The AI in construction market is expected to reach approximately USD 2512.8 million by 2030 growing with a 33.2% CAGR over the forecast period 2021-2030.
AI in any given field helps to increase task efficiency and reduces any potential risks and threats involved. The construction sites are often found to be safer and more sound for workers and laborers with the implementation of AI in its operational sites. The technology is often incorporated into the core of the machines, which also enhances productivity with precise results and work pace.
- IBM Corporation (U.S.)
- Oracle Corporation (U.S)
- SAP SE (Germany)
- Alice Technologies.(U.S.)
- Microsoft Corporation (U.S.)
- Aurora Computer Services(U.K)
- Autodesk (U.S.)
- eSUB (U.S.)
- Building System Planning (U.S.).
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The AI in Construction Market has been seeing significant growth owing to the safety provided by the implementation of the technology. It reduces any chances of health hazards. The death rate at construction sites has been increasing at an alarming rate, as a result of which the implementation of AI has been increasing over the past years. The forecast period of the market was estimated from 2021 to 2027, amid which healthy growth and development were seen in the market. The market had an overall rate of $89.6 billion in 2022. With a substantial growth rate of 33.2% in its forecast period, the market is again estimated to show a global market value of $ USD 2512.8 by the end of 2030. However, certain factors have also restricted the growth of the market.
Also, there were many developments in the market dynamics due to potential market key players:
- May 2022: Manufacturing connects, and the manufacturing data engine was launched by Google as two major solutions for process manufacturing. This also helped to clear the factory floor to the cloud.
Several other key players also played a major role in enhancing the market dynamics of AI in Construction Market.
What are the market drivers of AI in the construction market?
Along with a shift to the major parts of Asia-Pacific like India, China, Japan and South Korea, the market has been showing major growth in parts of North America and Australia. This includes the US, Canada, Mexico, and Chicago. Parts of Europe also include the UK, Italy, France and Germany. The global market is being run by robotics businesses. Autonomous robots are being built to reduce human labor and also to reduce any errors. More businessmen and construction contractors are looking forward to a technological transformation with skilled technology and deep learning methods. AI-driven automation facilities have thus contributed majorly as a driving factor for AI in construction market.
How covid 19 affect the market growth rate?
The pandemic also restricted the supply chain of the market. The government imposed strict lockdowns due to the Covid-19 analysis, as a result of which there was a significant drop in the productivity factor of the market. Most of the construction workers and workforce aren't often acquainted with the working system of AI. This includes several features like cognitive computing and deep learning. The system is quite tough to integrate, and a small mistake can easily impact the entire outcome, and substantial data processing is hampered. Despite this, AI in construction market demonstrated a shift in its available productivity. The forecast period brings about healthy and substantial growth in its forecast period.
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