Main factors propelling the growth of the market include efficiency in construction designing, reduction in construction costs, better safety systems.
The global Artificial Intelligence (AI) in the construction market is forecast to reach USD 4.51 Billion by 2026, according to a new report by Reports and Data. AI in construction market was recorded at USD 429.2 Million in 2018.
The easy risk mitigation of quality and safety, coupled with the time and cost consumption requirements of the construction industry, will drive the growth of the market, the report said.
Among the technologies, machine learning and deep learning technologies accounted for a larger market share of approximately 63 percent in the year 2018. North America held the largest market share of 29 percent (approx.) last year.
The small and medium-sized organization is forecast to witness a higher growth rate of 35.8 percent during the forecast period, due to the rapid adoption of artificial intelligence by these firms.
Among the end uses, the safety segment is anticipated to witness the highest CAGR of 35.0 percent during the forecast period, which is attributed to the increasing risks and accidents reported at worksites.
Uses of AI in Construction Industry
Virtual reality goggles and mini robots are being used to track the progress of the work in buildings under construction.
AI is also being used to design the routing of electrical and plumbing systems in modern buildings.
Artificial intelligence is also beneficial for the development of safety systems at work sites, which reduces the risks of hazards and accidents.
Many firms are using the technology to pursue the real-time interactions of machinery, workers and objects on the site and alert the supervisors of potential safety issues, productivity issues and construction errors.
Artificial intelligence is also expected to reduce the human workforce, reduce expensive errors, reduce worksite injuries and make building operations more productive.