Artificial Intelligence in Construction Market: Introduction
- Artificial intelligence controls machines and computers to mimic the problem-solving and decision-making capabilities of the human mind. In the artificial intelligence system, the project manager can keep an eye on tasks and equipment pieces through an integrated system and can monitor updates and progress through the mobile device
- Artificial intelligence in construction - based solutions can support the construction process in many ways. Artificial intelligence can develop construction implementation planning, by updating the construction tasks, and sequences while keeping all stakeholders continuously informed. Furthermore, artificial intelligence can also escalate the productivity within construction implementation itself.
- Artificial intelligence in construction based tools can detect possible delays, clashes, and changes inside the construction process by relating the digital matching of the building that exists in the BIM cloud with the definite physical representation
- Adoption of artificial intelligence in the construction market is expected to increase among end-users to mitigate the risk and reduce the number of accidents in construction sites and reduce the cost of construction.
Artificial Intelligence in Construction Market: Dynamics
Artificial Intelligence in Construction Market: Key Drivers
- Artificial intelligence in construction helps save money. Many projects go over the budget despite employing the best project teams. Therefore, artificial neural networks are used on megaprojects to exempt cost spread based on parameters such as contract type, project size, and the expertise of the project manager. Using historical data and pattern recognition, along with scheduling systems the artificial intelligence assists in better managing schedules for future projects. This preventive maintenance reduces costly downtime and delays. As a result, project delivery is expedited.
- Artificial intelligence in construction is helping to improve overall safety on job sites. Construction sites are equipped with IoT devices, cameras, and sensors that monitor many features of construction operations and informs the team whenever it senses possible safety hazards. This programmed process can be repeated every minute and logs all unsafe events
- However, limited awareness and high initial cost to implement and integrate artificial intelligence in construction is expected to hamper the market.
Impact of COVID-19 on the Artificial Intelligence in Construction Market
- Increasing cases of COVID-19 across the globe is resulting in economic slowdown. Developed countries are strongly affected by the pandemic. COVID-19 has a negative impact on the artificial intelligence in construction market. Many construction sites are closed during COVID-19, due to the complete lockdown situation. As a result, there has been a financial recession in the construction industry in almost all countries, resulting in unemployment.
North America to Hold Major Share of the Artificial Intelligence in Construction Market
- North America is the global leader in the artificial intelligence in construction market with the largest share, mainly because of developed economies. North America has made massive investments in the construction market, and numerous vendors have advanced to cater to the fast-growing market. Enormous growth is expected in the North American market during the forecast period.
Key Players Operating in the Global Artificial Intelligence in Construction Market
- ALICE Technology, Inc.
ALICE Technology, Inc. was incorporated in 2013 and is headquartered in California, U.S. The company develops artificial intelligence-driven construction engineering software for real estate, general contractors, and subcontractors. The company's technology produces and analyzes valid schedules for huge construction projects, allowing contractors and owners to design, bid, and build more efficiently.
- Microsoft Corporation
Microsoft Corporation was incorporated in 1975 and is headquartered in Washington, U.S. It is an international technology company engaged in the development of various devices and software and volume licensing. The company offers numerous software products, services, and devices across the world to accommodate each market-specific need.
Other key players operating in the global artificial intelligence in construction market include Oracle Corporation, International Business Machines Corporation, SAP SE, and Esub, Inc.,
Artificial Intelligence in Construction Market: Research Scope
Artificial Intelligence in Construction Market, by Component
- Revenue estimation
- Virtual assistant
- Design and planning
- Predictive maintenance
- Demand forecasting
- Training and consulting
- Support and maintenance
- Integration and deployment
Artificial Intelligence in Construction Market, by Technology
- Machine Learning and Deep Learning
- Natural Language Processing (NLP)
Artificial Intelligence in Construction Market, by Stage
- Construction stage
- Post-construction stage
Artificial Intelligence in Construction Market, by Application
- Field management
- Project management
- Schedule management
- Risk management
- Supply chain management
Artificial Intelligence in Construction Market, by Deployment
Artificial Intelligence in Construction Market, by Industry
- Large enterprises
- Small and Medium-sized Enterprises (SMEs)
Artificial Intelligence in Construction Market, by Region
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.