The global AI in construction market is anticipated to grow at a considerable CAGR of 38.7% during the forecast period. Artificial intelligence (AI) is an aggregative term for describing when a machine mimics human cognitive functions, such as problem-solving, pattern recognition, and learning. The growing use of AI in construction has been helping the players realize value throughout project lifecycles, including design, bidding, and financing; procurement and construction; operations and asset management; and, business model transformation.
Browse the full report description of “Artificial Intelligence (AI) in Construction Market Size, Share & Trends Analysis Report by End-User (Residential, Public Infrastructure, Heavy Construction, and Others), by Application (Planning & Design, Safety and Efficiency, Equipment, and Monitoring & Maintenance) Forecast Period (2023-2030)” at https://www.omrglobal.com/industry-reports/artificial-intelligence-ai-in-construction-market
AI in construction helps the industry to overcome challenges, including safety concerns, labor shortages, and cost and schedule overruns. For instance, artificial neural networks are used on projects to predict cost overruns based on factors such as project size, contract type, and the competence level of project managers. Historical data such as planned start and end dates are used by predictive models to envision realistic timelines for future projects. AI helps staff remotely access real-life training material which helps them enhance their skills and knowledge quickly. This reduces the time taken to onboard new resources onto projects. As a result, project delivery is expedited. All these factors combined are driving the integration of AI in construction industry.
Moreover, increased investment and funding in new startups based on players in AI is anticipated to propel the growth of the market. For instance, in June 2022, Alice Technologies, a startup developing software to help construction companies plan projects including bridges, tunnels, high-speed rail systems, and mixed-use towers, raised $30 million in a Series B funding round led by Vanedge Capital, with participation from Access Partners, Bouygues, Gaingels, GRIDS Capital, JLL Spark, and MetaPlanet.
Market Coverage
• The market number available for – 2022-2030
• Base year- 2022
• Forecast period- 2023-2030
• Segment Covered-
o By End-User
o By Application
• Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World
• Competitive Landscape- including ALICE Technologies, Inc., Applied Project Experience Pty. Ltd., Assignar, Pty. Ltd., Autodesk Inc., Built Robotics, Inc., and others
Key questions addressed by the report
• What is the market growth rate?
• Which segment and region dominate the market in the base year?
• Which segment and region will project the fastest growth in the market?
• Who is the leader in the market?
• How players are addressing challenges to sustain growth?
• Where is the investment opportunity?
Global AI in Construction Market Report Segment
By End-User
By Application
Global AI in Construction Market Report Segment by Region
North America
• United States
• Canada
Europe
• UK
• Germany
• Italy
• Spain
• France
• Rest of Europe
Asia-Pacific
• China
• India
• Japan
• South Korea
• Rest of Asia-Pacific
Rest of the World
• Latin America
• Middle East & Africa
To learn more about this report request a free sample copy @ https://www.omrglobal.com/request-sample/artificial-intelligence-ai-in-construction-market