AI in Construction Market Size
AI in Construction Market size valued at over USD 2.5 billion in 2022 and is anticipated to grow at a CAGR of 20% between 2023 and 2032. The industry growth is owing to improving efficiency and productivity through the optimization of project scheduling, resource allocation, and task management, leading to reduced timelines & costs.
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Data-driven decision-making leverages AI's ability to analyze large volumes of construction data, enabling informed & proactive planning and resource optimization. Furthermore, AI enhances safety in construction operations through real-time monitoring, hazard detection, and compliance enforcement. It also enables quality control and defect detection, ensuring high construction standards and reducing rework.
Artificial Intelligence in Construction Market Report Attributes
| Report Attribute |
Details |
| Base Year |
2022 |
| Artificial Intelligence in Construction Market Size in 2022 |
USD 2.57 Billion |
| Forecast Period |
2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR |
20.3% |
| 2032 Value Projection |
USD 15.16 Billion |
| Historical Data for |
2018 – 2022 |
| No. of Pages |
300 |
| Tables, Charts & Figures |
369 |
| Segments covered |
Component, Deployment Model, Organization Size, Application, End User, and Region |
| Growth Drivers |
- Growing interest in cost- & time-efficient operations
- Surging investments in advanced technologies including AI, ML & IoT
- Surging automation in commercial building
- Government investments in smart city projects
|
| Pitfalls & Challenges |
- Enhancing overall safety in construction operations
- Data safety and security issues
|
What are the growth opportunities in this market?
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The high cost of investment and operation is a significant obstacle hampering AI in construction market growth. Developing and implementing AI technologies in construction projects require substantial financial resources including the cost of acquiring AI systems, hardware, software, and specialized expertise. Moreover, operational & maintenance expenses can be substantial including the need for skilled personnel, regular updates, and infrastructure requirements. The high cost of investment and operation makes it challenging for small- & medium-sized construction companies to adopt AI solutions.
COVID-19 Impact
The COVID-19 crisis disrupted several industries including manufacturing & construction, transportation & logistics, and mining. The global shutdown affected outdoor industrial operations and hampered supply chains, restricting the adoption and implementation of AI technologies in the construction industry. The pandemic also highlighted the need for contactless operations, remote monitoring, and digital solutions, which accelerated the interest & investment in AI for construction. With the resumption of industrial operations post-pandemic, the demand for AI and IoT surged across various industries including construction.
AI in Construction Market Trends
The integration of Internet of Things (IoT) devices and sensors is creating demand for AI in construction. These connected devices collect real-time data on construction sites, equipment, and worker activities. This data, when combined with AI algorithms, provides valuable insights for optimizing construction processes, improving safety, and enhancing decision-making. Furthermore, the use of AI-powered drones and robotics in construction is gaining traction. These trends are driving the industry toward smart and automated construction practices, leading to increased efficiency, productivity, and quality in construction projects.
AI in Construction Market Analysis
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Hey there! Artificial Intelligence (AI) has been making a big impact in the construction world. In 2022 alone, companies using AI tech for construction brought in around $1.5 billion. So, what do these AI solutions look like? Well, they're like toolkits made just for construction. They've got features like machine learning, which learns from data and makes predictions. They also have computer vision, which helps them "see" and analyze images and videos. Oh, and they can even understand language and crunch big datasets. These features work together like a dream team to solve problems at every stage of a construction project. They can automate tasks, like scheduling and material ordering. They can help companies use their resources more efficiently, saving time and money. And they can even improve safety by spotting potential hazards before they become problems. In short, AI in construction makes projects run smoother, faster, and better. It's no wonder it's such a hot topic in the industry right now!
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Hey there! Did you know that AI is taking the construction industry by storm, especially in project management? In 2022, it accounted for more than 35% of the total AI in construction market. Why's that? Because AI makes project managers' lives a whole lot easier! It crunches historical data to give you spot-on cost estimates, predict timelines, and even spot roadblocks before they derail your project. But that's not all. AI helps you plan your crew, schedule tasks, and keep everything running smoothly. And it doesn't stop there! AI tools track your progress in real time, so you can make lightning-fast decisions and allocate resources where they're needed most. You know what this all means? AI is transforming how construction projects get off the ground, run, and wrap up, leading to better results and fewer headaches for you.
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North America AI in construction market accounted for 30% of the revenue share in 2022. The region benefits from advanced technological infrastructure and a strong focus on innovation. The construction industry in North America is increasingly adopting AI-driven solutions to improve operational efficiency, project management, and safety. The key factors driving growth include the demand for sustainable & smart construction practices, the need for cost reduction, and a supportive regulatory environment. Additionally, strategic partnerships between technology providers, construction companies, and research institutions further fuel the growth of AI in construction across North America.
AI in Construction Market Share
Major companies operating in the AI in construction market are
- Alice Technologies Inc.
- Autodesk, Inc.
- Bentley Systems Inc.
- Dassault Systemes SE
- IBM Corporation
- Microsoft Corporation
- NVIDIA Corporation
- Oracle Corporation
- Predii
- PTC Inc.
- SAP SE
- Smartvid.io Inc.
AI in Construction Industry News
- In July 2022, ALICE Technologies was selected by Takenaka Corporation, one of Japan's five largest general contractors, for a variety of critical projects. ALICE’s architecture optioneering structure enables global building contractors to quickly & safely use AI to bid, plan & build big infrastructure and for business developments.
The Artificial Intelligence in construction market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Million) from 2018 to 2032, for the following segments
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Market, By Component
Market, By Deployment Model
Market, By Organization Size
Market, By Application
- Project management
- Field management
- Risk management
- Asset management
Market, By End User
- Residential
- Commercial
- Industrial
- Public infrastructure
The above information has been provided for the following regions and countries
- North America
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Netherlands
- Asia Pacific
- China
- India
- Japan
- Australia & New Zealand
- South Korea
- Latin America
- MEA
- South Africa
- UAE
- Saudi Arabia
Frequently Asked Questions (FAQ)
What is the size of AI in Construction Market?
The market size of AI in construction was reached USD 2.5 billion in 2022 and is set to record over 20% CAGR through 2032, owing to improving efficiency and productivity through the optimization of project scheduling, resource allocation, and task management, leading to shorter timelines & reduced costs.
How will project management application contribute to AI in construction industry value?
The project management segment held over 35% of the market share in 2022. AI technologies are being leveraged to streamline and optimize various aspects of project management, as these tools assist in resource allocation and scheduling & task management, improving the overall efficiency & productivity.
Why is North America a leading preference among AI in construction market players?
North America accounted for 30% market share in 2022, as the region benefits from advanced technological infrastructure and a strong focus on innovation.
Which companies define the competitive framework of AI in construction landscape?
Alice Technologies Inc., Autodesk, Inc., Bentley Systems Inc., Dassault Systemes SE, IBM Corporation, Microsoft Corporation, NVIDIA Corporation, Oracle Corporation, Predii, PTC Inc., SAP SE, and Smartvid.io Inc.
