PUBLISHER: Allied Market Research | PRODUCT CODE: 1193101
PUBLISHER: Allied Market Research | PRODUCT CODE: 1193101
The global artificial intelligence in construction market is envisioned to garner $8,545.80 million by 2031, growing from $496.40 million in 2021 at a CAGR of 34.1% from 2022 to 2031.
The primary driver of artificial intelligence's growth in the construction industry is the increase in demand for this technology as it boosts productivity while saving time and money. In addition, the increased use of robots, drones, and other automated vehicles to map and survey construction projects and take aerial photos of construction sites is anticipated to create lucrative new market growth potential throughout the course of the projection period.
Maintaining a robot can be enormously expensive since they are extremely complex machines that require enormous costs to repair and maintain. Outside of the programming that is contained in their internal circuits and firmware, they are unable to behave any differently. Nothing can match the originality of the human mind. A machine cannot think creatively beyond the box, yet humans generate thousands of unique ideas daily. This factor is restraining the market growth.
Rapid technological innovations and research & developments with respect to artificial intelligence in the construction sector is estimated to generate excellent growth opportunities. For example, in March 2020, Newmetrix's construction-trained AI engine named "Vinnie" was updated with new capabilities such as new work at height dangers, the ability to see different stages of building, and the ability to identify employees in a group. Such technological developments convince businesses to use artificial intelligence at construction sites to reduce health hazards, enhance job quality, and reduce operational costs, which is predicted to accelerate artificial intelligence in construction market growth in the upcoming years.
The complete shutdown of construction activities as well as economic uncertainties caused by the COVID-19 pandemic has negatively impacted artificial intelligence in construction market growth. The social distancing norms and fear of COVID-19 virus spread among workers have negatively impacted the construction sector leading to slow growth. These factors have impacted the artificial intelligence in construction market size during the pandemic and the market is estimated to show speedy growth post-pandemic times.
The key players profiled in this report include Deepomatic, COINS Global, Beyond Limits Inc., Doxel, askporter, Autodesk, Inc., Renoworks Software, Inc., Building System Planning, Inc., Bentley Systems, Incorporated, and Predii.
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