Artificial Intelligence (AI) In Construction Market Size to hit USD 17.57 Billion, Globally, by 2032

Market Overview

AI is being increasingly implemented in the construction industry, enabling efficient project management and cost reduction. AI-based solutions offer advanced data analytics, predictive analytics, and improved decision-making. These solutions can be used to manage multiple activities that are part of a construction project such as scheduling, budgeting, resource planning, and work optimization.

AI-based solutions use sensors for two-way communication between machines on the site for real-time monitoring of workers’ performance. AI also enables automated task tracking which reduces human errors and increases productivity.

Artificial Intelligence (AI) In Construction Market size was valued at USD 0.83 Billion in 2022 and is projected to reach USD 17.57 Billion by 2032, growing at a CAGR of 35.70% from 2022 to 2032.

Additionally, it allows for tracking of materials used on projects so that companies can better understand their inventory flow as well as determine optimal purchasing cycles. This helps to improve supply chain management processes in order to reduce costs associated with labor-intensive tasks while increasing efficiency and accuracy through automation.

Finally, AI is being used to automate safety protocols on construction sites by using facial recognition technology or other technologies like drones to identify hazardous areas or potential risks quickly so that they can be addressed in a timely manner before any incident takes place.

Key Takeaways

Increased Productivity: AI can be utilized to automate many construction processes, such as project planning, scheduling, and monitoring. This leads to greater efficiency and lower costs overall.

Safety Enhancements: Artificial intelligence can enhance safety at construction sites by analyzing data and recognizing potential hazards. This could prevent injuries and accidents on the job.

Quality Control: AI can be utilized to monitor and analyze construction processes in real-time, which will enable contractors to identify issues early on and enhance project quality accordingly.

Predictive Maintenance: Artificial intelligence can accurately anticipate failures and maintenance needs, leading to proactive maintenance that reduces downtime while increasing productivity.

Smart Buildings: AI can create smart buildings that are sustainable, energy-efficient, and responsive to occupant needs. This could result in lower energy bills and improved occupant comfort levels.

Data Analytics: AI is a powerful tool construction companies can use to analyze large amounts of data in order to gain insight into their operations, spot trends, and make informed decisions.

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Regional Snapshot

North America: North America is the leading market for AI construction, with the US leading the charge. This region's construction sector is adopting AI technology to boost productivity, safety, and sustainability.

Europe: Europe is a major player in the AI construction market. France, Germany, and the UK are three of the main contributors. AI technology is being implemented throughout this region's construction sector to enhance project management efficiency.

Asia Pacific: Asia Pacific is witnessing a boom in AI construction. Key contributors include South Korea, Japan, and China. This region's construction industry is adopting AI technology to boost productivity, cut costs and address labor shortages.

Middle East and Africa: Countries such as Saudi Arabia, UAE and other Arab states are leading the adoption of AI technology in the construction sector. This innovation is being implemented to enhance project management efficiency throughout this region.

Latin America: Though Latin America is a small market for AI construction, the region's construction industry has begun to embrace AI technologies to boost productivity and efficiency.

Drivers

Improved Productivity and Efficiency: AI can aid construction companies in improving productivity and efficiency through automating processes, streamlining workflows, and eliminating errors.

Safety and Risk Reduction: AI can enhance safety on construction sites by recognizing potential hazards and risks, thus decreasing the chance of accidents or injuries.

Sustainability: AI can assist in creating more sustainable construction practices by optimizing energy consumption, reducing waste generation, and optimizing resource management.

Predictive Maintenance: AI can help cut downtime and maintenance expenses by anticipating equipment failures and necessary upkeep - allowing for proactive maintenance.

Increased Data Analysis Capabilities: AI can assist construction companies in analyzing large amounts of data to gain insight into their operations, spot trends, and make informed decisions.

Restraints

Cost of Implementation: Adopting AI technologies in the construction industry can be costly, necessitating significant investments in hardware, software and training.

Resistance to Change: The construction industry has often been slow in adopting new technologies, and some businesses may feel uneasy about altering their operations.

Limited Access to Skilled Labor: AI technologies require skilled personnel in order to implement and sustain them, yet the construction industry is facing a shortage of these workers.

Absence of Data: AI technologies require vast amounts of data in order to train algorithms and make accurate predictions, yet the construction industry may not have access to enough information.

Ethical Concerns: Ethical issues like privacy and job displacement could hinder AI adoption in construction.

Opportunities

Increased Efficiency: AI can assist construction companies in streamlining their processes, cutting costs and increasing productivity.

Safety: AI can assist in recognizing potential hazards on construction sites, increasing worker protection and decreasing the likelihood of accidents.

Sustainability: AI can assist in the creation of more sustainable construction practices by optimizing energy usage, reducing waste generation, and optimizing resource management.

Predictive Maintenance: AI can help reduce downtime and maintenance expenses by anticipating equipment failures and required upkeep.

Data Analytics: AI can assist construction companies in analyzing large amounts of data to gain insight into their operations, spot trends, and make informed decisions.

Challenges

Cost: Adopting AI technologies in the construction industry can be costly, necessitating substantial investments in hardware, software and training.

Skilled Labor Shortage: AI technologies require skilled personnel to implement and maintain them, yet the construction industry is facing a shortage of these professionals.

Resistance to Change: The construction industry has often been slow in adopting new technologies, and some businesses may feel uneasy about change.

Absence of Data: AI technologies require vast amounts of data in order to train algorithms and make accurate predictions, yet the construction industry may not have access to enough relevant information.

Ethics: Ethical concerns with AI in construction, such as privacy and job displacement, could stifle adoption.

Key Market Segments

Type

• Cloud
• On-premises

Application

• Residential
• Institutional Commercials
• Heavy Construction
• Others

Key Market Players included in the report:

• IBM
• Microsoft
• Oracle
• SAP
• Alice Technologies
• eSUB
• SmarTVid.Io
• DarKTrace
• Aurora Computer Services
• Autodesk
• Jaroop
• Lili.Ai
• Predii
• Assignar
• Diplomatic
• Coins Global
• Beyond Limits
• Doxel
• Askporter
• Plangrid

Recent Developments

Toric, a data platform utilized by construction, engineering and related industries that allows anyone to easily connect, convert, model and visualize data without writing code, raised $22 Million in funding in September 2022. As part of this investment, Toric will provide additional interfaces for Autodesk Construction Cloud and their BIM design tools such as Revit, Navisworks and Civil 3D from Autodesk.

Turner Construction, which offers sustainable solutions such as all-electric trucks and zero-emission power systems, joined United Rentals, Inc. in July 2022 to reduce their jobsite's environmental impact. Turner will use leased equipment to construct a hyperscale data centre building for Meta - previously the Facebook subsidiary - reducing its carbon footprint considerably.

Report Scope

Frequently Asked Questions (FAQ’s)

Q: Which regions are leading in the adoption of AI in construction?

A: North America, Europe, and Asia Pacific are leading in the adoption of AI in construction, with different regions focusing on different applications of AI technologies.

Q: What is AI in construction?

A: AI in construction refers to the use of AI technologies, such as machine learning and natural language processing, to improve construction processes and operations.

Q: What are the key applications of AI in the construction industry?

A: Key applications of AI in the construction industry include Residential, Institutional Commercials, Heavy Construction, and more.

Q. What are the key players in AI in the construction market?

A: The key players in the wound care market include IBM, Microsoft, Oracle, SAP, Alice Technologies, eSUB, SmarTVid.Io, DarKTrace, Aurora Computer Services, Autodesk, Jaroop, Lili.Ai, Predii, Assignar, Diplomatic, Coins Global, Beyond Limits, Doxel, Askporter, Plangrid