Artificial Intelligence in Construction Market - Growth, Trends, Forecasts (2020 - 2025)
The Artificial Intelligence in Construction Market is segmented by Application (Planning and Design, Safety, Autonomous Equipment, and Monitoring and Maintenance), and by Geography.
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Scope of the Report
Key Market Trends
TABLE OF CONTENTS
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The AI in Construction Market was valued at USD 466.9 million in 2019, and it is projected to be worth USD 2312.8 million by 2025, registering a CAGR of 33.87% during the period 2020 to 2025. According to the Association of Equipment Manufacturers (AEM), AI has the potential to boost productivity, safety, and other aspects of business success in the construction industry.
In recent years, artificial intelligence has been very beneficial to the construction industry, especially in pre-construction phases, like planning and designing, enabling advanced capabilities for building information modeling and generative design. Additionally, considerable innovations in safety, monitoring, and maintenance systems that use AI capabilities to predict and warn about adverse situations are gradually increasing the role of AI-based technology in the construction industry.
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.
Further, AI is primarily a data-driven technology. Availability and collection of data is very important for accurate results, especially in case of safety and monitoring applications. This is creating huge demand for spatial data and satellite imaging in the construction sector. Also, low level indoor monitoring and tracking applications are employing cameras and drones to gather data.
Lack of skilled work force in the global construction industry, due to stringent migration regulations in many regions, especially in North America and Europe, is driving the demand for automation based on AI in the construction sector. Moreover, in the wake of COVID-19 global lockdown and complete shutdown of construction activity, the shortage of workforce is aggravated which is expected to drive the construction companies to improve their efficiency by adopting AI solutions.
Scope of the Report
Artificial intelligence is the concept of machines being able to perform tasks in a way that would mimic sophisticated human intelligence capabilities, like recognition, planning, and decision making. AI solutions, which have made an impact in other industries, are beginning to emerge in the construction industry. The study covers the market based on AI applications in different areas of construction across the globe.
Planning and Design
Monitoring and Maintenance
Rest of the World
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Key Market Trends
Planning and Design Segment is Expected to Occupy Significant Market Share
Planning and design is a crucial phase of construction. Any flaws or errors that are committed at this stage of development may incur a severe loss to the contractors in the later stages of the project. Such scenarios lead to many budget constraints and delays in project completion.
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.
Autodesk Revit is one such BIM software, which allows users to design buildings and internal components in 3D and link schedule-related information to individual components in the 3D model.
Recovering oil and gas prices in the global market and infrastructure investments into several countries are expected to start up over 5,356 construction projects in the top twenty construction markets. Such growth in the sector is expected to create considerable demand for AI in the construction sector over the forecast period.
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North America is Expected to Witness Significant Growth Rate
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 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, the 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 competitive and robust region.
AI is also being used increasingly in applications for surveying and analyzing materials and structures. For Instance, the US firm, Robotics, 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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Artificial Intelligence in the Construction market is fragmented in nature and consists of some significant players providing AI solutions for the construction sector. Significant players include Autodesk Inc., Building System Planning Inc., Smartvid.io Inc., among others.
April 2020 - Bentley Systems, Inc., launched its ProjectWise 365 cloud service, and waived subscription fees till September 30, 2020, to promotie and virtually connect infrastructure project participants forced to work from home.
March 2020 - Smartvid.io announced that its AI platform, Vinnie, can now recognize construction phases, new work at height risks, and workers in groups. This helps Smartvid.io to automatically recommend risk ratings based on the hazard detected in combination with contextual tags.