New York, NY, July 14, 2019 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “AI-In-Construction Market by Technology (Natural Language Processing and Machine Learning and Deep Learning), by Component (Solutions and Services), by Deployment (On-Premises and Cloud), and by Application (Project Management, Risk Management, Field Management, Supply Chain Management, and Schedule Management): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017—2024”.

According to the report, the global AI-in-construction market was valued at USD 312 million in 2017 and is expected to reach USD 3,161 million by 2024, growing at a CAGR of 38.14% between 2018 and 2024.

Artificial Intelligence allows computer systems to make intelligent decisions by applying the required skills. Artificial Intelligence has been beneficial in the development of applications that comprise machine vision for easy analysis and surveying of buildings and structures. Additionally, the development of creating information modeling is software that gives information on a construction project, warranty details regarding material used, and commissioning data. This has resulted in increased AI adoption by most of the construction start-ups globally for various applications.

Browse through 56 Tables & 29 Figures spread over 145 Pages and in-depth TOC on “Global AI-In-Construction Market: By Technology, Size, Share, Types, Trends, Industry Analysis and Forecast 2017—2024”.

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Artificial Intelligence has the ability to perform tasks similar to that performed by human intelligence, such as planning, recognition, and decision making. The construction sector is adopting AI to obtain precise data and insights to increase productivity, operational efficiency, and ensure safety at work. AI operates on algorithms related to image recognition to find out search criteria. For instance, it includes hard hats and safety vests to search construction workers, those who are not wearing proper safety gears. The primary applications for AI-In-Construction market include planning, safety, monitoring and maintenance, and autonomous equipment.

AI’s capability in construction services and solutions to reduce production costs is the major factor expected to drive the global AI-In-Construction market. In addition, the need for safety measures on construction sites is also projected to drive this market’s growth. Furthermore, huge investments made by construction companies from the emerging economies globally in the adoption of the advanced AI technology for construction applications is also likely to contribute toward the global growth of the AI-In-Construction market. However, the low technological investments in R&D for developing new technologies might hamper this market. Nonetheless, the increasing demand for integrated AI in construction activities is estimated to create new market opportunities.

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By technology, the AI-In-Construction market is divided into natural language processing and machine learning and deep learning. By component, this market includes solutions and services. By deployment type, the market is bifurcated into on-premises and cloud. A cloud deployment type is estimated to grow at a higher CAGR during the projected period, owing to its cost-effectiveness. Project management, field management, risk management, supply chain management, and schedule management comprise the application segment of the AI-In-Construction market.

North America dominated the global AI-In-Construction market in 2017, due to the lack of a skilled workforce that has driven the key construction enterprises to invest in robotics-based solutions. The real estate organizations are developing solutions that can detect the risks and perform the labor tasks repetitively, which can enable the non-experienced staff to complete the complex tasks. In addition, the high AI demand for various applications, such as field management, project management, and risk management, is likely to contribute toward this regional market’s growth.

Browse the full "AI-In-Construction Market by Technology (Natural Language Processing and Machine Learning and Deep Learning), by Component (Solutions and Services), by Deployment (On-Premises and Cloud), and by Application (Project Management, Risk Management, Field Management, Supply Chain Management, and Schedule Management): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017—2024" Report At https://www.zionmarketresearch.com/report/ai-in-construction-market

Europe is projected to witness a remarkable rate of growth in the global AI-In-Construction market in the upcoming years, due to the huge investments made by construction companies in AI technology for support, training, and digital platform. Additionally, the rising adoption of the machine and deep learning technologies by companies to automate their business model is also considered as one of the major factors contributing to this regional market’s growth.

Asia Pacific is estimated to be the fastest growing AI-In-Construction market in the projected period, owing to the extensive adoption of the AI-based platforms, such as machine learning and deep learning, code frameworks, and pre-built algorithms by the real estate companies in emerging economies, such as China and India. Asia Pacific contributes nearly 40% in the global construction market, which has resulted in the increased adoption of AI technology by the construction companies in India and China. Additionally, the rising demand by the economies to create smart cities that requires amenities, which, in turn, boost the construction industry and encourage the companies to adopt AI in construction projects.

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Latin America comprises the emerging economies that have a potential market for AI-In-Construction market expansion. The emerging economies, such as Brazil, Chile, and Argentina, are marching toward the digital world. The region’s construction companies are adopting artificial intelligence to improve their business activities.

The competitive profiling of key players of the AI-In-Construction market includes company and financial overview, business strategies adopted by them, their recent developments, and products offered by them that can help in assessing the market competition. Some of the noticeable players operating in this market are Renoworks Software, IBM, Autodesk, Microsoft, Oracle, SAP, Building System Planning, Alice Technologies, Askporter, eSUB, SmarTVid.Io, Darktrace, Aurora Computer Services, Jaroop, Lili.Ai, Predii, Assignar, Deepomatic, Coins Global, Beyond Limits, Doxel, Plangrid, and Bentley Systems, among others.

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This report segments the global AI-In-construction market as follows:

Global AI-In-Construction Market: Technology Segment Analysis

  • Natural Language Processing
  • Machine Learning and Deep Learning

Global AI-In-Construction Market: Component Segment Analysis

  • Solutions 
  • Services

Global AI-In-Construction Market: Application Segment Analysis

  • Project Management 
  • Risk Management
  • Field Management 
  • Supply Chain Management 
  • Schedule Management

Global AI-In-Construction Market: Deployment Segment Analysis

  • On-Premises
  • Cloud

Global AI-In-Construction Market: Regional Segment Analysis

  • North America
    • The U.S.
  • Europe
    • UK
    • France
    • Germany
  • Asia Pacific
    • China
    • Japan
    • India
  • Latin America
    • Brazil
  • Middle East and Africa

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