AI in Construction Market Is Booming So Rapidly | IBM, Oracle, SAP

HTF Market Report

Updated · Jun 29, 2023

AI in Construction Market Is Booming So Rapidly | IBM, Oracle, SAP

According to HTF MI, the Global AI in Construction market is predicted to expand at a rate of 34.1% and may see a market size of USD 10288.9 Million by 2028, presently set at USD 1762.3 Million.

Published Via 11Press : The AI in Construction market refers to the application of artificial intelligence (AI) technologies and techniques in the construction industry. AI is utilized to enhance various aspects of construction processes, including project planning, design, scheduling, risk management, quality control, and maintenance.

In the construction industry, AI technologies are employed to analyse large volumes of data, make predictions, and automate certain tasks that were traditionally performed manually. AI systems can process information from various sources such as building models, sensors, drones, and other IoT devices to provide valuable insights, optimize operations, and improve overall efficiency.

Find out more about the AI in Construction Market @ https://www.htfmarketintelligence.com/sample-report/global-ai-in-construction-market

AI in Construction Market

AI in Construction Market Key Players

Below are the most prominent enterprise AI in the Construction industry players.

  • Alice Technologies (United States)
  • IBM (United States)
  • Building System Planning (United States)
  • io (United States)
  • Aurora Computer Services(England)
  • Microsoft (United States)
  • Oracle (United States)
  • SAP (Germany)
  • eSUB (United States)
  • Autodesk (United States)

AI in Construction Market Key Business Segments

By Product Type

  • Heavy Construction
  • Residential
  • Institutional Commercials
  • Others

By End Use Application

  • Risk management
  • Schedule management
  • Supply chain management
  • Field management
  • Project management
  • Others

Purchase the most recent edition of the AI in Construction Market Report @ https://www.htfmarketintelligence.com/buy-now?format=3&report=649

Market Growth Drivers

  • The construction industry’s expansion is driving market growth. People and organisations throughout the world spend more than $10 trillion every year on construction-related activities, with that amount predicted to rise by 4.2% by 2023.
  • A chunk of this massive amount of money is spent on and enabled by fast-moving technological advances that touch every area of the ecosystem.
  • AI has the ability to help stakeholders at all stages of a project’s lifespan, including design, bidding, and financing, procurement and construction, operations, and asset management. It may even aid in the evolution of company concepts.
  • The capacity of AI to assist with some of the industry’s most severe challenges, such as labour shortages, safety concerns, and cost and schedule overruns, improves construction as a whole.

Influencing Trends

  • BIM is a digital representation of a construction project that enables collaboration, visualization, and data integration.
  • AI is being integrated with BIM systems to analyse and extract valuable insights from the data, leading to improved decision-making and project outcomes.
  • AI-powered autonomous construction equipment, such as self-driving trucks and robotic bricklayers, are gaining traction.
  • These technologies can automate repetitive tasks, enhance productivity, and reduce labour costs.

Challenges

  • One of the key challenges is expected to be a scarcity of qualified individuals.
  • To produce the desired results, the work required in the construction industry with the help of artificial intelligence requires both technical and domain knowledge.

Opportunities

  • The use of artificial intelligence technology to improve worker safety on construction sites and reduce health hazards in the construction environment is predicted to fuel significant growth in the worldwide market for AI in construction.
  • According to a recent study, one out of every five worker deaths in 2013 happened in the construction business.
  • Because of the rising fatality rate on construction sites, action is required. Construction sites typically have safety equipment such as cameras, sensors, and Internet of Things (IoT) devices that monitor various aspects of construction operations and alert the crew if a safety hazard is likely to occur, thereby preventing such problems from occurring and creating lucrative growth opportunities for the market.

Restraints

  • Implementing AI technology might be costly upfront, which may prevent some construction businesses, particularly smaller ones.
  • It is critical to demonstrate a clear return on investment and the cost-effectiveness of AI solutions. The usage of AI necessitates the handling of sensitive data, such as project plans, financial information, and personal information.
  • The difficulty of ensuring data privacy and security must be handled in order to develop confidence and comply with legislation.

Major Development in the AI in Construction Market

Report Highlights

Report Attributes Details
Rate of Growth 34.1 %
Market Forecast Values (2029) USD 10288.9 Million
Current Market Size Values(2022) USD 1762.3 Million
Dominating Segment Heavy Construction
Major Players Profiled Autodesk (United States), Smartvid.io (United States), Microsoft (United States), Oracle (United States), Building System Planning (United States), IBM (United States), Alice Technologies (United States), eSUB (United States), Aurora Computer Services(England), SAP (Germany)
Base Year 2022


Do you have a question? Make an enquiry before making a purchase of this Report on AI in the Construction Market:
https://www.htfmarketintelligence.com/enquiry-before-buy/global-ai-in-construction-market

For the competitor segment, the report includes leaders of AI in Construction as well as some emerging players:

IBM (United States), Oracle (United States), Alice Technologies (United States), eSUB (United States), Smartvid.io (United States), Microsoft (United States), Aurora Computer Services(England), Building System Planning (United States), Autodesk (United States), SAP (Germany)

The information for each competitor includes:

* Company Profile

* Main Business Information

* SWOT Analysis

* Sales, Revenue, Price and Gross Margin

* Market Share

Key highlights of the report:                                                   

AI in Construction Market Performance (2018-2022)

AI in Construction Market Outlook (2023-2028)

AI in Construction Market Trends

AI in Construction Market Drivers and Success Factors

Reasons to Purchase this Report:

* Estimates 2022-2028 market development patterns for AI in Construction using recent trends and SWOT analysis

* Market dynamics environment, as well as market growth potential in the next years

* Analysis of market segmentation, comprising qualitative and quantitative study of the AI in Construction market, taking into account the influence of economic and policy factors

* Regional and country-level study incorporating the demand and supply variables impacting the market growth.

* Data for each segment and sub-segment market value (USD Million) and volume (Units Million).


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Craig Francis (PR & Marketing Manager)
HTF Market Intelligence Consulting Private Limited
Phone:  +1 434 322 0091
[email protected]

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