New York, NY, Dec. 13, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “AI-In-Construction Market by Technology (Natural Language Processing and Machine Learning and Deep Learning), by Component (Solutions and Services), by Deployment (On-Premises and Cloud), and by Application (Project Management, Risk Management, Field Management, Supply Chain Management, and Schedule Management): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017—2024”. According to the report, the global AI-in-construction market was valued at USD 312 million in 2017 and is expected to reach USD 3,161 million by 2024, growing at a CAGR of 38.14% between 2018 and 2024.
Artificial Intelligence allows computer systems to make intelligent decisions by applying the required skills. Artificial Intelligence has been beneficial in the development of applications that comprise machine vision for easy analysis and surveying of buildings and structures. Additionally, the development of creating information modeling is software that gives information on a construction project, warranty details regarding material used, and commissioning data. This has resulted in increased AI adoption by most of the construction start-ups globally for various applications.
Browse through 56 Tables & 29 Figures spread over 145 Pages and in-depth TOC on “Global AI-In-Construction Market: By Technology, Size, Share, Types, Trends, Industry Analysis and Forecast 2017—2024”.
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The global AI-in-construction market is majorly driven by the increasing demand for AI-based platforms and solutions. In addition, the rising need for intelligent business processes is also expected to contribute toward this market’s growth. Furthermore, the adoption of robots and drones along with autonomous vehicles in the real estate sector is also considered one of the major factors fuelling the expansion of the AI-in-construction market. However, the shortage of skilled workforce and disorganized construction sector might hinder this market. Nonetheless, the adoption of AI by the construction companies for aerial mapping, mapping, automation of construction activities, and surveying the sites are expected to create new market opportunities in the upcoming years.
By technology, the AI-In-Construction market is divided into natural language processing and machine learning and deep learning. The machine and deep learning segment is estimated to hold largest market size, owing to the rising need to analyze illegal data and automation of business activities and the increased use of the machine and deep learning technology in the real estate sector. By component, this market includes solutions and services. The solutions segment is projected to hold the largest market share in the upcoming years. AI construction solutions help construction enterprises in saving time during decision making. The cloud segment is expected grow at highest CAGR over the forecast period, owing to its cost effectiveness. Project management, field management, risk management, supply chain management, and schedule management comprise the application segment of the AI-In-Construction market. The project management segment is expected to hold the largest market share, as it is the first and most important phase of a construction project planning, which comprises designing stage, drafting a proposal, and documenting loans, funds, etc.
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North America dominated the global AI-In-Construction market in 2017, due to the lack of a skilled workforce that has driven the key construction enterprises to invest in robotics-based solutions. The real estate organizations are developing solutions that can detect the risks and perform the labor tasks repetitively, which can enable the non-experienced staff to complete the complex tasks. In addition, the high AI demand for various applications, such as field management, project management, and risk management, is likely to contribute toward this regional market’s growth.
Europe is projected to witness a remarkable rate of growth in the global AI-In-Construction market in the upcoming years, due to the huge investments made by construction companies in AI technology for support, training, and digital platform. Additionally, the rising adoption of the machine and deep learning technologies by companies to automate their business model is also considered as one of the major factors contributing to this regional market’s growth.
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Asia Pacific is estimated to be the fastest growing AI-In-Construction market in the projected period, owing to the extensive adoption of the AI-based platforms, such as machine learning and deep learning, code frameworks, and pre-built algorithms by the real estate companies in emerging economies, such as China and India. Asia Pacific contributes nearly 40% in the global construction market, which has resulted in the increased adoption of AI technology by the construction companies in India and China. Additionally, the rising demand by the economies to create smart cities that requires amenities, which, in turn, boost the construction industry and encourage the companies to adopt AI in construction projects.
Latin America comprises the emerging economies that have a potential market for AI-In-Construction market expansion. The emerging economies, such as Brazil, Chile, and Argentina, are marching toward the digital world. The region’s construction companies are adopting artificial intelligence to improve their business activities.
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The Middle East and Africa is likely to exhibit an increase in market growth, owing to increasing government investments made in commercial, infrastructure, and residential sectors and energy projects.
Some of the noticeable players operating in the AI-In-Construction market are Renoworks Software, IBM, Autodesk, Microsoft, Oracle, SAP, Building System Planning, Alice Technologies, Askporter, eSUB, SmarTVid.Io, Darktrace, Aurora Computer Services, Jaroop, Lili.Ai, Predii, Assignar, Deepomatic, Coins Global, Beyond Limits, Doxel, Plangrid, and Bentley Systems, among others.
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This report segments the global AI-In-construction market as follows:
Global AI-In-Construction Market: Technology Segment Analysis
- Natural Language Processing
- Machine Learning and Deep Learning
Global AI-In-Construction Market: Component Segment Analysis
- Solutions
- Services
Global AI-In-Construction Market: Application Segment Analysis
- Project Management
- Risk Management
- Field Management
- Supply Chain Management
- Schedule Management
Global AI-In-Construction Market: Deployment Segment Analysis
- On-Premises
- Cloud
Global AI-In-Construction Market: Regional Segment Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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