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Shibuya-ku, Tokyo, Japan, Japan, Jul 26, 2022, 06:04 /Comserve / -- Artificial intelligence is a theory of computer system which enable to achieve the task by development which usually require the human intelligence.
The Artificial Intelligence in Construction Market size was $408.1 million in 2022 is projected to rise at a CAGR of 26.3% by generating a revenue of $ 2,642.4 million by 2031.
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Market Definition:
Artificial intelligence is a theory of computer system which enable to achieve the task by development which usually require the human intelligence. Basically it is a computer program or a machine which can solve problem, think logically and learn. Artificial intelligence is successfully used for understanding human speech required at a high level for strategic building. Using artificial intelligence, companies can create the models for construction with innovative designs. With the use of several software, they study all the difference to a solution and create the alternate design with in a minimal time.
Market Drivers:
The use of advanced level artificial intelligence product and the cost efficiency is considered to be the major driving factor for the market. With the use of advanced level of artificial intelligence product one can conduct surveillance, inspection and surveying in the construction site. There are many other things that can be done through advanced artificial intelligence products that is operating construction activities through robots, it can help in creating imaging technology and many others which makes the day to day task faster and with accuracy. Artificial intelligence is one of the best way to complete the task with least cost. Many companies hire professional to get the task done by paying a lot of money. Artificial intelligences do the same task what a human can do at the most minimal cost and with accuracy.
Market Restrains:
Due to the availability of skilled worker who have a knowledge in artificial intelligence is considered as the major constrain for the artificial intelligence in construction market. Without having a good knowledge in the artificial intelligence one cannot stretch for the suitable outcome for the desired result alternatively the company have to face the outcomes if anything goes wrong.
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Artificial Intelligence in Construction Market, by application:
Depending on the application the market is segmented into safety, maintenance and monitoring, planning and design, and equipment. Planning and design is one of the most important application of AI in construction market. Planning and design is projected to raise with a CAGR of 28.9 % by generating a revenue of $1,023.3 million by 2031. Without planning and design the further task of the assigned project cannot proceed. It gives the brief detail on design planning, understanding the proposal, fund require for the proposal and many other minute details of the project takes place in the planning and design. Planning and design is the core and integral part of artificial intelligence in construction sector. Equipment is anticipated to raise with a CAGR of 25.7% by generating $616.7 million by 2031. Equipment are the tools which are used for construction, and a wide range of heavy equipment are used for extensive engineering. Many companies are investing heavily on the self-operating machines which can perform the task in the operating site like paving, demolition, grading and excavation
Artificial Intelligence in Construction Market, by region:
North America accounted to have the highest share in the global AI in construction market. North America is projected to rise with a CAGR of 25.4% by generating a revenue of $898.4 million by 2031.North America is considered as the most prominent hub for construction. With the increase adoption of artificial intelligence in construction AI in construction market forecast North America as the fastest growing region with the highest share. Asia-pacific is predicted to have the highest growth rate. Asia-Pacific is likely to raise with a CAGR of 28.9% by generating a revenue of $684.2 million by 2031.Many developing countries are in the Asia-Pacific region and the major contributor were India and china. The government initiative for creating more smart cities in this region is boosting artificial intelligence in construction purposes.
Key participants in AI in Construction market:
AI in Construction Market players include Dassault Systemes SE, Volvo AB, Doxel Inc., NVIDIA Corporation, Komatsu Ltd, Smartvid.io, Inc., Autodesk, Inc., Building System Planning, Inc. and among others.
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