AI In Construction Global Market Report 2024

AI in construction involves leveraging artificial intelligence tools and techniques within the construction sector to gain comprehensive insights into on-site activities. These AI applications can optimize various aspects such as energy efficiency and indoor air quality by analyzing data sourced from building systems, thereby enhancing overall performance indicators.

The primary components of AI in construction encompass both solutions and services. Solutions involve methods or approaches used to tackle challenges or fulfill particular needs within the construction sector. AI is harnessed by construction companies to scrutinize project data, including tasks such as construction site monitoring and predictive analytics. Meanwhile, AI-powered construction services are utilized across pre-construction, construction, and post-construction phases, implemented both on the cloud and on-premises. Applications of AI in construction span various areas such as project management, field management, risk assessment, schedule coordination, supply chain oversight, and other relevant functions across heavy construction, institutional commercial projects, residential development, and related industries.

The AI in construction market research report is one of a series of new reports from The Business Research Company that provides AI in construction market statistics, including AI in construction industry global market size, regional shares, competitors with an AI in construction market share, detailed AI in construction market segments, market trends and opportunities, and any further data you may need to thrive in the AI in construction industry. This AI in construction market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The ai in construction market size has grown exponentially in recent years. It will grow from $1.37 billion in 2023 to $1.79 billion in 2024 at a compound annual growth rate (CAGR) of 31.1%. The advancement witnessed in the past can be credited to enhancements in efficiency, cost reductions, utilization of data analytics, automation within construction procedures, and the enhancement of safety measures.

The ai in construction market size is expected to see exponential growth in the next few years. It will grow to $5.35 billion in 2028 at a compound annual growth rate (CAGR) of 31.4%. The projected expansion during the forecasted period is expected to stem from predictive maintenance, heightened integration of drones, AI-powered project risk management, optimization of supply chains, and the implementation of augmented reality (AR) applications. Noteworthy trends anticipated in this period encompass autonomous construction equipment, predictive analytics for project management, utilization of computer vision for site monitoring, collaborative robots (cobots), as well as a focus on energy efficiency and sustainable construction practices.

The surge in infrastructure projects is anticipated to significantly drive the expansion of artificial intelligence (AI) within the construction market in the foreseeable future. Infrastructure projects encompass the development of new road networks or substantial modifications to existing infrastructures, impacting traffic flow. AI's relevance in these projects lies in leveraging advanced technologies and algorithms to enhance various phases of the project lifecycle, optimizing the design, planning, operation, and management of building infrastructure initiatives. This trend in adopting AI within construction is poised for growth as the industry seeks innovative solutions to meet the demands of infrastructure development. Notably, as per Global Australia Highlights in November 2022, the Australian government earmarked $12.04 billion (A$17.9 billion) over ten years for significant infrastructure ventures, including substantial allocations for road and rail projects. Additionally, spanning 2021 to 2025, the anticipated total investment in major public infrastructure is estimated to surpass $146.72 billion (A$218 billion). Furthermore, according to Global X ETF in March 2023, the $1.2 trillion Infrastructure Investment and Jobs Act (IIJA) in the United States pledges $550 billion over the next decade to bolster roads, bridges, airports, railroads, expand access to essential utilities such as clean drinking water and broadband internet, and prioritize environmental justice. Hence, the upsurge in infrastructure projects stands as a driving force propelling the growth of artificial intelligence (AI) within the construction market moving forward.

The burgeoning government investments in smart city initiatives are poised to significantly drive the advancement of AI within the construction market in the foreseeable future. These investments denote the allocation of public funds towards infrastructure development, service provision, and fostering economic growth and societal welfare. When directed toward AI in construction, government investments play a pivotal role in enhancing the quality of life within smart cities, making them more efficient, sustainable, and conducive to living. Notably, as per the Press Information Bureau in January 2022, the Indian Central government increased its allocation to ₹34,887 crore from ₹28,315 crore, with an 89% utilization rate of funds released by the Center and States for smart city projects. Hence, the escalating government investments in smart city ventures stand as a driving force behind the expansion of AI adoption within the construction sector.

Major players within the artificial intelligence (AI) in the construction market are embracing new technologies to fortify their market presence. For instance, in December 2022, PCL Construction, a Canadian-based construction firm, unveiled AI Surveyor, a pioneering platform in construction technology. AI Surveyor serves as an innovative construction technology platform that automates infrastructure development reporting by harnessing artificial intelligence and robust GIS analytics. This system collects data via UAV, facilitating streamlined reporting on daily progress in the field through specialized Key Performance Indicator (KPI) monitoring and highlighting potential deviations for further assessment. Previously conducted manually, this process incurred additional labor and equipment costs. However, leveraging an AI surveyor accelerates and enhances efficiency while furnishing project teams with precise information and statistics critical for project development.

Key players in the AI construction market are directing their efforts toward developing cutting-edge technologies, notably digital assistants, to optimize revenue and productivity within building and infrastructure projects. Digital assistants, also referred to as virtual or mobile assistants, are sophisticated computer programs engineered to offer diverse forms of support. For instance, in March 2022, Slate Technologies, Inc., a US-based AI software platform catering to the construction sector, introduced a digital assistant tailored for the industry. Leveraging AI and machine learning, this assistant aids construction professionals in making informed decisions early in the project lifecycle, thereby optimizing revenue generation while maintaining project timelines, ultimately boosting productivity. Adaptability is a key feature of the assistant, as it refines its guidance based on user interactions and project outcomes, delivering contextual advice. The Slate Digital Assistant offers comprehensive insights into the construction process by conducting multidimensional analyses on both internal and external data sources. These sources encompass a wide array of data, including emails, RFIDs, 3D models, ERP systems, and various construction-related datasets. Furthermore, it integrates non-integrated systems across general contractor and subcontractor organizations, in addition to utilizing public data such as labor statistics, weather conditions, and traffic data, enhancing its learning capabilities over time.

In May 2021, Procore Technologies, Inc., a prominent US-based construction firm, completed the acquisition of INDUS.AI for an undisclosed amount. This strategic acquisition aims to augment and enrich Procore's portfolio by integrating cutting-edge computer vision capabilities into the Procore platform. This integration is designed to empower owners, general contractors, and specialist contractors, enabling them to achieve heightened levels of efficiency, security, and profitability. INDUS.AI, a US-based company, specializes in an analytics platform underpinned by artificial intelligence technology, operating within the AI segment of the construction market.

Major companies operating in the ai in construction market report are Microsoft Corporation, Oracle Corporation, SAP SE, Nvidia Corporation, AECOM Technical Services Inc., Acciona S.A., Dassault Systemes 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, Aurora Computer Services Ltd., Caidio Inc., Buildots, AirWorks LLC, Building System Planning Inc.

North America was the largest region in the AI in construction market in 2023. 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.

The countries covered in the ai in construction market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The AI in the construction market includes revenues earned by entities through planning, an inspection of quality and safety, price estimation, and managing projects. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. The AI in the construction market consists of sales of drones, robots, software, and platforms. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

AI In Construction Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on ai in construction market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

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Where is the largest and fastest growing market for ai in construction ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The ai in construction market global report from the Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

• The market characteristics section of the report defines and explains the market.
• The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
• The forecasts are made after considering the major factors currently impacting the market. These include:

The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.

The impact of higher inflation in many countries and the resulting spike in interest rates.

The continued but declining impact of covid 19 on supply chains and consumption patterns.

• Market segmentations break down the market into sub markets.
• The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
• The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
• The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.

Scope

Markets Covered:

• 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
• Companies Mentioned: Microsoft Corporation; Oracle Corporation; SAP SE; Nvidia Corporation; AECOM Technical Services Inc.
• Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
• Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
• Time series: Five years historic and ten years forecast.
• Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
• Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
• Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
• Delivery format: PDF, Word and Excel Data Dashboard.