Artificial Intelligence in Construction Market Recent Trends and Growth Forecast 2031
Artificial Intelligence in Construction Market Recent Trends and Growth Forecast 2031
Published by TMR Research Insights
Posted on September 28, 2021
Artificial Intelligence in Construction Market: Introduction
Artificial intelligence controls machines and computers to mimic the problem-solving and decision-making capabilities of the human mind. In the artificial intelligence system, the project manager can keep an eye on tasks and equipment pieces through an integrated system and can monitor updates and progress through the mobile device
Artificial intelligence in construction – based solutions can support the construction process in many ways. Artificial intelligence can develop construction implementation planning, by updating the construction tasks, and sequences while keeping all stakeholders continuously informed. Furthermore, artificial intelligence can also escalate the productivity within construction implementation itself.
Artificial intelligence in construction based tools can detect possible delays, clashes, and changes inside the construction process by relating the digital matching of the building that exists in the BIM cloud with the definite physical representation
Adoption of artificial intelligence in the construction market is expected to increase among end-users to mitigate the risk and reduce the number of accidents in construction sites and reduce the cost of construction.
Artificial Intelligence in Construction Market: Dynamics
Artificial Intelligence in Construction Market: Key Drivers
Artificial intelligence in construction helps save money. Many projects go over the budget despite employing the best project teams. Therefore, artificial neural networks are used on megaprojects to exempt cost spread based on parameters such as contract type, project size, and the expertise of the project manager. Using historical data and pattern recognition, along with scheduling systems the artificial intelligence assists in better managing schedules for future projects. This preventive maintenance reduces costly downtime and delays. As a result, project delivery is expedited.
Artificial intelligence in construction is helping to improve overall safety on job sites. Construction sites are equipped with IoT devices, cameras, and sensors that monitor many features of construction operations and informs the team whenever it senses possible safety hazards. This programmed process can be repeated every minute and logs all unsafe events
However, limited awareness and high initial cost to implement and integrate artificial intelligence in construction is expected to hamper the market.
Impact of COVID-19 on the Artificial Intelligence in Construction Market
Increasing cases of COVID-19 across the globe is resulting in economic slowdown. Developed countries are strongly affected by the pandemic. COVID-19 has a negative impact on the artificial intelligence in construction market. Many construction sites are closed during COVID-19, due to the complete lockdown situation. As a result, there has been a financial recession in the construction industry in almost all countries, resulting in unemployment.
North America to Hold Major Share of the Artificial Intelligence in Construction Market
North America is the global leader in the artificial intelligence in construction market with the largest share, mainly because of developed economies. North America has made massive investments in the construction market, and numerous vendors have advanced to cater to the fast-growing market. Enormous growth is expected in the North American market during the forecast period.
Key Players Operating in the Global Artificial Intelligence in Construction Market
ALICE Technology, Inc.
ALICE Technology, Inc. was incorporated in 2013 and is headquartered in California, U.S. The company develops artificial intelligence-driven construction engineering software for real estate, general contractors, and subcontractors. The company’s technology produces and analyzes valid schedules for huge construction projects, allowing contractors and owners to design, bid, and build more efficiently.
Microsoft Corporation
Microsoft Corporation was incorporated in 1975 and is headquartered in Washington, U.S. It is an international technology company engaged in the development of various devices and software and volume licensing. The company offers numerous software products, services, and devices across the world to accommodate each market-specific need.
Other key players operating in the global artificial intelligence in construction market include Oracle Corporation, International Business Machines Corporation, SAP SE, and Esub, Inc.,
Transparency Market Research is a next-generation market intelligence provider, offering fact-based solutions to business leaders, consultants, and strategy professionals. Our reports are single-point solutions for businesses to grow, evolve, and mature. Our real-time data collection methods along with ability to track more than one million high growth niche products are aligned with your aims. The detailed and proprietary statistical models used by our analysts offer insights for making right decision in the shortest span of time. For organizations that require specific but comprehensive information, we offer customized solutions through adhoc reports. These requests are delivered with the perfect combination of right sense of fact-oriented problem solving methodologies and leveraging existing data repositories.
TMR believes that unison of solutions for clients-specific problems with right methodology of research is the key to help enterprises reach right decision.
Artificial Intelligence in Construction Market: Introduction
Artificial intelligence controls machines and computers to mimic the problem-solving and decision-making capabilities of the human mind. In the artificial intelligence system, the project manager can keep an eye on tasks and equipment pieces through an integrated system and can monitor updates and progress through the mobile device
Artificial intelligence in construction – based solutions can support the construction process in many ways. Artificial intelligence can develop construction implementation planning, by updating the construction tasks, and sequences while keeping all stakeholders continuously informed. Furthermore, artificial intelligence can also escalate the productivity within construction implementation itself.
Artificial intelligence in construction based tools can detect possible delays, clashes, and changes inside the construction process by relating the digital matching of the building that exists in the BIM cloud with the definite physical representation
Adoption of artificial intelligence in the construction market is expected to increase among end-users to mitigate the risk and reduce the number of accidents in construction sites and reduce the cost of construction.
Artificial Intelligence in Construction Market: Dynamics
Artificial Intelligence in Construction Market: Key Drivers
Artificial intelligence in construction helps save money. Many projects go over the budget despite employing the best project teams. Therefore, artificial neural networks are used on megaprojects to exempt cost spread based on parameters such as contract type, project size, and the expertise of the project manager. Using historical data and pattern recognition, along with scheduling systems the artificial intelligence assists in better managing schedules for future projects. This preventive maintenance reduces costly downtime and delays. As a result, project delivery is expedited.
Artificial intelligence in construction is helping to improve overall safety on job sites. Construction sites are equipped with IoT devices, cameras, and sensors that monitor many features of construction operations and informs the team whenever it senses possible safety hazards. This programmed process can be repeated every minute and logs all unsafe events
However, limited awareness and high initial cost to implement and integrate artificial intelligence in construction is expected to hamper the market.
Impact of COVID-19 on the Artificial Intelligence in Construction Market
Increasing cases of COVID-19 across the globe is resulting in economic slowdown. Developed countries are strongly affected by the pandemic. COVID-19 has a negative impact on the artificial intelligence in construction market. Many construction sites are closed during COVID-19, due to the complete lockdown situation. As a result, there has been a financial recession in the construction industry in almost all countries, resulting in unemployment.
North America to Hold Major Share of the Artificial Intelligence in Construction Market
North America is the global leader in the artificial intelligence in construction market with the largest share, mainly because of developed economies. North America has made massive investments in the construction market, and numerous vendors have advanced to cater to the fast-growing market. Enormous growth is expected in the North American market during the forecast period.
Key Players Operating in the Global Artificial Intelligence in Construction Market
ALICE Technology, Inc.
ALICE Technology, Inc. was incorporated in 2013 and is headquartered in California, U.S. The company develops artificial intelligence-driven construction engineering software for real estate, general contractors, and subcontractors. The company’s technology produces and analyzes valid schedules for huge construction projects, allowing contractors and owners to design, bid, and build more efficiently.
Microsoft Corporation
Microsoft Corporation was incorporated in 1975 and is headquartered in Washington, U.S. It is an international technology company engaged in the development of various devices and software and volume licensing. The company offers numerous software products, services, and devices across the world to accommodate each market-specific need.
Other key players operating in the global artificial intelligence in construction market include Oracle Corporation, International Business Machines Corporation, SAP SE, and Esub, Inc.,
Transparency Market Research is a next-generation market intelligence provider, offering fact-based solutions to business leaders, consultants, and strategy professionals. Our reports are single-point solutions for businesses to grow, evolve, and mature. Our real-time data collection methods along with ability to track more than one million high growth niche products are aligned with your aims. The detailed and proprietary statistical models used by our analysts offer insights for making right decision in the shortest span of time. For organizations that require specific but comprehensive information, we offer customized solutions through adhoc reports. These requests are delivered with the perfect combination of right sense of fact-oriented problem solving methodologies and leveraging existing data repositories.
TMR believes that unison of solutions for clients-specific problems with right methodology of research is the key to help enterprises reach right decision.
