According to the report published by Allied Market Research, Growing with at a CAGR of 34.1% | The market for artificial intelligence in construction will reach $8.6 billion by 2031. The report provides a comprehensive analysis of the changing market dynamics, key segments, value chain, competitive scenario and regional landscape. This research provides valuable guidance to leading players, investors, shareholders and startups in devising strategies for sustainable growth and gaining a competitive advantage in the market.
The rising demand for data integration and visual analytics is driving global artificial intelligence in the construction market. In 2020, the economic slowdown influenced the deployment of new artificial intelligence in construction projects around the world, as most of the government funding was shifted to healthcare to save people’s lives. Based on region, North America had the largest share in 2021.
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The global artificial intelligence in construction market was valued at USD 496.4 million in 2021 and is expected to reach USD 8.6 billion by 2031, with a CAGR of 34.1% between 2022 and 2031.
The global Artificial Intelligence in Construction market forecast is segmented based on offering, deployment type, organization size, sector type and region. The supply divides the market into solutions and services. By implementation type, the market is divided into cloud and on-premises. By organization size, the market is divided into small and medium-sized enterprises (SMEs) and large enterprises. By industry type, residential, institutional commercial activities and others. By region, the market is analyzed into North America, Europe, Asia Pacific and LAMEA.
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Covid-19 scenario:
• The outbreak of the COVID-19 pandemic negatively impacted the growth of global artificial intelligence in the construction market, due to the implementation of the global lockdown.
• Strict travel regulations and social distancing norms imposed due to the COVID-19 pandemic have led to the complete suspension of construction activities. All industrial and commercial sectors were closed. These factors have hindered the growth of artificial intelligence in the construction market.
• Significant reduction in cash flows due to the closure of various construction and operational activities has led to the cessation of construction activities. These factors negatively affected AI in the construction market growth.
• The economic slowdown has affected the deployment of new artificial intelligence in construction projects around the world, as most of the government funding was shifted to healthcare to save people’s lives.
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Based on supply, the solutions segment had the highest share in 2021, accounting for more than half of the global artificial intelligence in the construction market. However, the services segment is expected to continue its leadership status during the forecast period and is likely to register the highest CAGR of 35.7% between 2022 and 2031.
Based on organization size, the large enterprise segment accounted for the highest share in 2021, accounting for three-quarters of the global construction artificial intelligence market, and is expected to continue its leadership status during the forecast period. However, the SME segment is estimated to grow at the highest CAGR of 38.6% during the forecast period.
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Based on region, North America held the largest share in 2021, contributing to more than a third of the global market share in construction artificial intelligence, and is expected to retain its dominant share in terms of revenue in 2031 retained. The Pacific region is expected to exhibit the fastest CAGR of 34.9% during the forecast period. The research also analyzes regions including Europe and LAMEA.
Leading market players in the global artificial intelligence in construction market analyzed in the study include Autodesk, Inc., IBM, Microsoft Corporation, Oracle Corporation, SAP, aurora computer services, Building System Planning Inc., PTC Inc. , NVIDIA Corporation, Dassault Systemes SE.
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