Artificial Intelligence in construction industry is booming as it facilitates real-time interactions with workers, objects on construction sites, and machinery.

PORTLAND, PORTLAND, OR, UNITED STATE, September 14, 2023/EINPresswire.com/ — According to the report published by Allied Market Research, the global artificial intelligence in construction market garnered $496.4 million in 2021, and is estimated to generate $8.6 billion by 2031, manifesting a CAGR of 34.1% from 2022 to 2031. The report provides an extensive analysis of changing market dynamics, major segments, value chain, competitive scenario, and regional landscape. This research offers a valuable guidance to leading players, investors, shareholders, and startups in devising strategies for the sustainable growth and gaining competitive edge in the market.

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COVID-19 scenario:

➢ The outbreak of the COVID-19 pandemic had a negative impact on the growth of the global artificial intelligence in construction market, owing to implementation of global lockdown.

➢ Stringent travel regulations and social distancing norms imposed due to the COVID-19 pandemic led to the complete shutdown of construction activities. All the industrial, as well as commercial sectors, were closed. These factors have hampered the growth of artificial intelligence in construction market.

➢ Significant reduction in the cash flows due to the closure of various construction and operational activities, led to the stoppage of construction activities. These factors negatively impacted the AI in construction market growth.

➢ Economic slowdown has affected the setup of new artificial intelligence in construction projects across the world as the majority of government funding was diverted toward the healthcare sector to save the lives of people.

The research provides detailed segmentation of the global artificial intelligence in construction market based on offerings, deployment type, organization size, industry type, and region. The report discusses segments and their sub-segments in detail with the help of tables and figures. Market players and investors can strategize according to the highest revenue-generating and fastest-growing segments mentioned in the report.

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Based on offerings, the solutions segment held the highest share in 2021, accounting for more than half of the global artificial intelligence in 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% from 2022 to 2031.

Based on deployment type, the on-premises segment accounted for the highest share in 2021, contributing to nearly three-fifths of the global artificial intelligence in construction market. However, the cloud segment is expected to continue its leadership status during the forecast period and is likely to manifest the highest CAGR of 36.9% from 2022 to 2031.

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Based on organization size, the large enterprises segment accounted for the highest share in 2021, holding three-fourths of the global artificial intelligence in construction market, and is expected to continue its leadership status during the forecast period. However, the SMEs segment is estimated to grow at the highest CAGR of 38.6% during the forecast period.

Based on region, North America held the largest share in 2021, contributing to more than one-third of the global artificial intelligence in construction market share, and is projected to maintain its dominant share in terms of revenue in 2031. However, the Asia-Pacific region is expected to manifest the fastest CAGR of 34.9% during the forecast period. The research also analyzes regions including Europe and LAMEA.

Key players in the industry:

➢ 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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Similar Reports:

1. Europe Artificial Intelligence in Construction Market

2. Canada Artificial Intelligence in Construction Market

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients in making strategic business decisions and achieving sustainable growth in their respective market domains.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies. This helps us dig out market data that helps us generate accurate research data tables and confirm utmost accuracy in our market forecasting. Every data company in the domain is concerned. Our secondary data procurement methodology includes deep presented in the reports published by us is extracted through primary interviews with top officials from leading online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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