The global AI in construction market is anticipated to grow at a considerable CAGR of 38.7% during the forecast period. Artificial intelligence (AI) is an aggregative term for describing when a machine mimics human cognitive functions, such as problem-solving, pattern recognition, and learning. The growing use of AI in construction has been helping the players realize value throughout project lifecycles, including design, bidding, and financing; procurement and construction; operations and asset management; and, business model transformation.
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AI in construction helps the industry to overcome challenges, including safety concerns, labor shortages, and cost and schedule overruns. For instance, artificial neural networks are used on projects to predict cost overruns based on factors such as project size, contract type, and the competence level of project managers. Historical data such as planned start and end dates are used by predictive models to envision realistic timelines for future projects. AI helps staff remotely access real-life training material which helps them enhance their skills and knowledge quickly. This reduces the time taken to onboard new resources onto projects. As a result, project delivery is expedited. All these factors combined are driving the integration of AI in construction industry.
Moreover, increased investment and funding in new startups based on players in AI is anticipated to propel the growth of the market. For instance, in June 2022, Alice Technologies, a startup developing software to help construction companies plan projects including bridges, tunnels, high-speed rail systems, and mixed-use towers, raised $30 million in a Series B funding round led by Vanedge Capital, with participation from Access Partners, Bouygues, Gaingels, GRIDS Capital, JLL Spark, and MetaPlanet.
Global AI in Construction Market Report Segment
By End-User
- Residential
- Public Infrastructure
- Heavy Construction
- Others
By Application
- Planning and Design
- Safety and Efficiency
- Equipment
- Monitoring and Maintenance
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Artificial Intelligence (AI) in Construction Market Report Segment by Region
North America
- United States
- Canada
Europe
- Germany
- United Kingdom
- France
- Spain
- Italy
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- Rest of Asia-Pacific
Rest of the World
- Middle East & Africa
- Latin America
Company Profiles
- ALICE Technologies, Inc.
- Applied Project Experience Pty. Ltd. (Damstra Technology)
- Assignar, Pty. Ltd.
- Autodesk Inc.
- Built Robotics, Inc.
- Deepomatic
- Doxel, Inc.
- eSUB, Inc.
- IBM Corp.
- AI, Inc.
- INTSITE, Ltd.
- Jaroop
- ai
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