The global market for Artificial Intelligence (AI) in construction is forecast to reach $4.51 billion (USD) by 2026, according to a new report by Reports and Data. The easy mitigation of risk to quality and safety, coupled with time and cost consumption requirements of the construction industry, will drive the growth of the market.
AI can help reduce construction costs in many ways – for example, the use of virtual reality goggles and mini-robots into buildings under construction to track the work as it progresses. AI is also being used to design the routing of electrical and plumbing systems in modern buildings.
The technology is beneficial for the development of safety systems at work sites, which reduces the risks of hazards and accidents. It is being used by many firms to pursue the real-time interactions of machinery, workers, and objects on the site and alert the supervisors of potential safety issues, productivity issues and construction errors.
In addition, AI is expected to reduce the human workforce, reduce expensive errors, reduce worksite injuries and make building operations more productive.
Further key findings from the report suggest:
- Among the technologies, machine learning and deep learning technologies accounted for a larger market share of roughly 63% in the year 2018. Deep learning gives more accurate and quality results, along with both time and cost consumption benefits.
- Machine learning is also used to analyze the relevance of requirements and information based on the user’s preferences.
- The services segment is forecast to witness a higher growth rate of 34.9% during the forecast period. AI services for the construction industry enables firms to overcome several difficulties by integrating this emerging technology into their operational processes.
- Reports and DataThe small and medium-sized organization is forecast to witness a higher growth rate of 35.8% during the forecast period, due to the rapid adoption of AI by these firms.
- Cloud deployment offers advanced scalability, intensified security, better compliance, and lower costs. The segment is anticipated to witness a higher growth rate of 37.3% during the forecast period.
- The risk management application is anticipated to witness the highest CAGR of 35.8% during the forecast period, attributed to the ability of AI solutions to identify potential risks and frauds. These risks may be related to quality, safety, time, or even costs.
- Among the end uses, the safety segment is anticipated to witness the highest CAGR of 35.0% during the forecast period, which is attributed to the increasing risks and accidents reported at worksites.
- North America held the largest market share of approximately 29% in the year 2018, owing to the rapid technological advancements and increasing government investments into development of AI. Moreover, the presence of some of the leading players of the market in the region will also drive the growth of the market in the region.
- Key participants include IBM, Renoworks Software, Microsoft, Autodesk, SAP, Oracle, Alice Technologies, Building System Planning, eSUB, Askporter, Darktrace, SmarTVid.Io, Jaroop, Aurora Computer Services, Predii, Lili.Ai, Deepomatic, Assignar, Beyond Limits, Coins Global, Plangrid, Doxel, and Bentley Systems, among others. The companies have adopted various strategies, including mergers, acquisitions, and partnerships to hold ongoing trails and come up with new developments in the market.
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