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The Artificial Intelligence in Construction Market is segmented by Application (Planning and Design, Safety, Equipment, and Monitoring and Maintenance), and Geography.
Fastest Growing Market:
The artificial intelligence in construction market was valued at USD 580.70 million in 2019, and is expected to reach a value of USD 3,327.06 million by 2025, at a CAGR of 33.79%, during the forecast period (2020 - 2025). The engineering and construction sector is still behind the curve in implementing artificial intelligence solutions.
|Planning and Design|
|Monitoring and Maintenance|
|Middle East & Africa|
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Planning and design phase is one of the most crucial phases in any construction project. A lot of soft costs are associated with research, architecture, and design, as making any changes in the construction phase would lead to budgetary constraints.
As more than 35% of construction professionals spend time in activities, such as conflict resolution, dealing with design flaws, and rework, paper-based communication is hard to update and distribute. Such scenarios are increasing the demand for one-stop solutions, such as BIM 360 (Autodesk), that make use of AI to eliminate flaws in design at the planning stage, with the help of generative design capabilities.
In the planning stage, AI surveys a proposed construction site and gathers valuable data and information to create 3D maps, blueprints, and construction plans. Before AI was introduced, this was a process that would take weeks to complete. The technology helps to save both time and money in the form of labor. Additionally, it gives professionals the insights that they need to effectively design, plan, construct, and manage buildings and infrastructure.
AI is also being used to ease the communication between different elements in the construction process. For Instance, the US software firm, PlanGrid, offers an app that gives real-time updates and synchronized files to allow architects, designers, and contractors easy access to the plans related to a project. Additionally, it enables project data to be accessed on the spot by anyone on the team from a smartphone.
Parametric Architecture also comes under the purview of planning and design. Parametric design is a design system that allows customization with specific parameters to create different types of outputs. Like a programming language, the tool gives architects the ability to pick their design output, set the constraints, plug data, and create countless iterations of the product or building within minutes.
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North America is one of the most advanced construction markets in the world. It is the second-largest construction market, after Asia-Pacific, with more than 15% of the global annual construction revenues. The various applications are effectively used for AI technologies, such as project management, field management, risk management, schedule management, supply chain management, and others.
The change in the political scenario of the United States and massive construction labor shortage in the region, despite a considerable increase in construction labor activities, are driving the need for automation in the construction sector. The country is one of the most prominent hubs for construction tech startups. Therefore, rapid adoption of AI is expected in the construction sector to overcome these hurdles, making it the fastest-growing region for artificial intelligence in the construction market.
There is a robust increase in investments by the companies, such as Oracle Corporation, IBM Corporation, and many more, in developing technologies, such as machine learning and neural networks. The region also hosts many AI solution providers and construction companies, making it the most strong and competitive region.
AI is also being used increasingly in applications for surveying and analyzing materials and structures. For Instance, the US firm, Roadbotics, is aiming to revolutionize the way that road infrastructure is maintained and managed. The company uses cameras fixed on car windshields to record the condition of a road. AI software is then used to analyze the data and develop maps, flagging areas, where maintenance work is needed.
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The artificial intelligence in construction market consists of some major players providing AI solutions for the construction sector. Major players are undergoing new innovations and acquisitions, in order to provide more efficiency, as the construction sector is already witnessing slow growth in adopting these technologies.
For example, as of January 2018, NVIDIA, a prominent AI solutions developer in the global market, partnered with a Japanese construction equipment-manufacturer, Komatsu, to make use of drones and AI in the construction site. Reportedly, the partnership enables contractors to use NVIDIA's AI platform to analyze the data collected from drones to assess equipment costs and real-time worker interactions.
Autodesk Inc. released the next generation of BIM 360 and Connect and a new integration partner program called Construct Exchange, in order to bring third-party software applications and data into the BIM 360 construction workflow. This generation of BIM 360, is expected to support informed decision-making throughout the construction project lifecycle, by centralizing all project data in a single place.
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Attractiveness - Porter's Five Forces Analysis
4.2.1 Bargaining Power of Suppliers
4.2.2 Bargaining Power of Buyers/Consumers
4.2.3 Threat of New Entrants
4.2.4 Threat of Substitute Products
4.2.5 Intensity of Competitive Rivalry
5. MARKET DYNAMICS
5.1 Introduction to Market Drivers and Restraints
5.2 Market Drivers
5.2.1 Rising Demand for AI-based Platforms and Solutions and Adoption of Industry 4.0 and IIoT
5.2.2 Construction Labor Shortage
5.2.3 Stringent Safety Regulations
5.3 Market Restraints
5.3.1 Low Levels of Penetration
5.4 Market Opportunities
5.4.1 Increasing Construction Activities Due to Smart City Initiatives
6. MARKET SEGMENTATION
6.1.1 Planning and Design
6.1.4 Monitoring and Maintenance
6.2.1 North America
6.2.4 Latin America
6.2.5 Middle East & Africa
7. COMPETITIVE LANDSCAPE
7.1 Company Profiles
7.1.1 Autodesk Inc.
7.1.2 Building System Planning Inc.
7.1.3 Smartvid.io Inc.
7.1.4 Komatsu Ltd
7.1.5 Doxel Inc.
7.1.6 Volvo AB
7.1.7 Built Robotics Inc.
7.1.8 Accenture PLC
7.1.9 Nemetschek SE
7.1.10 Dassault Systemes SE
7.1.11 PTC Inc.
8. MARKET OPPORTUNITIES AND FUTURE TRENDS
8.1 Investment Analysis
8.2 Future of the Market
* List Not Exhaustive