Artificial Intelligence in the Construction Market Overview
Global Artificial Intelligence in the construction market is anticipated to reach USD 2.53 billion market size by 2025 the market was estimated at a market size of USD 0.41 billion in 2018 and is expected to grow at a cagr of 32.2% over the forecast period. The technology is still in the developmental stage till now., however, it is expected to gain considerable demand in upcoming years.
The artificial intelligence is gaining prominence in construction sectors such as planning, designing, safety, and security. The artificial intelligence is used to assess construction and building plans, ensure structure safety by timely monitoring the strength of the structure and sending structural health reports to the centralized system.
The market is anticipated to grow owing to the increasing demand for AI-based applications, as the industry lacks skilled manpower as the strict migratory regulations in North America and Europe are prohibiting the import of skilled labor from other countries. Additionally, increasing underperformance of constructions due to human error and negligence has grown the demand for automation in the construction sector in recent years. Growing technological penetration including Industry 4.0 and IIOT coupled with stringent government safety regulation is anticipated to further boost the market growth over the forecast period.
The market research report on Artificial intelligence in the construction industry includes the following key segments:
Artificial Intelligence in Construction Market, By Application (2019-2025, USD Billion)
- Planning and designing
- Monitoring and Maintenance
Artificial Intelligence in Construction Market, By Region, (2019-2025, USD Billion)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Report also provide qualitative insights on the Global artificial intelligence in construction industry market as mentioned below:
- Porter’s analysis
- Pestle analysis
- Company market share analysis 2018
- Market penetration and growth prospects mapping
- Industry value chain analysis
The report also incorporates detailed company profiles of 25 AI in construction market players including following key information:
- Company overview
- Financial Performance for the past 5 years
- Product benchmarking
- Key strategic initiatives