AI in Construction Market Size 2021 by Top Countries Data, Industry Analysis by Regions, Revenue, Share, Development, Tendencies and Forecast to 2030

In a recent published report, Kenneth Research has updated the market report for AI in Construction Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.

U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4  billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for AI in Construction Market products.

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The AI in Construction Market is estimated to record a significant growth throughout the forecast period. The ICT sector constitutes 4.8% of the European economy. Europe’s organization ERDF i.e. European Regional Development Fund has allotted approximately USD 23 billion for investments related to ICT during the funding period 2014-2020. ICT refers to the communication technologies including the internet, wireless networks, social networking, cell phones, video-conferencing, computers, software, and other media applications and services enabling users to access, retrieve, and manipulate information in a digital form.

Market Scenario

Technological advancements have encouraged the organizations, especially construction and engineering sector, to gather and share information in real time. This real-time information involves sharing of high volumes of unorganized data, which at times is irrelevant, which can increase the capital and operational expenditure of any organization. Thus, to limit the volume of irrelevant data, artificial intelligence (AI) plays a critical role in these sectors. Artificial intelligence is used to sort and respond a plethora of information which is a pre-requisite for various construction purposes. AI offers its technological solutions from mapping, surveying, and exploring structures and resources and synchronizing with the automation of bricklaying and transportation.

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AI-enabled applications in the construction sector have been at a burgeoning stage and are presumed to witness their integration with building information modelling (BIM) and GPS which would be very beneficial for project planning, scheduling, and inventory purposes. Moreover, the AI is anticipated to support the construction sector in mitigating the existing and repetitive challenges of accuracy margin, project schedule delay, and safety concerns which are presumed to be one of the major propelling factors for the growth of AI in construction market over the assessment period.

On the flip side, slow adoption rate of AI in the construction sector and complex algorithms for developing construction specific programs are expected to inhibit the growth of AI in construction market over the forecast period.The global AI in construction market is expected to reach approximately USD 2,011.4 million by 2023 growing with a 35% CAGR over the forecast period 2017-2023

Key Players

Some of the key players of AI in Construction market include IBM Corporation (U.S.), Oracle Corporation (U.S), SAP SE (Germany), Alice Technologies.(U.S.), Microsoft Corporation (U.S.), Aurora Computer Services(U.K), Autodesk (U.S.), eSUB (U.S.),,and Building System Planning (U.S.).

Some other vendors who are involved in AI construction market are Jaroop, Lili.Ai, Predii, Assignar, Deepomatic, Coins Global, Beyond Limits, Doxel Askporter, Plangrid, Bentley Systems, and Renoworks Software

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The AI in construction market is differentiated by stage, component, technology, deployment, organization size, and application.On the basis of stage, the market is categorized into pre-construction, construction stage, and post-construction. By component, the AI in construction market is sub-segmented as solutions and services. The solution segment is categorized as virtual assistant, design & planning, revenue estimation, demand forecasting, predictive maintenance, and others.  The service sub-segment comprised training & consulting, implementation services, and other support services.

On the basis of technology, the market is segregated into neural networks, machine learning & deep learning, and natural learning programming (NLP). Additionally, on the basis of deployment, the market is bifurcated into on-cloud and on-premise. Depending on the organization size, the market is classified as large enterprises, and small & medium enterprise. On the basis of application, the market is categorized as, building information management, schedule management, project management, risk management, equipment management, and supply chain management.

Regional Analysis

Geographically, the AI in construction market is segmented into four different regions namely North America, Asia Pacific, Europe, and the Rest of the World.

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North America is presumed to have significant growth in the AI in the construction market, the U.S. and Canada being leading countries in the market. The regional dominance is owing to increased investment by the companies, such as IBM Corporation, Oracle Corporation and many more, in developing technologies such as neural networks and machine learning. Additionally, Asia Pacific is also expected to register a considerable growth rate in the market. China, Japan, South Korea, and India are the leading countries in this region. The market growth is due to increase in demand by the economies to develop smart city projects which require better amenities that boost the real estate sector.

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