{"product_id":"global-artificial-intelligence-ai-in-construction-market-2023-2030","title":"Global Artificial Intelligence (AI) in Construction Market - 2023-2030","description":"\u003cp\u003eGlobal Artificial Intelligence (AI) in Construction Market - 2023-2030\u003cbr\u003e\nGlobal Artificial Intelligence (AI) in Construction Market reached US$ 0.6 billion in 2022 and is expected to reach US$ 7.8 billion by 2030, growing with a CAGR of 33.7% during the forecast period 2023-2030.\u003c\/p\u003e\n\n\u003cp\u003eIncreased investment in AI research and development within the construction industry is driving innovation and the development of new AI-powered tools and solutions. The ongoing trend of urbanization is increasing the demand for construction projects and AI can help meet these demands more efficiently. AI assists in ensuring that construction projects adhere to building codes and regulations, reducing the risk of costly legal issues.\u003c\/p\u003e\n\n\u003cp\u003eFor instance, on 7 November 2022, Trimble and Exyn Technologies are collaborating on the development of autonomous construction surveying technology. The solution will combine Boston Dynamics' Spot robot, Exyn's ExynPak powered by ExynAI and Trimble's X7 total station to enable fully autonomous missions within complex construction environments. The collected data can be analyzed and compared to Building Information Models for quality and progress monitoring.\u003c\/p\u003e\n\n\u003cp\u003eAsia-Pacific is among the growing regions in the global artificial intelligence (AI) in construction market covering more than 1\/4th of the market and many countries in the region are experiencing rapid urbanization, leading to a surge in construction projects. AI can help manage and optimize these large-scale projects efficiently. Automation and artificial intelligence (AI) technologies may bridge this gap by handling labor-intensive, repetitive tasks. Governments in the area are making significant investments in the construction of transportation, energy and housing infrastructure.\u003c\/p\u003e\n\n\u003cp\u003eDynamics\u003c\/p\u003e\n\n\u003cp\u003eReducing Production Costs Drives the Market\u003c\/p\u003e\n\n\u003cp\u003eRobots and machinery with AI capabilities can automate time-consuming and repetitive operations, hence lowering the demand for manual labor and the accompanying labor costs. AI algorithms may utilize data analysis to optimize how supplies, equipment and labor are allocated, resulting in less waste and more effective resource use. Artificial intelligence can track the health of construction equipment and forecast maintenance requirements, reducing costly breakdowns and downtime.\u003c\/p\u003e\n\n\u003cp\u003eAccording to a recent study by Accenture, the adoption of AI can potentially increase the construction industry’s profits by 71% by 2035. Accenture highlights the significant potential benefits of adopting AI in the construction industry. AI has the power to increase efficiency, reduce costs, improve safety and enhance decision-making in construction projects.\u003c\/p\u003e\n\n\u003cp\u003eEmerson's study revealed that 30% of initial data created during the design and construction phases is lost by the time the project ends. It allows project teams to compare actual expenses with the budgeted costs, ensuring that the project remains within financial constraints. Identifying areas where costs can be optimized or reduced can lead to significant cost savings and improved project profitability. Continuous cost monitoring provides insights into potential cost overruns or financial risks, enabling proactive risk management strategies.\u003c\/p\u003e\n\n\u003cp\u003eThe Demand for Enhanced Safety Measures\u003c\/p\u003e\n\n\u003cp\u003eAI, particularly machine learning algorithms, can analyze historical data to predict potential safety issues. By recognizing patterns and trends, AI can anticipate accidents or unsafe conditions, allowing for preventive measures. An abundance of real-time information about worker activities, machine operation, the environment and more is made available at construction sites because of the spread of sophisticated sensors and Internet of Things (IoT) devices and this data can be processed and analyzed by AI to find potential dangers and security breaches.\u003c\/p\u003e\n\n\u003cp\u003eAccording to NCCER in 2021, Robotic process automation(RPA) enables the automation of tasks through interactions with machines. In construction, AI-driven automation helps eliminate dangerous tasks, reducing the risks associated with manual labor. AI's ability to analyze large datasets and draw intelligent conclusions is leveraged to assess machinery, work orders and supply chains and this predictive analytics capability provides valuable insights into workflow optimization and safety measures..\u003c\/p\u003e\n\n \u003cp\u003eRising Advancements in Machine Learning and Deep Learning Algorithms in the Market\u003c\/p\u003e\n\n\u003cp\u003eAdvancements in machine learning and deep learning algorithms have enabled AI systems to analyze vast amounts of construction data, making them more capable of identifying patterns, optimizing processes and providing valuable insights for decision-making. Edge AI which processes data locally on devices or at the edge of the network, enhances the responsiveness and efficiency of AI systems in remote or resource-constrained construction environments.\u003c\/p\u003e\n\n\u003cp\u003eFor instance, on 17 August 2021, Togal.ai, an Artificial Intelligence construction technology startup, entered the market, aiming to revolutionize the estimating process in construction. The company claims its software can automate and expedite the estimating process by accurately measuring the size of each room and pricing the cost of construction, a task that typically takes weeks but can be completed in seconds with Togal.\u003c\/p\u003e\n\n\u003cp\u003eLimited Historical Data and Storage of Labours\u003c\/p\u003e\n\n\u003cp\u003eAI systems rely heavily on high-quality and relevant data. In construction, obtaining clean and consistent data can be challenging due to the diverse sources of information, variations in data formats and limited historical data for training AI algorithms. Construction projects often involve sensitive and proprietary information. Protecting this data from cyber threats and ensuring compliance with data privacy regulations can be a significant challenge when implementing AI solutions.\u003c\/p\u003e\n\n\u003cp\u003eAccording to the Associated Builders and Contractors in 2022, there is a shortage of about 665,000 construction workers is anticipated and this forecast is based on a study of the industry's state by ABC and a unique model that takes into account things like inflation and construction spending. The predicted 1.2 million construction employees who are anticipated to abandon their positions is a significant factor in this shortfall and this attrition exacerbates the already critical shortage of skilled labor in the industry.\u003c\/p\u003e\n\n\u003cp\u003eSegment Analysis\u003c\/p\u003e\n\n\u003cp\u003eThe global artificial intelligence (AI) in construction market is segmented based on offerings, deployment type, organization size, end-user and region.\u003c\/p\u003e\n\n \u003cp\u003eScalability of Cloud-Based AI Platforms Boosts the Growth of the Market\u003c\/p\u003e\n\n\u003cp\u003eCloud-based AI platforms can easily scale to accommodate the needs of construction projects of varying sizes and this scalability allows construction companies to adapt AI resources to their specific requirements. Cloud solutions often work on a pay-as-you-go basis, reducing the need for substantial capital expenditures upfront. Because of their affordability, AI technology is now available to a wider spectrum of construction enterprises.\u003c\/p\u003e\n\n\u003cp\u003eFor instance, on 9 September 2023, U.S. technology company Nvidia formed partnerships with two major Indian conglomerates, Reliance Industries and Tata Group, to establish artificial intelligence infrastructure in India. Nvidia will provide the necessary computing power to Reliance for constructing a cloud-based AI infrastructure platform, with Jio overseeing infrastructure management and customer engagement. Additionally, Tata Consultancy Services in collaboration with Nvidia, will develop generative AI applications and a supercomputer.\u003c\/p\u003e\n\n\u003cp\u003eGeographical Penetration\u003c\/p\u003e\n\n\u003cp\u003eAdoption of Digital Platform Boosts the Market\u003c\/p\u003e\n\n\u003cp\u003eNorth America is dominating the global artificial Intelligence in construction market and the region is home to some of the world's leading tech companies and research institutions, making it a hub for AI development and this access to cutting-edge technology fuels innovation in construction. The construction industry is undergoing a digital transformation, with AI playing a crucial role. Companies are increasingly recognizing the value of AI-driven solutions for efficiency, cost savings and competitiveness.\u003c\/p\u003e\n\n\u003cp\u003eFor instance, on 06 May 2021, Procore Technologies, a prominent construction management software provider, acquired INDUS.AI, a company known for its AI-powered analytics platform tailored for the construction industry and this acquisition enhances Procore's capabilities by introducing computer vision technology, aiming to improve efficiency, safety and profitability for owners, general contractors and specialty contractors.\u003c\/p\u003e\n\n\u003cp\u003eCompetitive Landscape\u003c\/p\u003e\n\n\u003cp\u003eThe major global players in the market include Building System Planning, Inc., SAP SE, Autodesk, Inc., NVIDIA Corporation, International Business Machines Corp, Microsoft Corporation, Inc. oracle Corporation, Dassault Systems SE, Aurora Computer Services Limited and PTC Inc.\u003c\/p\u003e\n\n\u003cp\u003eCOVID-19 Impact Analysis\u003c\/p\u003e\n\n\u003cp\u003eThe pandemic accelerated the construction industry's digital transformation efforts. To minimize disruptions caused by lockdowns and social distancing measures, many construction companies turned to AI and digital technologies to enable remote work, collaboration and project management. AI-powered tools for project planning, scheduling and monitoring became essential in ensuring projects continued despite the challenges posed by the pandemic.\u003c\/p\u003e\n\n\u003cp\u003eSafety concerns heightened during the pandemic, leading to an increased focus on AI-driven safety solutions. AI-based systems for monitoring social distancing, mask-wearing and site occupancy helped construction companies adhere to health and safety guidelines. AI also played a role in contactless site access control and temperature screening. The pandemic exposed vulnerabilities in global supply chains, affecting the availability and delivery of construction materials.\u003c\/p\u003e\n\n\u003cp\u003eThe pandemic exposed vulnerabilities in global supply chains, affecting the availability and delivery of construction materials. AI-powered supply chain management tools helped construction firms adapt to changing conditions by providing real-time visibility into material availability and alternative sourcing options. Travel restrictions and limited on-site personnel, AI-enabled remote inspection and monitoring solutions gained importance. Drones, equipped with AI-powered cameras, were used for site inspections and progress monitoring.\u003c\/p\u003e\n\n\u003cp\u003eAI Impact\u003c\/p\u003e\n\n\u003cp\u003eAI analyzes architectural designs to optimize energy efficiency, material use and cost-effectiveness, leading to environmentally friendly and cost-saving designs. AI algorithms can assess potential risks and uncertainties in construction projects, helping project managers make informed decisions. AI-driven project management tools can optimize project schedules, allocate resources efficiently and manage project budgets, reducing delays and cost overruns.\u003c\/p\u003e\n\n\u003cp\u003eIn order to provide insights into project performance and enable data-driven decision-making, AI can evaluate project data in real-time. Real-time monitoring of building sites by AI-powered technologies can assist in identifying safety risks and avert accidents. AI can analyze historical data to predict potential risks and issues, allowing for proactive risk mitigation. AI-based computer vision systems can perform real-time quality inspections, ensuring that construction work meets quality standards and reducing the cost of rework.\u003c\/p\u003e\n\n\u003cp\u003eFor instance, on 14 December 2022, PCL Construction entered a multi-year partnership with AI Clearing, focusing on its Solar division. This partnership aims to enhance the management of solar projects by implementing AI Clearing's AI Surveyor solution. AI Surveyor is a construction technology platform powered by artificial intelligence and advanced GIS analytics. It automates the progress reporting of construction infrastructure, using drone-captured data to provide daily progress reports, monitor Key Performance Indicators and flag potential deviations.\u003c\/p\u003e\n\n\u003cp\u003eRussia- Ukraine War Impact\u003c\/p\u003e\n\n\u003cp\u003eThe conflict may disrupt supply chains for construction materials and equipment, leading to delays and shortages. AI-driven supply chain management systems may become more critical in navigating these disruptions by providing real-time visibility into material availability and alternative sourcing options. The geopolitical instability resulting from the war can create economic uncertainty, affecting construction projects' funding and investment.\u003c\/p\u003e\n\n\u003cp\u003eThe conflict's impact on the global economy can affect construction projects worldwide. Economic slowdowns can lead to budget cuts for construction projects, impacting the adoption of AI technologies. International conflicts can strain research collaborations between countries, affecting the exchange of knowledge and expertise in AI for construction. Government priorities in both Russia and Ukraine may shift towards defense and security, potentially reducing investments in civil infrastructure and technology sectors, including AI for construction.\u003c\/p\u003e\n\n\u003cp\u003eBy Offerings\u003cbr\u003e\n• Solutions\u003cbr\u003e\n• Services\u003c\/p\u003e\n\n\u003cp\u003eBy Deployment Type\u003cbr\u003e\n• Cloud\u003cbr\u003e\n• On-Premise\u003c\/p\u003e\n\n\u003cp\u003eBy Organization Size\u003cbr\u003e\n• Small and Medium-sized Enterprises\u003cbr\u003e\n• Large Enterprises\u003c\/p\u003e\n\n\u003cp\u003eBy End-User\u003cbr\u003e\n• Residential\u003cbr\u003e\n• Institutional\u003cbr\u003e\n• Commercials\u003cbr\u003e\n• Others\u003c\/p\u003e\n\n\u003cp\u003eBy Region\u003cbr\u003e\n• North America\u003c\/p\u003e\n\n\u003cp\u003eU.S.\u003c\/p\u003e\n\n\u003cp\u003eCanada\u003c\/p\u003e\n\n\u003cp\u003eMexico\u003cbr\u003e\n• Europe\u003c\/p\u003e\n\n\u003cp\u003eGermany\u003c\/p\u003e\n\n\u003cp\u003eUK\u003c\/p\u003e\n\n\u003cp\u003eFrance\u003c\/p\u003e\n\n\u003cp\u003eItaly\u003c\/p\u003e\n\n\u003cp\u003eRussia\u003c\/p\u003e\n\n\u003cp\u003eRest of Europe\u003cbr\u003e\n• South America\u003c\/p\u003e\n\n\u003cp\u003eBrazil\u003c\/p\u003e\n\n\u003cp\u003eArgentina\u003c\/p\u003e\n\n\u003cp\u003eRest of South America\u003cbr\u003e\n• Asia-Pacific\u003c\/p\u003e\n\n\u003cp\u003eChina\u003c\/p\u003e\n\n\u003cp\u003eIndia\u003c\/p\u003e\n\n\u003cp\u003eJapan\u003c\/p\u003e\n\n\u003cp\u003eAustralia\u003c\/p\u003e\n\n\u003cp\u003eRest of Asia-Pacific\u003cbr\u003e\n• Middle East and Africa\u003c\/p\u003e\n\n\u003cp\u003eKey Developments\u003cbr\u003e\n• In April 2023, Autodesk, Inc. and VietNam National Construction Consultants signed a Memorandum of Understanding to establish a strategic partnership. Autodesk, Inc. will provide guidance and assistance to VC Group in adopting digital design and construction consultancy technologies, in alignment with the Vietnamese Government's decision to promote the use of Building Information Modeling (BIM) in the construction sector.\u003cbr\u003e\n• In June 2022, Siemens and NVIDIA have expanded their partnership to enable the industrial metaverse and enhance the use of AI-driven digital twin technology in industrial automation. They plan to connect Siemens Xcelerator, an open digital business platform, with NVIDIA Omniverse, a platform for 3D design and collaboration.\u003cbr\u003e\n• In July 2020, Autodesk, Inc. signed a definitive agreement to acquire Pype, a cloud-based construction project management software provider. Pype's suite of software uses artificial intelligence and machine learning to automate critical construction workflows, such as submittals and closeouts.\u003c\/p\u003e\n\n\u003cp\u003eWhy Purchase the Report?\u003cbr\u003e\n• To visualize the global artificial intelligence (AI) in construction market segmentation based on offerings, deployment type, organization size, end-user and region, as well as understand key commercial assets and players.\u003cbr\u003e\n• Identify commercial opportunities by analyzing trends and co-development.\u003cbr\u003e\n• Excel data sheet with numerous data points of artificial intelligence (AI) in construction market-level with all segments.\u003cbr\u003e\n• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.\u003cbr\u003e\n• Product mapping available as excel consisting of key products of all the major players.\u003c\/p\u003e\n\n\u003cp\u003eThe global artificial intelligence (AI) in construction market report would provide approximately 69 tables, 65 figures and 182 Pages.\u003c\/p\u003e\n\n\u003cp\u003eTarget Audience 2023\u003cbr\u003e\n• Manufacturers\/ Buyers\u003cbr\u003e\n• Industry Investors\/Investment Bankers\u003cbr\u003e\n• Research Professionals\u003cbr\u003e\n• Emerging Companies\u003c\/p\u003e","brand":"Heavy Industry","offers":[{"title":"October, 2023 \/ 182 Pages \/ MCW16214826","offer_id":47616402391346,"sku":null,"price":5220.0,"currency_code":"USD","in_stock":true}],"url":"https:\/\/www.hardmanwell.com\/products\/global-artificial-intelligence-ai-in-construction-market-2023-2030","provider":"HARDMAN AND WELL MANAGEMENT CONSULTANCIES L.L.C","version":"1.0","type":"link"}