The global artificial intelligence (AI) in construction market is expected to grow by USD 1.13 billion during 2019-2023, according to the latest market research report by Technavio. Request a free sample report
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Technavio has announced its latest market research report titled global artificial intelligence (AI) in construction market 2019-2023 (Graphic: Business Wire)
End-users in the construction industry are integrating data with AI-powered video analytics systems to analyze different kinds of information such as survey data and sales data to make informed decisions. AI platforms also help end-users to link their construction site to multiple enterprise systems with the help of web and cloud-based applications. Enterprises are also integrating business analytics software with their businesses for dynamic data representation. Thus, the increasing demand for data integration and visual analytics in the construction industry is driving the adoption of AI to deliver meaningful business insights.
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As per Technavio, the investment in AI startups will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Artificial Intelligence (AI) in Construction Market: Investment in AI Start-Ups
The extensive use of AI across industries such as healthcare, finance, advertisement, energy, and construction is attracting significant investments in AI start-ups. The rise in the number of AI start-ups is also expected to increase M&As in the market. This will allow vendors to fully utilize AI technologies to achieve dominant market positions. This trend is expected to have a positive impact on the growth of global artificial intelligence (AI) in construction market.
“Increasing investments for intelligent processing, and increasing adoption of cloud-based solutions are other factors that will further boost the demand for AI in the construction market during the forecast period”, says a senior analyst at Technavio.
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Global Artificial Intelligence (AI) in Construction Market: Segmentation Analysis
This market report segments the global artificial intelligence (AI) in construction market by solution (software, services, and hardware) and geography (Americas, APAC, and EMEA).
The EMEA region led the market in 2018, followed by the Americas and APAC respectively. During the forecast period, the EMEA region is expected to maintain its dominance over the market. The ability of AI technologies to construct buildings that comply with regulatory standards is one of the primary reasons for the high growth of the market in this region. Germany, Italy, France, and the UK are some of the significant contributors to the market’s growth in EMEA..
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Geographic comparison
- Key leading countries
- Landscape disruption
- Competitive scenario
- Vendors covered
- Vendor classification
- Market positioning of vendors
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