The rising demand for AI-based solutions and platforms, the need for more safety measures at construction sites, and the ability of the AI-based solutions to reduce the production costs are expected to drive the growth of the AI in Construction Market.
According to a new market research report "Artificial Intelligence (AI) in Construction Market by Technology, Stage, Component, Application, Deployment Type, Organization Size, Industry Type (Residential, Institutional Commercial, and Heavy Construction), and Region - Global Forecast to 2023" published by MarketsandMarkets™, the global AI in Construction Market to grow from USD 407.2 Million in 2018 to USD 1,831.0 Million by 2023, at a Compound Annual Growth Rate (CAGR) of 35.1% during the forecast period.
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The Natural Language Processing (NLP) technology is expected to grow at a higher CAGR during the forecast period
In the AI in construction industry, the NLP technology is used to collect, analyze, and visualize customer-related data, such as customers’ response to particular products and services. NLP is a human-to-computer interaction technology that analyzes and understands both the spoken and written forms of human languages.
Moreover, it assists machines in understanding the languages in which humans communicate (both reading and writing) and formulating basic and advanced levels of interactions with humans. AI in construction platform providers are concentrating on developing strong cloud-based AI in construction solutions for their clients, as many businesses have migrated to either the private or the public cloud.
Among industry types, the residential segment is expected to have the largest market size and grow at the highest CAGR during the forecast period
On the basis of industry types, the AI in Construction Market has been segmented into residential, institutional commercials, heavy construction, and others (light industrial construction and specialized industrial construction). Among these industry types, the residential segment is expected to have the largest market size.
The increasing demand for luxurious and high-rise residential buildings is expected to encourage the construction companies to adopt AI in construction solutions and services, and reduce the duration and cost of construction, while also being able to increase the Return on Investment (RoI).
Asia Pacific (APAC) is expected to grow at the highest CAGR during the forecast period
In the APAC region, the construction companies are investing in AI technologies. The APAC region has great scope for growth in terms of the AI in Construction Market.
The construction companies in the rapidly growing economies of the APAC region, such as China, Japan, and Singapore, are using AI tools via AI platforms across different industries to provide effective solutions. The growth of the AI in Construction Market in the APAC region can be attributed to the rapid technological advancements in AI in construction solutions and services among the developing countries.
The AI in Construction Market report encompasses the competitive landscape and company profiles of the key vendors based on their product offerings and business strategies. The key AI in construction vendors include IBM (US), Microsoft (US), Oracle (US), SAP (Germany), Alice Technologies (US), eSUB (US), Smartvid.io(US), Aurora Computer Services(England), Autodesk(US), and Building System Planning (US).
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