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Global Artificial Intelligence in Construction Market 2021 Share, Growth by Top Company, Region, Application, Driver, Trends & Forecast

Artificial Intelligence in Construction

The report focuses on the favorable Global “Artificial Intelligence in Construction market” and its expanding nature. The Artificial Intelligence in Construction market report provides a comprehensive study of the market segmentation, service providers, stockholders, sponsors, and important market players, size, and share, market dynamics such as the growth drivers, restraints, challenges, and opportunities.

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 , 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

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    Key Manufacturers

  • 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

    Market Dynamics: –

    • Drivers: (Developing regions and growing markets)
    • Limitations: (Regional, Key Player facing Issues, Future Barriers for growth)
    • Opportunities: (Regional, Growth Rate, Competitive, Consumption)

    Artificial Intelligence in Construction market report focuses on the latest trends in the global and regional spaces on all the significant components, including the capacity, cost, price, technology, supplies, production, profit, and competition. Moreover, the old data and present development of the Artificial Intelligence in Construction market have been given in the scope of the report. The latest trends, product portfolio, demographics, geographical segmentation, and regulatory framework of the Artificial Intelligence in Construction market have also been involved in the study.

    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.

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    TOC of Artificial Intelligence in Construction Market Report Covered:

    Introduction, Research Methodology, Executive Summary, Key Inferences, Market Overview, Artificial Intelligence in Construction market Dynamics, Market Segmentation, Competitive Landscape, Key Players, Future of the Market, and continued…

    Reasons to Purchase Artificial Intelligence in Construction Market Report Covered:

    • The report analyses how Artificial Intelligence in Construction market will grow in the future.
    • Analyzing various perspectives of the Artificial Intelligence in Construction market with the help of Porter’s five forces analysis.
    • Study on the product type that is expected to dominate the market and regions that are expected to witness the fastest growth during the forecast period
    • Recognize the new developments, Artificial Intelligence in Construction market shares and policies employed by the major market players.
    • Competitive landscape including the Artificial Intelligence in Construction market share of major players along with the key policies accepted for development in the past five years
    • Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis and strategies employed by the major Artificial Intelligence in Construction market players

    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 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 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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    Study objectives of Artificial Intelligence in Construction Market Report:

    • To provide a detailed analysis of the market structure along with the Artificial Intelligence in Construction market forecast of various segments and sub-segments of the Artificial Intelligence in Construction market
    • To provide insights into factors influencing and affecting market growth
    • To provide historical, current, and forecast revenue of market segments based on material, type, design, and end user
    • To provide historical, current, and forecast revenue of market segments and sub-segments with respect to regional markets and key countries
    • To provide strategic profiling of key players in the market, comprehensively analyzing their market shares, core competencies, and drawing a competitive landscape for the market
    • To provide economic factors, technology and Artificial Intelligence in Construction market trends that influence the global Artificial Intelligence in Construction market

    Detailed TOC of Artificial Intelligence in Construction Market Report 2019-2024:

    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
    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

     

    Contact Us:

    Name: Ajay More

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