Global AI in Construction Market Growing At A CAGR Of 36.2% By 2023

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The growing importance of technology-based solutions has stimulated the construction sector to gather and share data in real time. Managing a huge chunk of data can create huge overhead costs, which can affect the profitability of an organization. Sometimes, the gathered data are irrelevant to the business process & profitability goals. Artificial intelligence (AI) plays a major role in limiting the amount of irrelevant data in these industry verticals.

AI helps to sort and organize the plethora of data which are pre-requisites for different construction purposes. AI in construction provides end-to-end solutions to a construction business by streamlining the flow of work and the process of gathering data. AI-based solutions vary from surveying, mapping, and exploring the resources, to synchronization with the automated process of bricklaying and transportation.

The global AI in construction market was valued at US$ ~449.7 million in the year 2018 and is expected to reach US$ ~2,107.8 million by the year 2023, growing at a CAGR of ~36.2%. With the increasing need for safety & security in the construction sector and the need for reduced production costs is driving the global AI in construction market. However, the slow adoption rate of AI-related technology in the construction sector and the complexity of the algorithms are expected to impede the growth of the market.

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The increasing adoption of robots, autonomous vehicles, and drones in the construction sector is also accentuating the growth of AI in construction market. Organizations are embracing these technologies for the purpose of surveying, aerial imaging, and mapping at construction sites for smoothening the construction operations. This is developing numerous prospects for the growth of the AI in the construction sector. Construction companies are also utilizing the capabilities of AI for the purpose of designing, safety, estimation, and quality measurement, which further helps in accelerating the growth of AI in construction market globally.

Table of Content

Chapter 1 Preface

1.1 Report Description
1.1.1 Purpose of the Report
1.1.2 Target Audience
1.1.3 USP and Key Offerings
1.2 Research Scope
1.3 Research Methodology
1.3.1 Phase I – Secondary Research
1.3.2 Phase II – Primary Research
1.3.3 Phase III – Expert Panel Review
1.3.4 Approach Adopted
1.3.4.1 Top-Down Approach
1.3.4.2 Bottom-Up Approach
1.3.5 Assumptions
1.4 Market Segmentation Scope

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Chapter 2 Executive Summary

2.1 Market Summary
2.1.1 Global AI in construction Market, 2016-2023, (US$ Mn)
2.1 Market Snapshot: Global AI in construction Market
2.2 Market Dynamics
2.3 Global AI in construction Market, by Segment, 2018
2.3.1 Global AI in construction Market, by Technology, 2018, (US$ Mn)
2.3.2 Global AI in construction Market, by Stage, 2018, (US$ Mn)
2.3.3 Global AI in construction Market, by Component, 2018, (US$ Mn)
2.3.4 Global AI in construction Market, by Deployment, 2018, (US$ Mn)
2.3.5 Global AI in construction Market, by Application, 2018, (US$ Mn)
2.3.6 Global AI in construction Market, by End-user, 2018, (US$ Mn)
2.3.7 Global AI in construction Market, by Region, 2018 (US$ Mn)
2.4 Premium Insights
2.4.1 AI in construction Market In Developed Vs. Developing Economies, 2018 vs 2023
2.4.2 Global AI in construction Market: Regional Life Cycle Analysis

Chapter 3 Market Dynamics

3.1 Market Overview
3.2 Market Drivers
3.2.1 The increasing adoption of the robots, autonomous vehicles, and drones in the construction sector
3.2.2 Driver 2
3.3 Market Restraints
3.3.1 The complexity of the algorithms which has led to slower adoption of AI in the construction sector
3.3.2 Restraint 2
3.4 Market Opportunities
3.4.1 Increasing demand to reduce the overall cost in construction sector.
3.5 Industry Value Chain Analysis
3.5.1 Analyst’s Views
3.6 Industry SWOT Analysis

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Name: Steven Samuel
Email - info@ozonemarketreports.com
Phone - +91 9370882135
Website: https://www.ozonemarketreports.com/

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