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How the Artificial intelligence in Construction Market is developing over 6 market segments?

Author : Ronak Bora | Published Date : 2019-05-15 

Global Market Insights, Inc. has announced the launch of artificial intelligence in construction market, a comprehensive study enumerating the latest price trends and pivotal drivers rendering a positive impact on the industry landscape. Further, the report is inclusive of the competitive terrain of this vertical in addition to the market share analysis and the contribution of the prominent contenders toward the overall industry.

Artificial intelligence in Construction Market growth will be driven by increasing digital data and rapid surge in the growth of the digital data has been witnessed due to the growing aoption of Building Information Systems (BIM), security sensors, drones, and machine telematics. This is encouraging construction companies to adopt advanced analytics solutions to take the full advantage of the huge amount of digital data and extract actionable insights.

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Artificial intelligence in construction market in construction companies are utilizing the capabilities of the AI for designing, estimation, safety, management, and quality measurement. The design applications create complex designs efficiently and feed various design goals & criteria. The design applications employ machine learning algorithms to provide designers with anticipatory design models based on customers preferences and the past user history. The estimation applications are used for developing projections associated with cost, labor, and raw materials. The AI applications combine generative design models with costs associated with similar projects to provide preliminary schedule and cost estimates.

The North American artificial intelligence in construction market will have the largest market share due to high investments by construction companies. The shortage of skilled workforce has driven the major construction companies to invest in robotics-based solutions. The construction companies are developing solutions that can detect risks and perform repetitive labor-intensive tasks that can enable inexperienced operators to fulfill complex tasks.

The Middle-Eastern AI in construction market will exhibit an increased growth due to the increased government spending on infrastructure, commercial, residential, and energy projects. This increased government spending on infrastructure is attributed to the growing tourism industry across the region. The Asia Pacific artificial intelligence in construction market will grow significantly due to the widespread adoption of AI-based platforms by construction companies in developing economies including China, Japan, and Singapore. The high capital investment is one of the major challenges that restrains the market.

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The adoption of the drones, robots, and autonomous vehicles in the construction sector is also backing the growth of the artificial intelligence in construction market. The companies are adopting these technologies for mapping, aerial imaging, surveying construction sites, and to automate the construction operations. This is developing myriad opportunities for the growth of the AI technology in the construction sector. However, the unstructured construction environment and lack of skilled workforce are the major factors that are hindering the market growth.

The prominent vendors in artificial intelligence in construction market are Oracle, Microsoft, IBM, eSUB, Alice Technologies, SAP, Autodesk, Aurora Computer Services, Smartvid.io, and Building System Planning. For instance, Volvo Construction Equipment launched Compact Assist, tool that is used to identify and decipher objects using various computer vision methodologies. The prominent companies operating in the market are focusing on partnerships, fundraising, and new product development to increase the customer base and gain an edge over customers.

Browse Full Report: https://www.gminsights.com/industry-analysis/artificial-intelligence-ai-in-construction-market

About Global Market Insights

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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