Artificial Intelligence in Construction Market Size, Trends & Analysis Forecasts To 2025
Added: (Tue Jan 15 2019)
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Artificial Intelligence in Construction Market Insights
The global Artificial Intelligence in construction market is expected to grow at a high CAGR over the forecast period. The growing trend of digitization coupled with rising demand for renovation and construction activities across the world is anticipated to be one of the major factors influencing the market growth.
The market is also expected to be influenced by increasing application of big data technology and industrial IoT in the construction industry. Moreover, extensive usage of drones and robotics are also likely to stimulate the market growth over the coming years. However, the slow adoption of technology among the manufacturers is likely to hinder the growth of artificial intelligence in construction industry.
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Artificial Intelligence in Construction Market: Offering Insights
The global Artificial Intelligence in construction market, by offering, is segregated into hardware, software, and services. The software segment held the largest share of the AI in manufacturing market in 2016. The presence of major software companies coupled with growing demand for software-based AI solutions are likely to propel the market growth over the coming years.
Artificial Intelligence in Construction Market: Technology Insights
The global AI in construction market is divided into computer vision, deep learning, natural language processing, and context awareness. Computer vision accounted for maximum market share in 2016 due to its simpler & faster processing, reliability, and accuracy among others. The demand has also significantly increased by increasing use of computer vision by companies to manage huge volumes of data for predictive analysis.
Artificial Intelligence in Construction Market: Application Insights
The global AI in construction market is segmented predictive maintenance, field services, quality check, material movement, production planning, and reclamation. The predictive maintenance segment recorded the largest share in 2016 due to growing use of computer vision by companies along with increased deployment of robots, autonomous vehicles, and safety sensors in construction fields.
Artificial Intelligence in Construction Market: Regional Insights
Asia Pacific is expected to grow at the highest CAGR over the forecast period. The regional growth is attributed to growing number of infrastructural activities as well as the population in China, Japan, and Australia.
North America accounted for the maximum market share in 2016 due to the presence of major AI manufacturers across the region. The U.S. has been one of the largest contributors to the overall regional growth. The market is further expected to be driven by cross industry participation in the construction industry.
Artificial Intelligence in Construction Market: End-Use Landscape
The end-use landscape entails a list of current and prospective consumers prevailing across the regions. This section provides company addresses, contact details, products, and regional presence of companies who are purchasing or are likely to purchase AI in construction over the coming years. Some of leading consumers of AI in construction market are Balfour Beatty, Vinci, Grupo ACS, Bechtel, Hochtief, Skanska, Bouygues Construction, Kiewit, Royal BAM Group, and Laing ORourke.
Artificial Intelligence in Construction Market: Vendor Landscape
The report contains a chapter dedicated to vendors operating in the market, covering raw material manufactures, equipment developers, manufacturers, and distributors. The report provides these insights on a regional level. This section of the report entails contact details, experience, products manufactured/supplied, and geographical presence of companies.
Artificial Intelligence in Construction Market Share & Competitor Analysis
Key players operating in the global AI in construction market include APROPLAN S.A., Microsoft Corporation, Siemens AG, Intel Corporation, Nvidia Corporation, Alphabet Inc., IBM Corporation, Cisco Systems, Inc., Oracle Corporation, and SAP SE.
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