(MENAFN- GlobeNewsWire - Nasdaq) Westford USA, Dec. 11, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that Artificial Intelligence in construction market size will attain the value of USD 9335.08 Million by 2031, with a CAGR of 34.1% during the forecast period (2024-2031). Artificial intelligence in construction industry has made significant strides, transforming the traditional construction landscape AI technologies are being used to optimize the various aspects of the construction life cycle, increasing efficiency, accuracy and safety. AI is proving incredibly valuable in planning and coordinating project management and maintenance. One important activity is building information modelling (BIM), which uses AI systems to generate 3D models, enabling stakeholders to better visualize projects. AI-driven predictive analytics helps project processes, materials allocation and risk assessment, reduce delays and cost overruns. Drones and autonomous vehicles equipped with AI are making their way to construction sites for surveys and data collection, speeding up once time-consuming operations.
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Artificial Intelligence in Construction Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | USD 892.66 Million |
| Estimated Value by 2031 | USD 9335.08 Million |
| Growth Rate | Poised to grow at a CAGR of 34.1% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Offering, Application and Region |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
| Report Highlights | Integration of AI-powered Project Management Applications |
| Key Market Opportunities | Building Information Modeling (BIM) Integration |
| Key Market Drivers | Efficiency and Productive Enhancement |
Solution Segment to Dominate Due to Enhancing On-site Operational Efficiency
The solution is expected to dominate the artificial intelligence in construction market share. Notable manufacturers such as IBM, Microsoft, and Oracle are actively providing AI solutions tailored to the enterprise sector. These AI solutions play a key role in increasing operational efficiency on site by integrating key construction tasks including risk assessment, project planning, scheduling and supply chain management.
Project Management Segment is Growing Due to Integration Of AI-powered Applications
The project management segment is expected to play a major role in artificial intelligence in construction market growth. More and more companies are adopting project management services throughout the construction phase-pre-construction and post-construction. This strategic approach dramatically increases productivity and efficiency by automating critical manufacturing processes. These include concept design, design and planning, sourcing and contract management, and virtual design and construction.
Asia-Pacific to Growing Owing to Increasing Investment in Infrastructure
The Asia-Pacific region is poised to exhibit the highest annual growth rate (CAGR) in the artificial intelligence in construction market forecast. Increasing investment in infrastructure for purposes such as risk management, business management and supply chain efficiency is fueling market expansion in APAC. Emerging economies such as India and China are showing growth it is notably reflected in the adoption of the pre-construction AI applications. Moreover, efforts to develop smart cities in these countries are driving the companies to adopt AI solutions and services, further encouraging the region's growth trajectory.
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Drivers
Efficiency and Productivity Enhancement
Increased Adoption of Robotics and Automation
Restraints
Initial Investment and Integration Costs
Data Privacy and Security Concerns
Prominent Players in Artificial Intelligence in Construction Market
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Key Questions Answered in Artificial Intelligence in Construction Market Report
Which are the growth factors of the market?
Which is the fastest growing region in the market?
What are the key restraints of the market?
What are the key trends of the market?
This report provides the following insights:
Analysis of key drivers (efficiency and productivity enhancement), restraints (cost of implementation), opportunities (building information modelling (BIM) integration) influencing the growth of Artificial Intelligence in Construction Market.
Market Dynamics: Comprehensive information about the various products offered by the dominant players in the Artificial Intelligence in Construction Market.
Product Development/Innovation: An overview of emerging trends, R&D activities and product launches in the Artificial Intelligence in Construction Market.
Market Growth: Detailed information on profitable growing industries.
Market Trends: Complete information about new products, emerging geographical areas and recent developments in the market.
Competitive Analysis: An in-depth analysis of the market segments, growth strategies, revenue analysis, and products of the key market players.
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About Us:
SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia Pacific.
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Mr. Jagraj Singh
Skyquest Technology
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USA (+1) 351-333-4748
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