AI in Construction Market Growing at a CAGR 35.1% | Key Player IBM, Microsoft, Oracle, SAP, Alice Technologies

August 28 22:17 2020
AI in Construction Market Growing at a CAGR 35.1% | Key Player IBM, Microsoft, Oracle, SAP, Alice Technologies

IBM (US), Microsoft (US), Oracle (US), SAP (Germany), Alice Technologies (US), eSUB (US), Smartvid.io(US), Aurora Computer Services(England), Autodesk(US), and Building System Planning (US)
Artificial Intelligence (AI) in Construction Market by Technology, Stage, Component, Application, Deployment Type, Organization Size, Industry Type (Residential, Institutional Commercial, and Heavy Construction), and Region – Global Forecast to 2023

Artificial Intelligence (AI) is an umbrella term for various technologies, such as machine learning, deep learning, Natural Language Processing (NLP), and facial recognition. These technologies have the capability to perform tasks that require human intelligence. The construction industry has started to explore the benefits of incorporating AI into their business processes. AI solution and services help the industry in saving time and reducing the overall project expenses.

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The Natural Language Processing (NLP) technology is expected to grow at a higher CAGR during the forecast period

In the AI in construction industry, the NLP technology is used to collect, analyze, and visualize customer-related data, such as customers’ response to particular products and services. NLP is a human-to-computer interaction technology that analyzes and understands both the spoken and written forms of human languages. Moreover, it assists machines in understanding the languages in which humans communicate (both reading and writing) and formulating basic and advanced levels of interactions with humans. AI in construction platform providers are concentrating on developing strong cloud-based AI in construction solutions for their clients, as many businesses have migrated to either the private or the public cloud.

Among industry types, the residential segment is expected to have the largest market size and grow at the highest CAGR during the forecast period

On the basis of industry types, the AI in Construction Market has been segmented into residential, institutional commercials, heavy construction, and others (light industrial construction and specialized industrial construction). Among these industry types, the residential segment is expected to have the largest market size. The increasing demand for luxurious and high-rise residential buildings is expected to encourage the construction companies to adopt AI in construction solutions and services, and reduce the duration and cost of construction, while also being able to increase the Return on Investment (RoI).

MarketsandMarkets expects the global AI in construction market to grow from USD 407.2 Million in 2018 to USD 1,831.0 Million by 2023, at a Compound Annual Growth Rate (CAGR) of 35.1% during the forecast period. The rising demand for AI-based solutions and platforms, and the need to analyze large and complex data sets related to the construction industry are expected to drive the growth of the AI in construction market. The key AI in construction vendors include IBM (US), Microsoft (US), Oracle (US), SAP (Germany), Alice Technologies (US), eSUB (US), Smartvid.io (US), Aurora Computer Services (England), Autodesk (US), and Building System Planning (US). These market players have adopted the strategies of new product launches, product enhancements, acquisitions, collaborations, and partnerships to offer AI in construction products, solutions, and services to their customers and penetrate deeper into unexplored regions.

IBM is a global American multinational company, an established Information Technology (IT) player, and a globally renowned vendor, offering dedicated software, hardware, and related services. In July 2017, IBM launched its Watson-based service platform, created on cloud and designed to enhance service providers’ operations. The platform enables service providers to deliver quick and secure results while also dealing with clients’ problems. In March 2017, IBM expanded its presence in the Middle East and African (MEA) region by opening the IBM Digital Sales Center in Cairo, Egypt. The expansion would serve as an agreement between IBM and the Egyptian Government, and enable clients to digitalize their businesses using cloud, big data analytics, and mobile and social technologies.

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SAP, another leading AI in construction vendor, is engaged in developing business software. The company operates in 2 business segments, namely, applications, technologies, and services; and SAP business network. SAP offers various products under categories, such as analytics, customer engagement and commerce, finance, human resources, Internet of Things (IoT) and digital supply chain, cloud and data platforms, Enterprise Resource Planning (ERP) and digital core, and procurement and networks. In July 2017, SAP expanded its global partnership with Fujitsu Limited, a Japanese Information and Communications Technology (ICT) company. The partnership intended to offer advanced ERP solutions to customers who use AI and IoT. Moreover, in May 2017, SAP launched an AI platform, SAP Leonardo Machine Learning, a part of SAP’s Leonardo portfolio. The SAP Leonardo Machine Learning platform finds data patterns and analyzes them by studying the texts, images, and voices, to help the business grow. It was developed with the aim to assist customers in bringing innovations to their businesses. Hence, the construction industry can leverage the capabilities of the Leonardo platform for ensuring safety at jobsites.

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