AI in Construction Market Overview
The AI in construction market is experiencing significant growth and is expected to continue expanding in the coming years. The market is segmented based on various factors such as components, applications, deployment types, industry types, and organization sizes .
Market Size and Growth
AI in Construction Market Size was valued at USD 0.35 billion in 2022. The AI in construction market industry is projected to grow from USD 0.47 Billion in 2023 to USD 2.60 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 33.20% during the forecast period (2023–2030). The market growth is driven by the increasing demand for data integration and visual analytics, which can assist construction businesses in gaining insights and making better decisions based on data collected from different sources such as sensors, drones, cameras, and documents.
Key Companies in the AI in Construction market include
· IBM Corporation (U.S.)
· Oracle Corporation (U.S)
· SAP SE (Germany)
· Alice Technologies (U.S.)
· Aurora Computer Services(U.K)
· Autodesk (U.S.)
· eSUB (U.S.)
· Smartvid.io(U.S.)
· Microsoft Corporation (U.S.)
· Building System Planning (U.S.)
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Market Drivers
The adoption of artificial intelligence construction industry is driven by several factors. These include the need for data integration and visual analytics, which enable better decision-making based on real-time data . AI also helps in reducing workplace accidents by replacing risky tasks with autonomous equipment. Additionally, advancements in AI, machine learning, and analytics have lowered market barriers and accelerated the adoption of AI in construction .
Market Challenges
While the artificial intelligence in construction market presents significant opportunities, it also faces challenges. Some of these challenges include the initial investment required, ensuring the accuracy of AI models, and the need for frequent maintenance and system upgrades.
Conclusion
The AI in construction market is witnessing substantial growth and is expected to continue expanding in the coming years. The market is driven by factors such as the demand for data integration and visual analytics, the need for improved safety measures, and advancements in AI and machine learning technologies. AI is being applied in various areas within the construction industry, including planning and design, safety, autonomous equipment, monitoring, and maintenance. However, the market also faces challenges such as initial investment requirements and the need for ongoing maintenance and system upgrades.
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