Artificial intelligence (AI) refers to the simulation of human intelligence in machines that are programmed to think like humans and mimic their actions. The term may also be applied to any machine that exhibits traits associated with a human mind such as learning and problem-solving.
Artificial intelligence has evolved with improved safety standards and assist in predicting hazards at construction sites before they take place. Therefore, the construction companies have leveraged the artificial intelligence technology in terms of predictive maintenance and risk management solutions. Also, the AI in the construction industry is highly adopted for the development of industrial internet of things (IIoT) based applications for construction sites. IIoT assists project managers with efficient outputs and reduced labor costs, which boosts the demand for artificial intelligence in the industry. Construction companies are focusing on investments in IIoT applications development to implement industry 4.0 and support full automation at their job sites.
The Artificial Intelligence (AI) in Construction industry can be broken down into several segments, Solution, Service, etc.
Across the world, the major players cover Autodesk, IBM, Microsoft, etc.
According to the new market research report “Artificial Intelligence (AI) in Construction - Global Market Insights and Sales Trends 2024”, published by QYResearch, the global Artificial Intelligence (AI) in Construction market size is projected to reach USD 7.7 billion by 2029, at a CAGR of 27.0% during the forecast period.
- Global Artificial Intelligence (AI) in Construction Market Size(US$ Million), 2018-2029
Source: QYResearch, "Artificial Intelligence (AI) in Construction - Global Market Insights and Sales Trends 2024”
- Global Artificial Intelligence (AI) in Construction Top5Players Ranking and Market Share（Based on data of 2021, Continually updated）
Source: QYResearch, "Artificial Intelligence (AI) in Construction - Global Market Insights and Sales Trends 2024”
The global key manufacturers of Artificial Intelligence (AI) in Construction include IBM, Autodesk, Microsoft, Oracle, SAP, etc. In 2021, the global top four players had a share approximately 38.0% in terms of revenue.
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