Artificial intelligence refers to a machine's ability to perform tasks and imitate intelligence in the same way as humans do.
Covid-19 Impact & Market Status
The global industrial and economic shutdown, as well as the entire lockdown situation, has been implemented as a result of the covid-19 pandemic's breakout. The construction and manufacturing industries were also completely shut down, resulting in a loss of employment.
Furthermore, the lowering growth of the worldwide AI in construction market can be linked to the growing requirement to maintain covid-19 safety measures such as social separation in order to prevent the virus from spreading. In the construction industry, COVID-19 has had a considerable influence on artificial intelligence.
The AI in the construction industry has been significantly impacted by lower cash circulation in the market, which has impacted cash liquidity with construction enterprises, causing them to shut down their operations. To combat the growth of the covid-19 pandemic, some industries and businesses have adopted work-from-home models, resulting in reduced utilisation of office space and costs, lowering the global AI in construction market potential for the construction industry.
The COVID-19 epidemic wreaked havoc on economies and industrial sectors all over the world. Lockdowns enacted to contain the epidemic resulted in significant losses in a variety of businesses, including manufacturing, oil and gas, construction, and automotive and transportation. Supply chain interruptions, raw material and human shortages, and operational capacity restrictions have all had a substantial impact on industrial operations. According to a poll done by the National Association of Manufacturers (NAM), 78.0 percent of manufacturers expected a financial effect, while 35.5 percent expected supply chain disruptions.
As a result of these circumstances, industrial businesses have lowered the priority of their digital transformation initiatives, including the AI-enabled equipment in their production units. Several AI and automation experts have proposed increasing investments in advanced technologies, such as AI, to create remote operating capabilities, such as industrial robots, process automation, autonomous material movement, and predictive maintenance and machinery inspection, in order to reduce worker density.
Solution Segment will Hold Highest Share
There are two types of segments: solutions and services. NLP (Natural Language Processing), deep learning, and machine learning technologies are used in AI construction solutions to assist construction organisations function more effectively and productively. To completely transform the construction business, AI-based solutions are required. These solutions also assist the construction business in becoming more familiar with advanced technology and assisting experts in saving time throughout the decision-making process.
Machine Learning & Deep Learning Segment will Hold Highest Share
The market for machine learning and deep learning is predicted to be the largest. The usage of machine learning and deep learning technologies in the construction sector has expanded dramatically as a result of the growing requirement to analyze dark data and automate business activities. To achieve benefits, several construction organizations are implementing AI-based solutions.
Project Management Segment will Hold Highest Share
The market for project management is predicted to be the largest. This application is the most crucial stage of a construction project's planning. It entails creating the proposal, supervising the design stage, and documenting money, loans, and other project-related facts.
North American Market will Hold Highest Share
North America is predicted to have the largest market size in the AI in construction industry, while APAC (Asia Pacific) is expected to grow at the quickest CAGR over the forecast period. Construction businesses in the North American region have made significant investments in the sector, and a number of vendors have emerged to meet the demand. The region is predicted to grow greatly throughout the projection period. In North America, AI technologies are effectively used in a range of applications, including field management, project management, risk management, supply chain management, schedule management, and others.
Expert systems for decision-making, natural language processing, speech recognition and other artificial intelligence applications are only a few examples.
Artificial Intelligence (AI) in Construction Market is expected to be worth over USD 2.7 billion by the end of 2028, with a CAGR of 34% from 2018 to 2028. Artificial intelligence has had a significant impact on the construction industry in recent years.
It is usually employed in the pre-construction phase, and artificial intelligence can be used to digitally plan and execute the models that will be built. It also aids in the maintenance and monitoring of the safety and maintenance systems in the construction industry.
Artificial intelligence has evolved to aid in predicting issues at construction sites before they occur, thanks to higher safety requirements. Artificial Intelligence (AI) and Machine Learning (ML) usage by enterprises throughout the world has increased, and it is expected to continue to climb in the future.
Because of the benefits AI and machine learning provide in risk assessment, corporate analytics, research, and development, this is the case. Professionals are also advocating for a more secure and transparent application of this technology, which will help it to expand even faster.
The combination of AI and IoT can benefit both the industrial and residential automation sectors, increasing the AI and ML industry's growth. AI could soon aid in understanding the functions of invasive bacteria and viruses, as well as aid in the treatment of terminal diseases like cancer, potentially decreasing the use of age-old treatments like chemotherapy.
As a result, construction firms are turning to artificial intelligence (AI) for solutions such as risk mitigation and predictive maintenance. Furthermore, AI is frequently employed in the construction sector to produce IIoT (industrial internet of things) based construction site applications.
Project managers benefit from IIoT by having more efficient outputs and lower labour expenses, which increases the demand for artificial intelligence in the sector. Construction companies are focusing their investments in IIoT application development to implement Industry 4.0 and support complete automation at their job sites.
IBM (US), Oracle (US), Microsoft (US), SAP (Germany), eSUB (US), Alice Technologies (US), Smartvid.io (US), Autodesk (US), Aurora Computer Services (England), and Building System Planning (US) are some of the major suppliers offering AI in construction solutions around the world. To enhance their market position, these vendors have used organic and inorganic growth tactics such as new product releases, partnerships, and collaborations.
Latest Innovations in the Artificial Intelligence (AI) in Construction Market: a Snapshot
- In May 2020, Microsoft Corporation announced the introduction of 'Project Bonsai,' an AI development platform for industrial systems. Project Bonsai is a machine learning service that combines calibration, optimization, and machine learning to make control systems in equipment such as robotic arms, bulldozer blades, forklifts autonomous, and subsurface drills.
- In October 2018, InEight Inc., a provider of construction project management software based in the United States, announced the successful acquisition of BASIS International, a software firm specializing in the development of artificial intelligence (AI) planning software.
Artificial Intelligence in Construction Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||USD 2.7 billion|
|Growth Rate||CAGR of 34% during 2021-2028|
|Segment Covered||Offering , Application, Stage, Deployment Type, Industry Type, Organization, Regions|
|Regions Covered||North America, Europe, Asia Pacific, Middle East and Africa, South America|
|Key Players Profiled||IBM (US), Oracle (US), Microsoft (US), SAP (Germany), eSUB (US), Alice Technologies (US), Smartvid.io (US), Autodesk (US), Aurora Computer Services (England), and Building System Planning (US)|
Key Segments of the Artificial Intelligence (AI) in Construction Market
Offering Overview (Revenue, USD Billion, 2018-2028)
Application Overview (Revenue, USD Billion, 2018-2028)
- Asset Management
- Project Management
- Schedule Management
- Risk Management
- Supply Chain Management
Stage Overview (Revenue, USD Billion, 2018-2028)
Deployment Type Overview (Revenue, USD Billion, 2018-2028)
Industry Type Overview (Revenue, USD Billion, 2018-2028)
- Public Infrastructure
- Heavy Construction
Organization Size Overview (Revenue, USD Billion, 2018-2028)
- Large Enterprises
- Small & Medium-sized Enterprises (SMEs)
Regional Overview (Revenue, USD Billion, 2018-2028)
- North America
- Asia Pacific
- South America
- The Middle East and Africa (MEA)