According to the latest research report titled, “Artificial Intelligence in Construction Market Report (2023 – 2028)” by Mordor Intelligence, the market is estimated at USD 3.21 billion in 2023, growing at a CAGR of 24.31% during the forecast period.
The construction industry is undergoing a digital transformation, with a focus on AI and machine learning technologies at all stages of the process, from design and pre-construction to construction and operations, as well as asset management. This has led to an increased demand for improved safety measures on construction sites, and AI technologies offer a range of capabilities that can help to improve safety and reduce risks in the construction sector.
- Market Size (2023) – USD 3.21 Billion
- Market Size (2028) – USD 9.53 Billion
- CAGR (2023 – 2028) – 24.31%
- Study Period – (2023 – 2028)
- Fastest Growing Market – Asia Pacific
- Fastest Growing Market – North America
- Forecast Units – Value (USD Billion)
- Report Scope – Market Dynamics, Revenue Forecast & Segmentation, Competitive Landscape & Recent Developments, Market Growth, Future Opportunities, and Trends
- Key Market Drivers – Planning and Design Application Segment is to Hold Significant Share in the Market
Who are the Top Companies in the Artificial Intelligence in Construction Market?
Artificial Intelligence in the construction market is characterized by the presence of major players like Autodesk Inc., Building System Planning Inc., Smartvid.io Inc., Doxel Inc., and Bentley Systems Inc. In April of 2023, it was announced that Autodesk had entered into an agreement with VC Group to expedite the digital transformation of the construction sector.
Prominent players in the construction market are:
- Autodesk Inc.
- Building System Planning Inc.
- Smartvid.io Inc.
- Doxel Inc.
- Bentley Systems Inc.
- PTC Inc.
- IBM Corporation
- NVIDIA Corporation
- Oracle Corporation
- Alice Technologies Inc.
- Dassault Systems SE
- Lurtis Rules, S.L.
- Microsoft Corporation
- eSUB Inc.
Other Reports that Might be of Your Interest
- North America Prefabricated Buildings Market Report – The North American prefabricated buildings market is expected to record a CAGR of more than 5% during the forecast period (2023-2028)
- Residential Real Estate Market Report – The Residential Real Estate Market size is expected to grow from USD 10.50 trillion in 2023 to USD 14.10 trillion by 2028, at a CAGR of 6.07% during the forecast period (2023-2028)
Key Highlights from the Artificial Intelligence in Construction Market Report
1. Planning and Design Application Segment is Expected to have a Big Chunk of the Market
- BIM (Building Information Modeling) platform developers are making BIM smarter with AI-powered features. In September 2022, construction tech startup Toric, which provides a data platform for construction, engineering, and similar industries that allows anyone to connect, transform, model, and visualize data without having to write any code, raised $22 million in funding.
- Artificial Intelligence (AI) can augment VR/AR applications by creating realistic virtual spaces, integrating real-time information, and allowing for real-time interaction. Architects, designers, and customers can use VR/AR to traverse virtual buildings, evaluate spatial connections, and base design decisions on realistic simulations.
- The amount of housing construction in Japan is a major factor in how AI can help with planning and design in the construction industry. AI technologies have the potential to make these areas more efficient and effective. e-Stat and MLIT reported that in 2022, there were almost 859,000 housing starts in Japan.
2. North America Holds a Significant Market Share
The construction artificial intelligence market in North America is growing rapidly. North America, especially the US, is a center of technological innovation in construction. Many North American companies like Autodesk Inc and Doxel Inc, have been pioneers in the development and implementation of AI technologies in construction applications. The construction market has seen the development of AI-based solutions in the form of predictive analytics and computer vision, as well as robotics and machine learning in construction processes with a wide range of regulations and standards. Compliance with these regulations is a key factor in the adoption of artificial intelligence in construction and these AI technologies help construction companies to meet regulatory requirements, improve safety, and increase overall compliance within the industry.
In June 2022, Stellenbosch-based Agile Business Technology (ABT) partnered with US group OpenSpace to launch its 360° capture and artificial intelligence (AI) platform for construction projects in South Africa. With 360° images generated in OpenSpace to document an evolving job site, teams can radically improve their collaboration.
What are the Latest Developments in the Artificial Intelligence in Construction Market?
- April 2023: Autodesk and VC Group agreed to accelerate digital transformation in the construction industry. Under the recent Government’s Decision No. 258/Q-TTg on the approval of the Roadmap for the Application of Building Information Modeling (BIM) in the Construction Sector, Autodesk is expected to provide guidance and assistance to VC Group in their efforts to adopt technologies and digitize design and construction consultancy.
- September 2022: Construction technology financial company Briq acquired billing software Swipez, an India-based fintech company that automated billing and revenue collection. Swipez provided businesses with an efficient way of managing the clients’ billings and a convenient and timely revenue collection process through automation.
- November 2022: Disperse.io, a UK-based construction technology company with a platform that used AI to help project managers track work, capture data from building sites, and make better project decisions, launched a new product, Impulse, that highlights issues gleaned from 360° site scans captured in its platform.
Mordor Intelligence Report on the Artificial Intelligence in Construction Market segments the market based on product type, application, and geography:
- By Application (Market Size & Forecast based on Value (USD billion), 2023-2028)
- Planning and Design
- Autonomous Equipment
- Monitoring and Maintenance
- By Geography (Market Size & Forecast based on Value (USD billion), 2023-2028)
- North America
- Rest of the World
In a nutshell, the Mordor Intelligence Market research report provides in-depth market insight to industry players, investors, researchers, consultants, and business strategists, looking for comprehensive details on AI in the construction industry. Get a glance at the Artificial Intelligence in Construction Market Report (2023 – 2028).
About Mordor Intelligence
Mordor Intelligence is a trusted partner for businesses seeking comprehensive and actionable market intelligence. Our global reach, expert team, and tailored solutions empower organizations and individuals to make informed decisions, navigate complex markets, and achieve their strategic goals.
With a team of over 550 domain experts and on-ground specialists spanning 150+ countries, Mordor Intelligence possesses a unique understanding of the global business landscape. This expertise translates into comprehensive syndicated and custom research reports covering a wide spectrum of industries, including aerospace & defense, agriculture, animal nutrition and wellness, automation, automotive, chemicals & materials, consumer goods & services, electronics, energy & power, financial services, food & beverages, healthcare, hospitality & tourism, information & communications technology, investment opportunities, and logistics.
Other Related Reports that Might be of Interest
- GCC Construction Market Report: The Construction Market in GCC Countries market is projected to register a CAGR of approximately 6.5% during the forecast period (2022-2027).
- Mexico Commercial Real Estate Market Report: The Mexico Commercial Real Estate Market size in terms of transaction value is expected to grow from USD 49.99 billion in 2023 to USD 70.87 billion by 2028, at a CAGR of 7.23% during the forecast period (2023-2028)
Company Name: Mordor Intelligence Private Limited
Contact Person: Prateeksha Rawat
Email: Send Email
Phone: +1 617-765-2493
Address:5th Floor, Rajapushpa Summit, Nanakramguda Rd, Financial District, Gachibowli
State: Telangana 500008
The post Artificial Intelligence in Construction Market Revenues to Reach USD 9.53 billion by 2028 – Market Size, Share, Forecasts, & Trends Analysis Report by Mordor Intelligence. first appeared on PressRelease.cc.
Artificial Intelligence in Construction Market Revenues to Reach USD 9.53 billion by 2028 – Market Size, Share, Forecasts, & Trends Analysis Report by Mordor Intelligence. first appeared on Web and IT News.