The global artificial intelligence (AI) in construction market size is expected to reach USD 3.3 billion by 2025, according to a new report by Grand View Research, Inc. The market is anticipated to witness a CAGR of 34.0% from 2019 to 2025. Artificial intelligence in building solutions is being adopted rapidly due to the increasing need for risk management and deployment of more safety measures at the job site. Specialized artificial intelligence solutions are trained on architecture images, which helps in predictive maintenance. These artificial intelligence solutions can review thousands of images and identify risk factors to provide insights into risk indicators at a scale that cannot be achieved by humans. Furthermore, artificial intelligence has become more predictive and can observe the activities taking place at job sites, based on which it can predict the results of these activities.
Also,
artificial intelligence helps in predicting the cost overruns based on contract
type, project size, and the competence level of project managers. Thus,
artificial intelligence helps to reduce the production costs by providing
real-time feedback on actual time and expenses spent on the job site.
AI-enabled cameras are deployed on the job site to monitor real-time
activities. Several factors, such as growing adoption of risk mitigation and
management solutions, predictive maintenance, prevention of cost overruns, and
AI-enabled post-construction solutions, have spurred the AI in
construction market.
The
Asia-Pacific regional market is expected to witness substantial growth over the
forecast period. This is owing to the growing adoption of AI-enabled solutions
and services by the builders in emerging economies. Mitigating the risks at job
sites is one of the significant factors influencing the market’s growth
positively as the industry has several risk factors. Artificial intelligence
helps in providing predictive maintenance and better risk management. The
industry is adopting artificial intelligence technology to obtain insights to
increase productivity and ensure safety at job sites.
For more info visit here: https://www.grandviewresearch.com/industry-analysis/artificial-intelligence-in-construction-market
Further key
findings from the study suggest:
- Considerable
surge in deployment of project management and risk management solutions in
the industry will create a massive potential for artificial intelligence
solutions in the industry
- Several
benefits of AI including prevention of cost overruns, generative designs
for buildings, risk mitigation, project planning, increased productivity,
and safety has significantly contributed to market growth
- Market
players are focusing on providing advanced AI and big data in the
industry, which offers advanced features, such as improved safety,
post-construction solutions, budget management, and project planning
- Key market
players are considering partnerships and acquisition of startups providing
innovative products to expand their outreach in the market
- The key
competitors in the artificial intelligence in construction market are IBM
Corporation; Microsoft Corporation; Oracle Corporation; SAP SE; ALICE
Technologies Inc.; eSUB Inc.; Smartvid.io, Inc.; Darktrace; Aurora
Construction and Security; and Autodesk Inc.
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About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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