018, and is anticipated to grow with a CAGR of 26.3%.
Artificial Intelligence in construction market is mainly determined by increasing safety of the workers and rising work efficiency, artificial intelligence is mostly used to get information and take decision for the future. The rise in the digitalization boosting the growth for Artificial Intelligence in construction market. The construction companies are using Artificial Intelligence for safety, estimation, designing, and quality measurement.
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The advanced Artificial Intelligence device and machines and cost efficiency are projected to drive the market. The advanced Artificial Intelligence devices and machines are used as automated vehicles which reduce the work force and the expenses for the company. With the use of the artificial devices like drone which gives the aerial view during the work in the construction site. It also helps in surveying and site mapping to automate the work in the construction site which rises the work efficiency of the work force.
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The availability of the skilled labor to get associated with Artificial Intelligence system is considerd to be the biggest restrains for the market. The person associated with Artificial Intelligence should have a sound knowledge of it, so that the company should not have to face any adverse situations. If any small mistake goes unnoticed, the company has to face a lot of loss and other circumstances with regards to the project.
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The application of Artificial Intelligence in construction market is divided into maintenance and monitoring, equipment, planning and design and safety. AI in Construction Market forecast for planning and design is considered to be the main application for building or construction. It is the integral part of application in the construction phase. It usually comes in pre-construction phase, where the minute to minute information is gathered for the research, planning, designing and executing for the further implementation in the project. Planning and design is expected to raise with a CAGR of 28.9% by generating a revenue of $1,023.3 million by 2026. Equipment acts as self-functioning machines required in the construction site for various operational work like excavation, demolition and many other construction activities. Equipment is expected to grow with a CAGR of 25.7% by generating a revenue of $616.7 million.
North America Artificial Intelligence in Construction Market Outlook 2026:
North America holds the largest market share with a revenue of $146.9 million in 2018 and is predicted to grow at a CAGR of 25.4% in the forecast period. North America has seen huge investment in the construction and automation and the government have initiatives related to Artificial Intelligence in construction is expected to boost the market for this region.
Asia-Pacific Artificial Intelligence in Construction Market Outlook 2026:
Asia-Pacific have witnessed the highest growth rate in the Artificial Intelligence in construction market. Asia-Pacific market is predicted to grow with a CAGR of 28.9% by generating a revenue of $684.2 million by 2026, Asia-Pacific have registered a considerable growth rate in the market due to the increase in the demand for the smart cities which the government have initiated, is expected to drive the market for the Asia-Pacific regional market.
AI in Construction Market players include
- Building System Planning, Inc.
- Autodesk Inc.
- Volvo AB
- Smartvid.io Inc
- Komatsu Ltd
- NVIDIA Corporation
- Doxel Inc.
- Dassault Systemes SE
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