Global Artificial Intelligence in Construction Market

Artificial Intelligence in Construction Market Size, Share, Growth Analysis, By Offering(Solution, Service), By Application(Asset Management, Project Management, Risk Management, Schedule Management), By Region - Industry Forecast 2024-2031

Report ID: SQMIG45A2145 | Region: Global | Published Date: March, 2024
Pages: 197 | Tables: 65 | Figures: 70

Artificial Intelligence in Construction Market News

  • In June 2023, Autodesk announced the launch of its new AI-powered construction management platform, BuildOps. BuildOps uses AI to automate tasks such as scheduling, budgeting, and risk management, helping construction companies to improve efficiency and productivity.
  • In May 2023, IBM announced the expansion of its Watson AI for Construction offering. The new offering includes new capabilities for predictive analytics, machine learning, and natural language processing, which can be used to improve decision-making, safety, and quality in construction projects.
  • In April 2023, Microsoft announced a partnership with Trimble to develop AI-powered solutions for the construction industry. The partnership will focus on developing solutions for site safety, productivity, and quality control.
  • In March 2023, Komatsu launched its first AI-powered excavator, the PC360LCi-11. The excavator uses AI to automate tasks such as digging, loading, and unloading, helping to improve safety and productivity.
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Artificial Intelligence in Construction Market size was valued at USD 665.67 million in 2022 and is poised to grow from USD 892.66 million in 2023 to USD 9335.08 million by 2031, growing at a CAGR of 34.1% during the forecast period (2024-2031).

The competitive landscape of the artificial intelligence (AI) in the construction market is marked by the active participation of industry giants and innovative startups. Established players such as IBM, Microsoft, and Oracle have solidified their positions by offering robust AI solutions tailored to the construction sector. Their extensive resources, technological prowess, and reach enable them to provide comprehensive AI-driven applications spanning project management, risk assessment, and supply chain optimization. These companies' established reputations also foster trust among construction firms seeking reliable AI solutions. 'IBM', 'Microsoft', 'Oracle', 'Autodesk', 'Trimble', 'SAP', 'Bentley Systems', 'Caterpillar Inc.', 'Komatsu Ltd.', 'ABB Ltd.', 'Doxel Inc.', 'Smartvid.io', 'Procore Technologies', 'StructionSite', 'BuildingConnected'

AI technologies streamline construction processes, reducing manual labor and time consumption. Automation and predictive analytics enhance efficiency, resulting in faster project completion.

Building Information Modeling (BIM) Integration: Building Information Modeling (BIM) is a cornerstone trend in the AI-driven construction market. BIM utilizes AI algorithms to create 3D digital representations of buildings, enabling stakeholders to visualize, plan, and manage construction projects comprehensively. AI-enhanced BIM platforms facilitate collaborative decision-making, detect clashes in design elements, and optimize resource allocation.

In 2022, the North American AI in the construction market held a significant share of over 38%. This prominence can be attributed to the region's robust industrial automation sector. North America stands out for its substantial population with increased purchasing power, consistent investments in automation, and governmental emphasis on domestic AI-integrated construction equipment manufacturing. The region's marked investments in Industrial Internet of Things (IIoT) and industrial automation further contribute to the market's growth. Noteworthy tech giants have made substantial investments in this region, emerging as preferred choices for companies seeking AI-driven applications. A case in point is Microsoft Azure, developed by U.S.-based tech giant Microsoft, which has been employed by construction firms like PCL Constructors Inc. and ThyssenKrupp AG to implement AI-enabled building solutions.

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Global Artificial Intelligence in Construction Market

Report ID: SQMIG45A2145

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