5 Major Insights Into The AI In Construction Market Report 2023
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The global AI in construction market is set to undergo a remarkable transformation, with a projected growth from $1.05 billion in 2022 to $1.37 billion in 2023 at a compound annual growth rate (CAGR) of 30.54%. This upward trajectory is expected to persist, reaching $4.05 billion in 2027 at a CAGR of 31.12%. A key driver of this growth is the surge in infrastructure projects worldwide, prompting the construction industry to embrace artificial intelligence (AI) for enhanced efficiency and innovation.
Riding the Wave of Infrastructure Development
Infrastructure projects are at the forefront of driving the adoption of AI in construction. The use of advanced technologies and algorithms is proving instrumental in improving the design, planning, operation, and management of building infrastructure initiatives. Governments globally are allocating substantial budgets to significant projects, further fuelling the demand for AI solutions. For example, Australia has committed $12.04 billion (A$17.9 billion) over ten years for major infrastructure projects, and the United States, with its $1.2 trillion Infrastructure Investment and Jobs Act, is set to invest $550 billion over the next decade. These initiatives underscore the industry’s commitment to harnessing AI to meet the demands of an evolving infrastructure landscape.
Major Players Leading the Charge
As the AI in construction market expands, major players are emerging to meet the growing demand for innovative solutions. Notable companies include Doxel Inc., Building System Planning Inc., Microsoft Corporation, Oracle Corporation, SAP SE, Alice Technologies Inc., eSUB Inc., Newmetrix, Aurora Computer Services Ltd., Bentley Systems Incorporation, Autodesk Inc., The International Business Machines Corporation, Dassault Systems SE, PTC Inc., Nvidia Corporation, and Deepomatic.
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Technological Advancements Shaping the Landscape
A prominent trend in the AI in construction market is the adoption of technological advancements. Companies are leveraging new technologies to maintain their competitive edge. For instance, PCL Construction, a Canada-based construction company, launched the AI Surveyor platform in December 2022. This revolutionary construction technology automates the reporting of infrastructure development through the use of AI and GIS analytics. The platform collects data via UAV, providing daily progress reports and indicating potential deviations for additional assessment. This innovation streamlines processes, reduces manual labour, and enhances overall project efficiency.
In 2022, North America dominated the AI in construction market, showcasing the region’s embrace of AI solutions. However, the Asia-Pacific region is poised to be the fastest-growing market during the forecast period, reflecting the global shift towards AI integration in construction practices.
The global AI in construction market is segmented based on several key factors:
- Component: Solutions, Services
- Stage: Pre-Construction, Construction Stage, Post-Construction
- Deployment Type: Cloud, On-Premises
- Application: Project Management, Field Management, Risk Management, Schedule Management, Supply Chain Management, Other Applications
- Industry Type: Heavy Construction, Institutional Commercials, Residential, Other Industry Types
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In conclusion, the AI in construction market is poised for substantial growth, driven by increased infrastructure projects and technological advancements. Businesses can leverage the insights provided by the AI in Construction Global Market Report 2023 to make informed decisions, stay ahead of market trends, and capitalize on emerging opportunities. By embracing AI solutions, construction players can not only enhance project efficiency but also contribute to the evolution of a smarter and more innovative industry.
The AI In Construction Global Market Report 2023 provides a ai in construction market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The ai in construction market forecast analyzes ai in construction market size, ai in construction market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
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