Global Artificial Intelligence in Construction Market Size, Share, Growth Analysis, By Offering(Solution, Service), By Application(Asset Management, Project Management) - Industry Forecast 2024-2031

Global Artificial Intelligence in Construction Market size was valued at USD 665.67 million in 2022 and is poised to grow from USD 892.66 million in 2023 to USD 9335.08 million by 2031, growing at a CAGR of 34.1% during the forecast period (2024-2031).

The construction sector has experienced significant advancements with the integration of artificial intelligence (AI), fundamentally reshaping traditional practices. AI technologies are being leveraged across various stages of the construction process, from initial design and planning to project management and ongoing maintenance, resulting in improved efficiency, precision, and safety standards. Notably, Building Information Modeling (BIM) utilizes AI algorithms to develop comprehensive 3D models, facilitating project visualization for stakeholders. Predictive analytics powered by AI streamline project scheduling, resource allocation, and risk evaluation, mitigating delays and budget overruns. Drones and autonomous vehicles equipped with AI capabilities expedite tasks like site surveying and data collection, once labor-intensive processes. Safety measures are bolstered through AI's predictive analysis of potential hazards and adherence to safety protocols, while real-time defect identification via AI-driven image recognition systems enhances quality control. Furthermore, AI-driven energy management systems promote sustainability by optimizing resource consumption in buildings. Despite the promising outlook for AI adoption in construction, challenges including data privacy concerns, integration complexities, and the imperative for workforce upskilling persist. Nevertheless, as AI technologies evolve, the construction industry stands to benefit from increased productivity, cost savings, and safer working environments.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Artificial Intelligence in Construction Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Artificial Intelligence in Construction Market Segmental Analysis

The global artificial intelligence in construction market is segmented by Offering, Application, Stage, Deployment Type, Industry Type, Organization Size, and Regional. Based on Offering the market is segmented as, Solution, Service. Based on Application the market is segmented as, Asset Management, Project Management, Risk Management, Schedule Management, Supply Chain Management, Others. Based on Stage the market is segmented as, Pre-Construction, Construction-Stage, Post-Construction.

Based on Industry Type, the market is segmented as, Residential, Public Infrastructure, Heavy Construction, Others. Based on Organization Size the market is segmented as, Small & Medium-sized Enterprises (SMEs), Large Enterprises. Based on Regional the market is segmented as, North America, Asia Pacific, Latin America, and Middle East & Africa (MEA).

Drivers of the Global Artificial Intelligence in Construction Market

AI technologies optimize construction processes by automating tasks and leveraging predictive analytics, ultimately reducing the need for manual labor and time spent on projects. This streamlining results in increased efficiency, leading to accelerated project completion times.

Restraints in the Global Artificial Intelligence in Construction Market

Small and medium-sized construction companies often face substantial initial investment and integration expenses when adopting AI technologies, primarily due to the high costs associated with implementation.

Market Trends of the Global Artificial Intelligence in Construction Market

At the forefront of the AI-powered construction industry, Building Information Modeling (BIM) stands as a pivotal trend. Harnessing AI algorithms, BIM constructs intricate 3D digital renderings of structures, empowering project participants to seamlessly envision, strategize, and oversee construction endeavors. With AI integration, BIM platforms foster collaborative decision-making, identify design conflicts, and streamline resource management, epitomizing the evolution of construction methodologies.