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Artificial Intelligence in Construction Market Size

Report ID: GMI6024
Published Date: Jun 2023
Report Format: PDF

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AI in Construction Market Size

AI in Construction Market size valued at over USD 2.5 billion in 2022 and is anticipated to grow at a CAGR of 20% between 2023 and 2032. The industry growth is owing to improving efficiency and productivity through the optimization of project scheduling, resource allocation, and task management, leading to reduced timelines & costs.

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Data-driven decision-making leverages AI's ability to analyze large volumes of construction data, enabling informed & proactive planning and resource optimization. Furthermore, AI enhances safety in construction operations through real-time monitoring, hazard detection, and compliance enforcement. It also enables quality control and defect detection, ensuring high construction standards and reducing rework.

Artificial Intelligence in Construction Market Report Attributes
Report Attribute	Details
Base Year:	2022
Artificial Intelligence in Construction Market Size in 2022:	USD 2.57 Billion
Forecast Period:	2023 to 2032
Forecast Period 2023 to 2032 CAGR:	20.3%
2032 Value Projection:	USD 15.16 Billion
Historical Data for:	2018 – 2022
No. of Pages:	300
Tables, Charts & Figures:	369
Segments covered:	Component, Deployment Model, Organization Size, Application, End User, and Region
Growth Drivers:	Growing interest in cost- & time-efficient operations Surging investments in advanced technologies including AI, ML & IoT Surging automation in commercial building Government investments in smart city projects
Pitfalls & Challenges:	Enhancing overall safety in construction operations Data safety and security issues

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The high cost of investment and operation is a significant obstacle hampering AI in construction market growth. Developing and implementing AI technologies in construction projects require substantial financial resources including the cost of acquiring AI systems, hardware, software, and specialized expertise. Moreover, operational & maintenance expenses can be substantial including the need for skilled personnel, regular updates, and infrastructure requirements. The high cost of investment and operation makes it challenging for small- & medium-sized construction companies to adopt AI solutions.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of AI in construction was reached USD 2.5 billion in 2022 and is set to record over 20% CAGR through 2032, owing to improving efficiency and productivity through the optimization of project scheduling, resource allocation, and task management, leading to shorter timelines & reduced costs.

The project management segment held over 35% of the market share in 2022. AI technologies are being leveraged to streamline and optimize various aspects of project management, as these tools assist in resource allocation and scheduling & task management, improving the overall efficiency & productivity.

North America accounted for 30% market share in 2022, as the region benefits from advanced technological infrastructure and a strong focus on innovation.

Alice Technologies Inc., Autodesk, Inc., Bentley Systems Inc., Dassault Systemes SE, IBM Corporation, Microsoft Corporation, NVIDIA Corporation, Oracle Corporation, Predii, PTC Inc., SAP SE, and Smartvid.io Inc.