Artificial Intelligence (AI) in Construction Market is to grow by USD 2.32 billion from 2021 to 2026, Growth Driven by Increasing demand for data integration and visual analytics- Technavio
NEW YORK, Oct. 23, 2023 /PRNewswire/ -- The "Artificial Intelligence (AI) in construction market segmentation by solution (software, services, and hardware) and geography (North America, Europe, APAC, Middle East and Africa, and South America) - Forecast and Analysis 2022-2026" report has been added to Technavio offering. With ISO 9001:2015 certification, Technavio has proudly partnered with more than 100 Fortune 500 companies for over 16 years. The potential growth difference for artificial intelligence (AI) in construction market between 2022 and 2026 is USD 2.32 billion.
The increasing demand for data integration and visual analytics is a key factor driving market growth. In construction, Artificial Intelligence makes it possible to synthesize data in real-time so that we can conduct real-time analyses for monitoring, transformation, and delivery of information while bridging the gap between businesses and IT. To boost the AI capabilities of analytics, major companies are introducing products that can be operated by artificial intelligence. Furthermore, to connect multiple enterprise systems with Web and Internet cloud applications the end user companies are requiring artificial intelligence platforms on their construction site. Hence, these factors are expected to drive market growth during the forecast period. Get deeper insights into the market size, current market scenario, future growth opportunities, major growth driving factors, the latest trends, and much more. Buy the full report here
Market Challenge
The lack of a skilled workforce for developing AI algorithms is a significant challenge restricting market growth. To successfully implement artificial intelligence on an IT platform, the lack of skilled operators and proper training is adversely affecting the execution of wide-scale automation because significant time and financial resources must be allocated for this. Nevertheless, the delivery of these tasks might be hampered by a lack of a sufficient number of qualified workers because AI chips perform solely on algorithms created for them. Hence, these factors are expected to restrict market growth during the forecast period.
Learn about additional key drivers, trends, and challenges available with Technavio. Read FREE Sample PDF Report Now
The artificial intelligence (AI) in construction market has been segmented by Geography (North America, Europe, APAC, Middle East and Africa, and South America).
- Artificial intelligence (AI) in construction market share growth by the software segment will be significant during the forecast period. There are some factors such as increasing globalization, growing use of information technology in the construction sector for decision-making, adoption of machine learning platforms, text analysis, robot process automation, image and video analysis, and Deep Learning &Speech Recognition. Hence, these factors are expected to drive segment growth during the forecast period.
- 38% of the market's growth will originate from North America during the forecast period.
View the FREE Sample Report for insights into the contribution of all the segments and regional opportunities in the report.
Key Companies in the Artificial Intelligence (AI) in Construction Market:
ALICE Technologies, Amazon.com Inc., Aurora, Autodesk Inc., Bentley Systems Inc., Customindz Inc., Doxel Inc., eSUB Inc., Intel Corp., International Business Machines Corp., Microsoft Corp., Newmetrix, Oracle Corp., SAP SE, Siemens AG, and TUV SUD AG
Related Reports:
The distribution software market size is estimated to grow at a CAGR of 2.61% between 2022 and 2027. The market size is forecast to increase by USD 1,352.4 million.
The Voice User Interfaces (VUI) Market size is estimated to grow at a CAGR of 23.39% between 2023 and 2028. The market size is forecast to increase by USD 50,731.16 million.
ToC:
Executive Summary
Market Landscape
Market Sizing
Historic Market Sizes
Five Forces Analysis
Market Segmentation by Solution
Market Segmentation by Geography
Customer Landscape
Geographic Landscape
Drivers, Challenges, & Trends
Company Landscape
Company Analysis
Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com
SOURCE Technavio
WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?
Newsrooms &
Influencers
Digital Media
Outlets
Journalists
Opted In
Share this article