What Factors Propelled The Growth Of The AI in Construction Market In The Past?
The ai in construction market has seen considerable growth due to a variety of factors.
• The scale of the AI in construction market has seen substantial expansion in the last few years. The market is projected to increase from $1.76 billion in 2024 to $2.29 billion in 2025, with a compound annual growth rate (CAGR) of 30.0%.
The historical growth can be linked to factors such as heightened efficiency, cost-cutting measures, data analytics, automation of construction procedures, and enhanced safety measures.
What are the Forecasted Growth and Key Factors of the AI in Construction Market?
The ai in construction market is expected to maintain its strong growth trajectory in upcoming years.
• The market size of AI in construction is projected to experience dramatic expansion in the years ahead, reaching a valuation of $7.21 billion in 2029 with a Compound Annual Growth Rate (CAGR) of 33.2%.
This future growth is mainly attributed to factors such as predictive maintenance, the rise in drone usage, risk management powered by AI, optimisation of the supply chain, and augmented reality (AR) applications. The forecast period also foresees significant trends, including the use of autonomous construction machinery, predictive analytics in project management, computer vision in site surveillance, cooperative robots (cobots), as well as energy conservation and sustainable building practices.
What Are The Leading Drivers Of Growth In The AI in Construction Market?
Growth in artificial intelligence (AI) within the construction sector is projected to be pushed forward by the surge in infrastructure projects. Infrastructure projects typically involve creation of new roadways or substantial modifications to existing networks that alter traffic patterns significantly. AI finds substantial application in such projects through its cutting-edge algorithms and technologies that enhance various stages of a project's lifecycle, facilitating better design, planning, operation, and supervision of building schemes. This promotes the wider adoption of AI in construction as the industry endeavors to source innovative solutions to fulfill infrastructure development requirements. For example, the United States Census Bureau, a federal agency, reported in September 2024 that construction expenditures for July 2024 were estimated at a seasonally adjusted annual figure of $2,162.7 billion, 6.7 percent±1.8 percent higher than July 2023's $2,027.4 billion. Construction spending during this span was $1,237.5 billion, 8.8 percent (±1.2 percent) over the $1,137.4 billion during the same timeframe in 2023. Thus, the uptick in infrastructure projects is fueling the expansion of artificial intelligence (AI) in the construction sector in the future.
How Is the AI in Construction Market segmented?
The AI in construction market covered in this report is segmented –
1) By Component: Solutions, Services
2) By Stage: Pre-Construction, Construction Stage, Post-Construction
3) By Deployment Type: Cloud, On-Premises
4) By Application: Project Management, Field Management, Risk Management, Schedule Management, Supply Chain Management, Other Applications
5) By Industry Type: Heavy Construction, Institutional Commercials, Residential, Other Industry Types
Subsegments:
1) By Solutions: Project Management Software, Building Information Modeling (BIM) Tools, Predictive Analytics for Construction Scheduling, AI-Based Design Tools, Safety Management Solutions
2) By Services: Consulting Services For AI Implementation, Training And Education Services, Maintenance and Support Services, Custom AI Development Services, Integration Services For Existing Systems
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What New Trends Are Influencing the AI in Construction Market?
Top firms active in the construction market with a focus on artificial intelligence (AI) are turning towards new tech advances to maintain their market standing. For example, in December 2022, the AI Surveyor was introduced by PCL Construction, a construction company headquartered in Canada, as a platform for contemporary construction technology. The AI Surveyor, which provides a platform for advanced construction technology, was unveiled. It utilises AI and robust GIS analytics to automate the documentation of development in construction infrastructure. Data is obtained via UAV and integrated into the AI Surveyor system, delivering daily progress updates in the field through specialized Key Performance Indicator (KPI) monitoring and pointing out possible variations needing further evaluation. The process which was once manual, requiring additional labor and equipment costs, can now be accelerated and made more efficient with the AI Surveyor, in addition to supplying project groups with precise data and figures for their project advancement.
Who Are the Key Players in the AI in Construction Market?
Major companies operating in the AI in construction market include:
• Microsoft Corporation
• Oracle Corporation
• SAP SE
• Nvidia Corporation
• AECOM Technical Services Inc.
• Acciona S.A.
• Dassault Systèmes SE
• Autodesk Inc.
• Trimble Inc.
• PTC Inc.
• Bentley Systems Incorporation
• Procore Technologies Inc.
• OpenSpace Inc.
• Dusty Robotics Inc.
• Doxel Inc.
• Versatile Inc.
• Alice Technologies Inc.
• Deepomatic Inc
• Smartvid.io Inc.
• eSUB Inc.
• Kwant.AI inc.
• Nyfty.AI inc.
• Built Robotics Inc.
• Newmetrix
• Caidio Inc.
• Buildots
• AirWorks LLC
What Is The Most Dominant Region In The AI in Construction Market?
North America was the largest region in the AI in construction market in 2024. Asia-Pacific is expected to be the fastest-growing region in the global AI in construction market report during the forecast period. The regions covered in the AI in construction market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
