07 May 2021
Visiongain has published a new report on Artificial Intelligence (AI) in Construction Market Report to 2031: Forecasts by offering (Solution, Services), by stage (Pre-construction, Construction Stage, Post-construction), by deployment type (Cloud, On-premises), by technology (Machine Learning & Deep Learning, Natural Language Processing (NLP), Others), by application (Project Management, Asset Management, Supply Chain Management, Schedule Management, Risk Management, Others). PLUS Profiles of Leading Artificial Intelligence in Construction Companies and Regional and Leading National Market Analysis. PLUS COVID-19 Recovery Scenarios.
Global artificial intelligence in construction market was valued at US$ xx billion in 2020 and is projected to reach at a market value of US$ xx billion by 2031. Artificial intelligence technology have enhanced construction industry to gather and share information in real time. This technology helps in identifying cost overruns based on based project size, contract type, and competence level of the project managers. Moreover, AI offers several advance features such as surveying, exploring structures & resources, automation of bricklaying & transportation, mapping, among others. Furthermore, factors such as increased demand for AI-based solutions & platforms, rise in need for data integration & visual analytics, and rapid growth in technology adoption in construction industry are propelling the market growth. Conversely, massive rise in adoption of Building Information Systems (BIM), machine telematics, drones, and other technologies in the construction industry are expected to provide lucrative opportunities to the market in the upcoming years.
COVID-19 Impact on Global Artificial Intelligence in Construction Market
The unprecedented spread of COVID-19 pandemic has a significant impact on artificial intelligence in construction market. In order to maintain social distancing & curb the spread of coronavirus, several government & authorities across countries have imposed lockdown & shutdowns, which has resulted into huge loss of manpower & massive rise in unemployment ratio in the construction industry. As a result, due to this decline in manpower, companies are expected to implement technologies and execute robotic machines in the industry.
Surge in demand for data integration & visual analytics
In order to analyse data, communicate the time frame & rollout process, design stages and accordingly to speed up the design process, the demand for data integration & visual analytics continue to rise in the market. Moreover, key players in the construction industry are adopting these technologies primarily to reduce waste & delay and ensure accurate cost estimates for the existing construction process.
Increased demand for AI-based solutions & platforms
The construction industry involves in huge planning, checking the architectural statics, designing variations, and other parameter before construction. Therefore, to make an efficient planning & effective construction of project, contractors & suppliers are largely adopting & implementing AI-based solutions & platforms, which as a result propels the market growth.
Adoption of security sensors, Building Information Systems (BIM), drones, and machine telematics, among others
Key players in the market are adopting these technologies for surveying construction sites, to automate the construction operations, mapping, and others. As a result, with this rapid adoption of advance technologies, the demand for AI in construction industry is expected to provide lucrative opportunities to the market in the upcoming years.
Untapped potential in emerging economies
Emerging economies such as Brazil, India, Mexico, Indonesia, China, South Africa, Egypt, Turkey, and Iran, among others are expected to create an immense opportunities to the companies providing AI-based solutions in the market. As these countries are growing at a tremendous speed and largely adopting technologies in the construction industry, which is therefore expected to maintain its dominance during the forecast period.
Some of the companies profiled in the report include IBM, Alice Technologies, Aurora Computer Services, Autodesk, Building System Planning, eSUB, Microsoft, Oracle, SAP and Smartvid.io.
In June 2020, the Fraunhofer Italia Innovation Engineering Center developed a mobile robotic platform called Husky A200, which can be used for autonomous logistic tasks on construction sites. In addition, this mobile robot aimed at advancing the cause of digitalization in construction & bridge the gap between robotics and the building industry.
In February 2019, Autodesk has launched the BIM 360 Project IQ, which helps in predicting & prioritising high-risk issues or project subcontractor risk in the construction industry. Moreover, this new development is targeted toward general contractors using Autodesk’s BIM 360 construction management software.
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