Global AI in Construction Market Growing At A CAGR Of 36.2% By 2023
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
1.1.1 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
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
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
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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