New York, USA, Feb. 16, 2023 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global artificial intelligence in construction market is envisioned to garner $2,642.4 million in revenue and rise at a noteworthy CAGR of 26.3% during the analysis timeframe from 2019 to 2026.
As per our analysts, with the increasing availability of cost-effective and advanced artificial intelligence products such as robots, drones, and other automated vehicles to automate the construction site, the artificial intelligence in construction market is expected to experience prominent growth during the estimated period. However, the lack of a skilled workforce may hinder the growth of the market throughout the analysis period.
Segments of the Artificial Intelligence in Construction Market
The report has divided the market into segments based on application, and region.
Application: Planning and Design Sub-Segment to be Most Productive
The planning and design sub-segment is predicted to rise at a healthy CAGR of 28.9% during the forecast period. This is mainly because a huge amount is invested in the designing, planning, and research of different kinds of construction. Moreover, planning and designing with AI can gather valuable information to create 3D imprints and construction strategies by saving time and money for the workers is expected to amplify the growth of the market sub-segment over the estimated period.
Europe Region to Have Wide Growth Opportunities
The Europe region of the artificial intelligence in construction market is expected to rise at a healthy CAGR of 26.7% during the analysis timeframe. The rising adoption of Industry 4.0 and the internet of things, and the strict government regulations regarding safety in construction sites are predicted to drive the regional growth of the market over the forecast period.
Key Players of the Market
The major players of the artificial intelligence in construction market include
- Komatsu Ltd.
- Doxel Inc.
- NVIDIA Corporation
- Smartvid.io, Inc.
- Volvo AB
- Building System Planning, Inc.
- Dassault Systemes SE
- Autodesk, Inc.
These players are widely working on the development of new business strategies such as mergers and acquisitions, partnerships and collaborations, and product development to acquire a leading position in a global industry.
For instance, in May 2021, Procore Technologies, Inc., a leading provider of construction management software announced its acquisition of INDUS.AI, the world’s most advanced construction intelligence solution. With this acquisition, computer vision capabilities would be added to the Procore platform which would help owners, specialty contractors, and general contractors realize greater efficiencies, safety, and profitability.
Further, the report also summarizes other vital aspects including SWOT analysis, the financial performance of the key players, the product portfolio, and the latest strategic development.
More about Artificial Intelligence in Construction Market:
- Applications of Artificial Intelligence in Construction Industry
- Technological Advancements to Take Place in the Design and Construction Industry
- Artificial Intelligence in Construction: Transforming the Realm of Engineering in COVID-19 Pandemic
