Artificial Intelligence in Construction

Artificial Intelligence in Construction Market by Component (Service, Solution), Capabilities (Asset Management, Project Management, Risk Management), Construction Stage, Deployment Type, Application - Global Forecast 2024-2030

360iResearch Analyst
SPEAK TO ANALYST? OR FACE-TO-FACE MEETING?
Want to know more about the artificial intelligence in construction market or any specific requirement? Ketan helps you find what you're looking for.
DOWNLOAD A FREE PDF
This free PDF includes market data points, ranging from trend analysis to market estimates & forecasts. See for yourself.

[199 Pages Report] The Artificial Intelligence in Construction Market size was estimated at USD 1.52 billion in 2023 and expected to reach USD 1.92 billion in 2024, at a CAGR 27.67% to reach USD 8.42 billion by 2030.

Artificial Intelligence in Construction Market
To learn more about this report, request a free PDF copy
Artificial intelligence (AI) in construction refers to the application of computer systems capable of accomplishing tasks that require human intelligence. These tasks include planning, learning, reasoning, problem-solving, and decision-making. Continuous improvements in AI and related technologies have made AI solutions more accessible and effective. The proliferation of data from project planning, execution, and IoT devices on construction sites provides the necessary input for AI algorithms to analyze and learn from. The initial cost of integrating AI technologies in construction projects is significant, deterring small and medium enterprises. Integrating AI with older, existing technologies in construction can be complex and challenging. The development of fully autonomous construction vehicles and drones could revolutionize on-site work, making construction processes faster and safer. Advancing predictive analytics for better forecasting of project outcomes, maintenance needs, and risk management could save billions in construction costs worldwide.
Market Dynamics

The market dynamics represent an ever-changing landscape of the Artificial Intelligence in Construction Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.

  • Market Drivers
    • Rise in building and construction activities worldwide
    • Demand to improve project efficiency and productivity of construction processes
    • Utilization of predictive analytics for project planning and risk mitigation
  • Market Restraints
    • High initial investment and implementation of AI systems in construction
  • Market Opportunities
    • Significant advancements in AI technology
    • Emerging use for real-time monitoring and analysis of construction sites
  • Market Challenges
    • Data breach and privacy concerns associated with the use of AI technology in construction
Market Disruption Analysis

The market disruption analysis delves into the core elements associated with market-influencing changes, including breakthrough technological advancements that introduce novel features, integration capabilities, regulatory shifts that could drive or restrain market growth, and the emergence of innovative market players challenging traditional paradigms. This analysis facilitates a competitive advantage by preparing players in the Artificial Intelligence in Construction Market to pre-emptively adapt to these market-influencing changes, enhances risk management by early identification of threats, informs calculated investment decisions, and drives innovation toward areas with the highest demand in the Artificial Intelligence in Construction Market.

Porter’s Five Forces Analysis

The porter's five forces analysis offers a simple and powerful tool for understanding, identifying, and analyzing the position, situation, and power of the businesses in the Artificial Intelligence in Construction Market. This model is helpful for companies to understand the strength of their current competitive position and the position they are considering repositioning into. With a clear understanding of where power lies, businesses can take advantage of a situation of strength, improve weaknesses, and avoid taking wrong steps. The tool identifies whether new products, services, or companies have the potential to be profitable. In addition, it can be very informative when used to understand the balance of power in exceptional use cases.

Value Chain & Critical Path Analysis

The value chain of the Artificial Intelligence in Construction Market encompasses all intermediate value addition activities, including raw materials used, product inception, and final delivery, aiding in identifying competitive advantages and improvement areas. Critical path analysis of the <> market identifies task sequences crucial for timely project completion, aiding resource allocation and bottleneck identification. Value chain and critical path analysis methods optimize efficiency, improve quality, enhance competitiveness, and increase profitability. Value chain analysis targets production inefficiencies, and critical path analysis ensures project timeliness. These analyses facilitate businesses in making informed decisions, responding to market demands swiftly, and achieving sustainable growth by optimizing operations and maximizing resource utilization.

Pricing Analysis

The pricing analysis comprehensively evaluates how a product or service is priced within the Artificial Intelligence in Construction Market. This evaluation encompasses various factors that impact the price of a product, including production costs, competition, demand, customer value perception, and changing margins. An essential aspect of this analysis is understanding price elasticity, which measures how sensitive the market for a product is to its price change. It provides insight into competitive pricing strategies, enabling businesses to position their products advantageously in the Artificial Intelligence in Construction Market.

Technology Analysis

The technology analysis involves evaluating the current and emerging technologies relevant to a specific industry or market. This analysis includes breakthrough trends across the value chain that directly define the future course of long-term profitability and overall advancement in the Artificial Intelligence in Construction Market.

Patent Analysis

The patent analysis involves evaluating patent filing trends, assessing patent ownership, analyzing the legal status and compliance, and collecting competitive intelligence from patents within the Artificial Intelligence in Construction Market and its parent industry. Analyzing the ownership of patents, assessing their legal status, and interpreting the patents to gather insights into competitors' technology strategies assist businesses in strategizing and optimizing product positioning and investment decisions.

Trade Analysis

The trade analysis of the Artificial Intelligence in Construction Market explores the complex interplay of import and export activities, emphasizing the critical role played by key trading nations. This analysis identifies geographical discrepancies in trade flows, offering a deep insight into regional disparities to identify geographic areas suitable for market expansion. A detailed analysis of the regulatory landscape focuses on tariffs, taxes, and customs procedures that significantly determine international trade flows. This analysis is crucial for understanding the overarching legal framework that businesses must navigate.

Regulatory Framework Analysis

The regulatory framework analysis for the Artificial Intelligence in Construction Market is essential for ensuring legal compliance, managing risks, shaping business strategies, fostering innovation, protecting consumers, accessing markets, maintaining reputation, and managing stakeholder relations. Regulatory frameworks shape business strategies and expansion initiatives, guiding informed decision-making processes. Furthermore, this analysis uncovers avenues for innovation within existing regulations or by advocating for regulatory changes to foster innovation.

FPNV Positioning Matrix

The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Artificial Intelligence in Construction Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Artificial Intelligence in Construction Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Strategy Analysis & Recommendation

The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Artificial Intelligence in Construction Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.

Key Company Profiles

The report delves into recent significant developments in the Artificial Intelligence in Construction Market, highlighting leading vendors and their innovative profiles. These include ALICE Technologies Inc., Askporter, Autodesk Inc., Bentley Systems Inc., buildAI, COINS Global by The Access Group, Dassault Systèmes S.E, Deepomatic, Doxel Inc., eSUB, Inc., IBM Corporation, Invonto LLC, NVIDIA Corporation, Oracle Corporation, PTC Inc., Renoworks Software Inc., SAP SE, SmartInside AI Inc., and TAVCO Services, Inc..

Artificial Intelligence in Construction Market - Global Forecast 2024-2030
To learn more about this report, request a free PDF copy
Market Segmentation & Coverage

This research report categorizes the Artificial Intelligence in Construction Market to forecast the revenues and analyze trends in each of the following sub-markets:

  • Component
    • Service
    • Solution
  • Capabilities
    • Asset Management
    • Project Management
    • Risk Management
    • Schedule Management
    • Supply Chain Management
  • Construction Stage
    • Construction-Stage
    • Post-Construction
    • Pre-Construction
  • Deployment Type
    • On-Cloud
    • On-Premises
  • Application
    • Commercial
    • Public Infrastructure
    • Residential

  • Region
    • Americas
      • Argentina
      • Brazil
      • Canada
      • Mexico
      • United States
        • California
        • Florida
        • Illinois
        • New York
        • Ohio
        • Pennsylvania
        • Texas
    • Asia-Pacific
      • Australia
      • China
      • India
      • Indonesia
      • Japan
      • Malaysia
      • Philippines
      • Singapore
      • South Korea
      • Taiwan
      • Thailand
      • Vietnam
    • Europe, Middle East & Africa
      • Denmark
      • Egypt
      • Finland
      • France
      • Germany
      • Israel
      • Italy
      • Netherlands
      • Nigeria
      • Norway
      • Poland
      • Qatar
      • Russia
      • Saudi Arabia
      • South Africa
      • Spain
      • Sweden
      • Switzerland
      • Turkey
      • United Arab Emirates
      • United Kingdom

This research report offers invaluable insights into various crucial aspects of the Artificial Intelligence in Construction Market:

  1. Market Penetration: This section thoroughly overviews the current market landscape, incorporating detailed data from key industry players.
  2. Market Development: The report examines potential growth prospects in emerging markets and assesses expansion opportunities in mature segments.
  3. Market Diversification: This includes detailed information on recent product launches, untapped geographic regions, recent industry developments, and strategic investments.
  4. Competitive Assessment & Intelligence: An in-depth analysis of the competitive landscape is conducted, covering market share, strategic approaches, product range, certifications, regulatory approvals, patent analysis, technology developments, and advancements in the manufacturing capabilities of leading market players.
  5. Product Development & Innovation: This section offers insights into upcoming technologies, research and development efforts, and notable advancements in product innovation.

Additionally, the report addresses key questions to assist stakeholders in making informed decisions:

  1. What is the current market size and projected growth?
  2. Which products, segments, applications, and regions offer promising investment opportunities?
  3. What are the prevailing technology trends and regulatory frameworks?
  4. What is the market share and positioning of the leading vendors?
  5. What revenue sources and strategic opportunities do vendors in the market consider when deciding to enter or exit?

Table of Contents
  1. Preface
  2. Research Methodology
  3. Executive Summary
  4. Market Overview
  5. Market Insights
  6. Artificial Intelligence in Construction Market, by Component
  7. Artificial Intelligence in Construction Market, by Capabilities
  8. Artificial Intelligence in Construction Market, by Construction Stage
  9. Artificial Intelligence in Construction Market, by Deployment Type
  10. Artificial Intelligence in Construction Market, by Application
  11. Americas Artificial Intelligence in Construction Market
  12. Asia-Pacific Artificial Intelligence in Construction Market
  13. Europe, Middle East & Africa Artificial Intelligence in Construction Market
  14. Competitive Landscape
  15. Competitive Portfolio
  16. List of Figures [Total: 26]
  17. List of Tables [Total: 466]
  18. List of Companies Mentioned [Total: 19]
How Predictive Analytics is Revolutionizing Construction Planning and Risk Mitigation
September 1, 2023
BLOG
How Predictive Analytics is Revolutionizing Construction Planning and Risk Mitigation
Predictive analytics is quickly becoming the new norm in various industries, including construction. The use of data analytics tools and machine learning algorithms has become a game-changing innovation that is transforming traditional construction practices. By accurately predicting potential risks, costs, and timelines while offering comprehensive insights into construction projects' trajectory, predictive analytics carries the potential to enable better decision-making, project planning, and risk mitigation in the construction sector. In this blog post, we'll explore how predictive analytics is revolutionizing construction planning and risk mitigation.

Predictive analytics and project planning:

One of the significant advantages of predictive analytics is its ability to offer accurate projections for construction projects. By leveraging machine learning algorithms and data mining techniques, predictive analytics is capable of analyzing the vast volume of data generated by various construction projects. The data is then transformed into valuable insights, assisting project managers in making informed decisions about planning and executing construction projects. Predictive analytics allows construction managers to anticipate potential project challenges and prepare for them in advance. These insights help streamline project timelines and reduce costs, making predictive analytics an invaluable tool in project planning.

Predictive analytics and risk mitigation:

Construction projects can be unpredictable and complex, and managing the associated risks is crucial for project success. Predictive analytics offers real-time insights into the potential risks that can occur during construction projects, enabling managers to make informed decisions while mitigating risks proactively. By studying historical data and identifying patterns, predictive analytics can predict potential safety hazards and equipment breakdowns, which can help construction managers act proactively while fostering a safer working environment. Reducing risks while keeping construction projects on track is an essential component of project success in the construction sector.

Cost control:

Predictive analytics can also help control project costs by providing detailed data on various project aspects, such as materials, labor, and equipment requirements. Project managers can use this data to optimize resources, reduce waste, and ensure the efficient allocation of resources. This is particularly important in large-scale construction projects where minimizing costs is a top priority. Predictive analytics tools offer insights into market trends, allowing construction managers to make data-driven decisions on material sourcing, subcontractor selection, and other essential aspects of project management.

Improved quality control:

Predictive analytics can also improve the quality control aspect of construction projects. By predicting equipment breakdowns, potential safety hazards, and other risks, project managers can take proactive steps to prevent such occurrences. This not only saves time and money but also prevents potential rework and delays in project completion. Accurate predictions enable construction managers to create contingency plans that help keep project timelines on track while ensuring quality control measures are in place.

Enhancing collaboration:

Predictive analytics tools can foster collaboration between project managers, contractors, and other stakeholders indulging in construction projects. By providing real-time insights into project progress, risks, and other aspects, predictive analytics enables better communication and coordination between project participants. Collaboration is an essential component of successful construction project management, enabling project participants to address challenges and implement solutions effectively.

Predictive analytics provides a data-driven approach to project planning and risk mitigation, making it a crucial tool for construction project management. By generating actionable insights, predicting risks, and optimizing resource allocation, predictive analytics can help construction managers make informed decisions about project planning, execution, and risk management. Though still a relatively new concept in the construction industry, predictive analytics is a game-changer that is transforming traditional construction practices. With an ever-increasing need for efficiency, cost control, and safety in the construction sector, predictive analytics will undoubtedly continue playing a critical role in the industry's future.

Frequently Asked Questions
  1. How big is the Artificial Intelligence in Construction Market?
    Ans. The Global Artificial Intelligence in Construction Market size was estimated at USD 1.52 billion in 2023 and expected to reach USD 1.92 billion in 2024.
  2. What is the Artificial Intelligence in Construction Market growth?
    Ans. The Global Artificial Intelligence in Construction Market to grow USD 8.42 billion by 2030, at a CAGR of 27.67%
  3. When do I get the report?
    Ans. Most reports are fulfilled immediately. In some cases, it could take up to 2 business days.
  4. In what format does this report get delivered to me?
    Ans. We will send you an email with login credentials to access the report. You will also be able to download the pdf and excel.
  5. How long has 360iResearch been around?
    Ans. We are approaching our 7th anniversary in 2024!
  6. What if I have a question about your reports?
    Ans. Call us, email us, or chat with us! We encourage your questions and feedback. We have a research concierge team available and included in every purchase to help our customers find the research they need-when they need it.
  7. Can I share this report with my team?
    Ans. Absolutely yes, with the purchase of additional user licenses.
  8. Can I use your research in my presentation?
    Ans. Absolutely yes, so long as the 360iResearch cited correctly.