Sarasota, FL -- (SBWire) -- 12/20/2018 --Zion Market Research has published a new report titled "AI-In-Construction Market by Technology (Natural Language Processing and Machine Learning and Deep Learning), by Component (Solutions and Services), by Deployment (On-Premises and Cloud), and by Application (Project Management, Risk Management, Field Management, Supply Chain Management, and Schedule Management): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017—2024". According to the report, the global AI-in-construction market was valued at USD 312 million in 2017 and is expected to reach USD 3,161 million by 2024, growing at a CAGR of 38.14% between 2018 and 2024.
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Artificial Intelligence allows computer systems to make intelligent decisions by applying the required skills. Artificial Intelligence has been beneficial in the development of applications that comprise machine vision for easy analysis and surveying of buildings and structures. Additionally, the development of creating information modeling is software that gives information on a construction project, warranty details regarding material used, and commissioning data. This has resulted in increased AI adoption by most of the construction start-ups globally for various applications.
The global AI-in-construction market is majorly driven by the increasing demand for AI-based platforms and solutions. In addition, the rising need for intelligent business processes is also expected to contribute toward this market's growth. Furthermore, the adoption of robots and drones along with autonomous vehicles in the real estate sector is also considered one of the major factors fuelling the expansion of the AI-in-construction market. However, the shortage of skilled workforce and disorganized construction sector might hinder this market. Nonetheless, the adoption of AI by the construction companies for aerial mapping, mapping, automation of construction activities, and surveying the sites are expected to create new market opportunities in the upcoming years.
By technology, the AI-In-Construction market is divided into natural language processing and machine learning and deep learning. The machine and deep learning segment is estimated to hold largest market size, owing to the rising need to analyze illegal data and automation of business activities and the increased use of the machine and deep learning technology in the real estate sector. By component, this market includes solutions and services. The solutions segment is projected to hold the largest market share in the upcoming years.
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AI construction solutions help construction enterprises in saving time during decision making. The cloud segment is expected grow at highest CAGR over the forecast period, owing to its cost effectiveness. Project management, field management, risk management, supply chain management, and schedule management comprise the application segment of the AI-In-Construction market. The project management segment is expected to hold the largest market share, as it is the first and most important phase of a construction project planning, which comprises designing stage, drafting a proposal, and documenting loans, funds, etc.
North America held the largest market share in 2017, due to the increasing AI adoption in several applications and the huge market investments. Europe is expected to witness a significant rate of growth in this market in the upcoming years, owing to the high investments in the AI technology that supports digital skills for graduates and professionals. Asia Pacific is considered to be the fastest growing region over the projected period, owing to the rising AI adoption by real estate companies in emerging economies, such as China and India.
Some of the noticeable players operating in the AI-In-Construction market are Renoworks Software, IBM, Autodesk, Microsoft, Oracle, SAP, Building System Planning, Alice Technologies, Askporter, eSUB, SmarTVid.Io, Darktrace, Aurora Computer Services, Jaroop, Lili.Ai, Predii, Assignar, Deepomatic, Coins Global, Beyond Limits, Doxel, Plangrid, and Bentley Systems, among others.
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This report segments the global AI-In-construction market as follows:
Global AI-In-Construction Market: Technology Segment Analysis
Natural Language Processing
Machine Learning and Deep Learning
Global AI-In-Construction Market: Component Segment Analysis
Solutions
Services
Global AI-In-Construction Market: Application Segment Analysis
Project Management
Risk Management
Field Management
Supply Chain Management
Schedule Management
Global AI-In-Construction Market: Deployment Segment Analysis
On-Premises
Cloud
Global AI-In-Construction Market: Regional Segment Analysis
North America
The U.S.
Europe
UK
France
Germany
Asia Pacific
China
Japan
India
Latin America
Brazil
The Middle East and Africa
Global AI-in-Construction Market Is Expected to Reach $3,161 Mn by 2024
Global AI-in-construction market expected to reach USD 3,161 million by 2024, growing at a CAGR of 38.14% between 2018 and 2024. The global AI-in-construction market is majorly driven by the increasing demand for AI-based platforms and solutions.