- Through obtaining precise data and insights with the help of AI, an increased efficiency in performing tasks will lead to a rise in productivity and ensure safety at work.
- This is considered to drive AI’s global market growth to US$ 3161 million by 2024 from the earlier US$ 312 million in 2017.
Owing to the extensive adoption of AI-based platforms, such as machine learning/deep learning, code frameworks, and pre-built algorithms, real estate companies in India and China are fast adopting Artificial Intelligence (AI) technology by developing applications that comprise of machine vision for easy analysis and surveying of buildings and structures.
According to a report by Zion Market Research, Asia Pacific region (APAC) contributes to nearly 40 percent in the global construction market. It is estimated to be the fastest growing market by 2024.
Additionally, the development of creating information modelling software gives information on a construction project, warranty details regarding material used, and commissioning data.
Huge investments made by construction companies from the above countries in the adoption of advanced AI technology for construction applications is also likely to contribute toward the global growth of the AI-in-construction market.
Europe is projected to witness a remarkable rate of growth in the global “AI-in-construction” market in the upcoming years, due to the huge investments made by construction companies in AI technology for support, training, and digital platform.