What is the global market size of Artificial Intelligence in Construction Market?

Artificial Intelligence in Construction Market size was valued at USD 513 million in 2022 and is poised to grow from USD 577.43 million in 2023 to USD 1,421.23 million by 2031, growing at a CAGR of 8.13% during the forecast period (2024-2031).

Who are the key vendors in the Artificial Intelligence in Construction Market?

The Artificial Intelligence in Construction market is poised for further expansion as major market players heavily invest in research and development (R&D) to expand their product portfolios. These players are making significant market developments, such as introducing new products, entering contractual agreements, engaging in mergers and acquisitions, increasing investments, and collaborating with other organizations. These strategic initiatives are aimed at expanding their global footprint and capturing a larger market share. To grow and compete in a highly competitive market climate, the Artificial Intelligence in Construction industry must focus on providing affordable products. Market leaders are expected to reduce operating costs to improve their profit margins and remain competitive. 'Texas Instruments Inc. ', 'ON Semiconductor Corporation ', 'STMicroelectronics NV ', 'ROHM Semiconductor ', 'Broadcom Inc. ', 'Analog Devices, Inc. ', 'NXP Semiconductors N.V. ', 'Advanced Micro Devices, Inc. ', 'Microchip Technology Inc. ', 'Marvell Technology Group Ltd. ', 'Synopsys, Inc. ', 'MediaTek Inc. ', 'Semtech Corporation ', 'Lattice Semiconductor Corporation ', 'Marvell Technology ', 'Integrated Device Technology ', 'Credo Semiconductor ', 'Micron Technology ', 'Intel Corporation ', 'Realtek Semiconductor Corp'.

What is the key driver of Artificial Intelligence in Construction Market?

In various applications, there is a growing need for fast and efficient data transfer. Artificial Intelligence in Construction technology enables high-speed serial communication, addressing the demand for quick and reliable data transmission.

What is the key market trend for Artificial Intelligence in Construction Market?

One of the key market trends in the Artificial Intelligence in Construction market is the increasing demand for higher data rates and bandwidth. As data-intensive applications continue to grow, there is a need for faster and more efficient data transmission. Artificial Intelligence in Construction technology plays a crucial role in achieving high-speed data rates, enabling the transfer of large volumes of data across various applications and industries. Another important trend is the adoption of advanced modulation schemes, such as Pulse Amplitude Modulation 4 (PAM4), to enhance data transfer efficiency. PAM4 allows for the transmission of multiple bits per symbol, enabling higher data rates within the same bandwidth.

Which region accounted for the largest share in Artificial Intelligence in Construction Market?

The Artificial Intelligence in Construction market has been analyzed across regions, including North America, Europe, Asia-Pacific, and the Rest of the World. In 2022, the North America Artificial Intelligence in Construction market accounted for USD 0.2 billion and is projected to experience significant growth during the study period. This can be attributed to the presence of several Artificial Intelligence in Construction vendors in the region, particularly in the United States, such as Maxim Integrated, Texas Instruments, and Intesil (Renesas). In Europe, the Artificial Intelligence in Construction market holds the second-largest market share. The adoption of digital equipment and cloud technology is driving market expansion in the region. Germany holds the largest market share in the European Artificial Intelligence in Construction market, while the UK exhibits the fastest growth.

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 2025-2032

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.

Artificial Intelligence in Construction Market Report Snapshots

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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 global 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 global 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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