Artificial
intelligence is the capability of the machine which has the abilities to do the
work and mimic intelligence as human behavior. Few basic uses of artificial
intelligence are expert systems which assist in decision making, speech
recognition, and natural language processing among others. In the recent years,
artificial intelligence has made a huge impact in the construction sector. It
is widely used in pre-construction stage and with the use of artificial
intelligence one can plan and implement the models digitally which are going to
be constructed. The global AI in construction market is projected to grow at a major
speed primarily due to the adoption of artificial intelligence technology to enhance
the safety levels for workers working on the constructions sites and minimize
the health hazards in the construction area. As per the regulatory agency of
the United States Department of Labor named “Occupational Safety and Health
Administration (OSHA)”, declares that the till year 2020, “one in five worker
deaths last year were in construction.” The death rate at the construction
sites is alarming and is required to be taken care of. In order avoid the
possible hazards on the construction sites, the sites are commonly equipped
with safety equipment such as sensors, cameras and IoT devices which detect various
features of construction operations and notify the team whenever the safety
hazard is anticipated to happen and therefore is propelling the AI in
construction market. Moreover, various AI in construction market players are constantly
investing in the research and development activity to bring advancements to the
artificial intelligence incorporated equipment for the building and
construction sector usage. However, the huge maintenance &
operational cost and dearth of technical expertise in the field will limit the
market growth.
In
addition, the AI neural networks are used for construction projects to recognize
cost exceeds. Its predictive model uses past data such as project beginning and
end dates to visualize realistic timelines for upcoming projects. Cost overruns
are anticipated on the basis of various factors, such as project size, contract
type and the competence level of the project managers. Project managers can arrange
the project schedule and evaluate the original cost and budget with the assistance
of real-time feedback offered by the AI platform. Besides, artificial
intelligence assists the company staff access real-life training material to improve
their knowledge and skills quickly.
The
global Artificial Intelligence (AI) in Construction Market is segregated on the
basis of component as Software and Services. Based on Deployment Model the
global Artificial Intelligence (AI) in Construction Market is segmented in On-Premises
and Cloud. Based on Enterprise Size the global Artificial Intelligence (AI) in
Construction Market is segmented in Large Enterprises and Small & Medium
Enterprises. Based on Stage the global Artificial Intelligence (AI) in
Construction Market is segmented in Pre-construction stage, Construction Stage
and Post-construction Stage. Based on Application the global Artificial
Intelligence (AI) in Construction Market is segmented in Project Management, Field
Management, Risk Management, Schedule Management and Others.
The
global Artificial Intelligence (AI) in Construction Market report provides
geographic analysis covering regions, such as Europe, North America, Asia
Pacific, and Rest of The World. The Artificial Intelligence (AI) in
Construction Market for each region is further segmented for major countries
including the U.S., Canada, Germany, the U.K., France, Italy, China, India,
Japan, Brazil, South Africa, and others.
Competitive Analysis
IBM, Microsoft,
Oracle, SAP, Alice Technologies, eSUB and others are among the major players in
the global Artificial Intelligence (AI) in Construction Market. The companies
studied in terms of product strategy and various n several growth and expansion
strategies to gain a competitive edge in the market. The major players not only
follow value chain integration with business operations in multiple stages of
the value chain.
- In May
2020, Microsoft Corporation introduced an AI development platform for
industrial systems known as ‘Project Bonsai’. The Project Bonsai is a machine
teaching service which combines calibration, optimization and machine learning
to make the control system autonomous in machineries such as underground
drills, robotic arms, bulldozer blades, and forklifts, among others.
- In
October 2018, InEight Inc., the US-based developer of construction project
management software, declared a successful acquisition over BASIS
International, the US-based software company which is associated to develop an
artificial intelligence (AI) planning software tool.
- In March
2020, The Newmetrix’s construction-trained AI engine known as ‘Vinnie’ is developed
with new features such as new work at height risks, see construction phases and
identify workers in a group.
The global Artificial Intelligence (AI) in Construction
Market has been segmented as below:
Artificial
Intelligence (AI) in Construction Market, By Component
Artificial
Intelligence (AI) in Construction Market, By Deployment Model
Artificial
Intelligence (AI) in Construction Market, By Enterprise Size
- Large Enterprises
- Small & Medium Enterprises
Artificial
Intelligence (AI) in Construction Market, By Stage
- Pre-construction stage
- Construction Stage
- Post-construction Stage
Artificial
Intelligence (AI) in Construction Market, By Application
- Project Management
- Field Management
- Risk Management
- Schedule Management
- Others
Artificial
Intelligence (AI) in Construction Market, By Region
- Europe
- North America
- Asia Pacific
- Rest of The World
Artificial
Intelligence (AI) in Construction Market, By Company
- IBM
- Microsoft
- Oracle
- SAP
- Alice Technologies
- eSUB
- SmarTVid.Io
- DarKTrace
- Aurora Computer Services
- Autodesk
- Jaroop
- Lili.Ai
- Predii
- Assignar
- Deepomatic
- Coins Global
- Beyond Limits
- Doxel
The
report covers the below scope:
- Global Artificial Intelligence (AI)
in Construction Market sizes from 2020 to 2026, along with CAGR for 2020-2026
- Market size comparison for 2019 vs
2026, with actual data for 2019, estimates for 2019 and forecast from 2020 to
2026
- Global Artificial Intelligence (AI)
in Construction Market trends, covering comprehensive range of consumer trends
& manufacturer trends
- Value chain analysis covering
participants from raw material suppliers to the downstream buyer in the global Artificial
Intelligence (AI) in Construction Market
- Major market opportunities and
challenges in forecast timeframe to be focused
- Competitive landscape with analysis
on competition pattern, portfolio comparisons, development trends and strategic
management
- Comprehensive company profiles of
the key industry players
The
years considered for the study are as follows:
- Base year - 2019
- Estimated year - 2019
- Projected year - 2020
- Forecast period - 2021 to 2026
Report
Scope:
The global Artificial Intelligence (AI) in
Construction Market report scope includes detailed study covering underlying
factors influencing the industry trends. The report covers analysis on regional
and country level market dynamics. The scope also covers competitive overview
providing company market shares along with company profiles for major revenue
contributing companies. The report scope includes detailed competitive outlook
covering market shares and profiles key participants in the global Artificial
Intelligence (AI) in Construction Market share. Major industry players with
significant revenue share include IBM, Microsoft, Oracle, SAP,
Alice Technologies, eSUB and
others.
Why to
Buy this Report:
- Gain detailed insights on the Artificial Intelligence (AI) in Construction industry trends
- Find complete analysis on the
market status
- Identify the Artificial
Intelligence (AI) in Construction Market opportunities and growth segments
- Analyse competitive dynamics by
evaluating business segments & product portfolios
- Facilitate strategy planning and
industry dynamics to enhance decision making
Target
Audience:
- The report targeted towards the existing players in
the industry is as follows:
- Market Manufacturers/Service
Providers
- Market Wholesale/Traders
- Investment and Financial
Institutions
Free
and Paid Customization based on the requirement