Artificial Intelligence in Construction Market 2020 | Intelligence Insights by Growth Rate, Industry Size, Industry Scope, Current Trends, Future Forecast to 2024

Artificial Intelligence in Construction

The “Artificial Intelligence in Construction Market” report provides a complete overview of the market trade scenario, size, segmentation, competition scenario, and others. It provides the perfect industry detailed description of the different products and service segments associated with the key players. Artificial Intelligence in Construction market report includes research methodology, value chain analysis, industry analysis by the power of suppliers and consumers. Artificial Intelligence in Construction market report also includes new upcoming technology of Artificial Intelligence in Construction Industry that will help to our clients.

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Market Overview:

  • The artificial intelligence in construction market was valued at USD 434.06 million in 2018 and is expected to reach a value of USD 2475.57 million by 2024 at a CAGR of 33.74% during the forecast period (2019 – 2024).
  • – In recent years, artificial intelligence technology has been very beneficial to the construction industry, especially in the pre-construction phases like planning and designing, and also, enabling advanced capabilities for building information modeling and generative design.
  • – Also, the latest technological innovations in safety, monitoring, and maintenance systems that use the AI capabilities to predict and warn on ground workers about adverse situations is also increasing the role of AI-based technology in the construction industry but at a slower pace.
  • – Further, the lack of skilled workforce in the global construction industry which can be due to the stringent migration regulations in developed regions, especially in North America and Europe, is driving the demand for automation based on AI in the construction sector.
  • – NVIDIA, a prominent AI solutions developer in the global market, partnered with a Japanese construction equipment-manufacturer, Komatsu, to make use of drones and AI in the construction site. Reportedly, the partnership will enable contractors to use NVIDIA’s AI platform to analyze the data collected from drones to assess equipment costs and real-time worker interactions

    Artificial Intelligence in Construction Market Covers Key Players:

  • Autodesk Inc.
  • Building System Planning Inc.
  • Smartvid.io Inc.
  • Komatsu Ltd.
  • Doxel Inc.
  • Volvo AB
  • Built Robotics Inc
  • Accenture PLC
  • Nemetschek SE
  • Dassault Systemes SE
  • PTC Inc

    Some Major Points Covered in Artificial Intelligence in Construction Market Report:

    • Introduction and Market Overview
    • Industry Chain Analysis
    • Market, by Type
    • Market, by Application
    • Production, Value ($) by Region (2014-2019)
    • Production, Consumption, Export, Import by Regions (2014-2019)
    • Market Status and SWOT Analysis by Regions
    • Competitive Landscape
    • Analysis and Forecast by Type and Application
    • Analysis and Forecast by Region
    • New Project Feasibility Analysis
    • Research Finding and Conclusion

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    Scope of the Report:

  • Artificial intelligence is the concept in which machines are being able to perform tasks in a way that would mimic complex human intelligence capabilities like recognition, planning and decision making.

    Key Market Trends:

    Planning and Design Segment to Witness High growth

    – The planning and design phase of building construction is one of the most vital tasks in any construction activity. A lot of money is being spent on research, architecture, and design as making any changes in the construction phase afterward would lead to excessive use of money. This factor is encouraging many construction professionals across the globe to use advanced add-on software, along with the Building Information Modeling (BIM) software, in order to enable the capabilities of the generative design.
    – A Generative design helps the planners of building to achieve a certain level of automation through machine learning (ML), which explores all the possible combinations of a solution, ultimately generating design alternatives to avoid any clash between the different models of plans produced by the individual teams (mechanical engineering, electrical engineering, and plumbing).
    – Such advantages of artificial intelligence technology are leading the planning and design phase applications to be the fastest and highest adopters of artificial intelligence in the construction sector.

    North America Holds the Largest Market Share

    – North American is one of the most advanced construction markets in the world. Primarily driven by the construction activities in the United States mostly due to the reconstruction initiatives taken after the hurricane destructions, and also the growing investment in Canada, the region is expected to be one of the fastest growing market for AI in the construction industry.
    – Moreover, the changes in the political scenario of the United States and massive construction labor shortage in the region, despite a considerable increase in construction labor, are driving the need for automation in the construction sector.
    – Although the wages for construction labor in the region has been increased immensely over the past decade, contractors are finding it hard to recruit people with relevant experience and skills in the construction sector due to new immigration policies in the US.

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    Detailed TOC of Artificial Intelligence in Construction Market Report 2020-2024:

    1 INTRODUCTION
    1.1 Study Deliverables
    1.2 Study Assumptions
    1.3 Scope of the Study

    2 RESEARCH METHODOLOGY

    3 EXECUTIVE SUMMARY

    4 MARKET DYNAMICS
    4.1 Market Overview
    4.2 Introduction to Market Drivers and Restraints
    4.3 Market Drivers
    4.3.1 Construction Labour Shortage
    4.4 Market Restraints
    4.4.1 Low Levels of Technology Penetration
    4.5 Industry Attractiveness – Porter’s Five Force Analysis
    4.5.1 Threat of New Entrants
    4.5.2 Bargaining Power of Buyers/Consumers
    4.5.3 Bargaining Power of Suppliers
    4.5.4 Threat of Substitute Products
    4.5.5 Intensity of Competitive Rivalry

    5 MARKET SEGMENTATION
    5.1 By Application
    5.1.1 Planning and Design
    5.1.2 Safety
    5.1.3 Equipment
    5.1.4 Monitoring and Maintenance
    5.2 Geography
    5.2.1 North America
    5.2.2 Europe
    5.2.3 Asia-Pacific
    5.2.4 Latin America
    5.2.5 Middle East & Africa

    6 COMPETITIVE LANDSCAPE
    6.1 Company Profiles
    6.1.1 Autodesk Inc.
    6.1.2 Building System Planning Inc.
    6.1.3 Smartvid.io Inc.
    6.1.4 Komatsu Ltd.
    6.1.5 Doxel Inc.
    6.1.6 Volvo AB
    6.1.7 Built Robotics Inc
    6.1.8 Accenture PLC
    6.1.9 Nemetschek SE
    6.1.10 Dassault Systemes SE
    6.1.11 PTC Inc

    7 INVESTMENT ANALYSIS

    8 MARKET OPPORTUNITIES AND FUTURE TRENDS

     

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