New York, USA, Aug. 25, 2021 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, artificial intelligence in construction market is expected to generate a revenue of $2,642.4 million, growing at a CAGR of 26.3% during the forecast period (2019-2026). The inclusive report provides a brief overview of the current scenario of the market including significant aspects of the market such as growth factors, challenges, restraints and various opportunities during the forecast period. The report also provides all the market figures making it easier and helpful for the new participants to understand the market.
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Dynamics of the Market
Drivers: The application of artificial intelligence does not only provide a great deal of efficacy and productivity in various construction processes, but it also reduces the overall time required to complete any given task. Moreover, companies can save a lot of money by adopting AI in their construction processes. These factors are expected to drive the growth of the market during the forecast period.
Restraints: Lack in availability of skilled and knowledgeable professionals is expected to impede the growth of the market during the forecast period.
Opportunities: Persistent technological advancements in AI and IOTs are expected to create vital opportunities for the growth of the market during the forecast period.
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Segments of the Market
The report has divided the market into different segments based on application and region.
Application: Planning and Design Sub-segment to be Most Profitable
The planning and design sub-segment are expected to grow exponentially with a CAGR of 28.9% during the forecast period. Massive amount of money is being invested in the planning, designing, research, architecture and so on for the construction of buildings, especially with the help of artificial intelligence. This factor is expected to bolster the growth of the sub-segment during the forecast period.
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Region: Europe Anticipated to have the Highest Growth Rate
European AI in construction market is expected to grow exponentially in the coming years with a CAGR of 26.7% during the forecast period. The adoption of Industry 4.0, eased governmental regulations and advancements in internet of things (IOT) are expected to fuel the growth of the market during the forecast period.
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Key Players of the Market
• Autodesk, Inc.,
• Building System Planning, Inc.
• Smartvid.io, Inc.
• Komatsu Ltd
• NVIDIA Corporation
• Doxel Inc.
• Volvo AB
• Dassault Systemes SE
For instance, in May 2021, Procore Technologies Inc., a leading provider of construction management software, acquired INDUS.AI, an advanced AI construction platform, to add computer vision abilities to the Procore platform in order to maximize its efficiency and future profitability.
The report also summarizes many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments. Click Here to Get Absolute Top Companies Development Strategies Summary Report.
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