Artificial Intelligence in Construction Market is Expected to Register a Considerable Growth by 2029

Artificial Intelligence in Construction Market, by Technology (Machine Learning and Deep Learning, Natural Language Processing), Stage (Pre-Construction, Construction Stage, Post-Construction), by Component (Solutions, Services), Application (Project Management, Field Management, Risk Management, Schedule Management, Supply Chain Management), Deployment Type (Cloud, On-Premises), Organization Size (Small- and Medium-Sized Enterprises, Large Enterprises), Industry Type (Residential, Institutional Commercials, Heavy Construction), and Region (North America, Europe, Asia-Pacific, and the Rest of the World).

The global artificial intelligence in construction market is expected to grow from USD 1.06 billion in 2022 to USD 7.02 billion by 2029 at a CAGR of 31.0% during the forecast period.

AI in construction refers to the use of Artificial Intelligence (AI) technologies in the construction industry. AI has the potential to transform the construction industry by improving efficiency, safety, and sustainability. AI technologies such as machine learning, computer vision, and natural language processing can be used to automate tasks, analyze data, and make predictions.

For instance, AI can analyze construction site data to identify potential safety hazards, optimize construction schedules, and improve project management. Additionally, AI can be used to predict material and equipment needs, optimize building design for energy efficiency, and reduce waste. The use of AI in construction has the potential to reduce costs, speed up construction processes, and improve project outcomes. Overall, AI is revolutionizing the construction industry by enabling companies to work smarter and more efficiently.

The growing need for data integration and visual analytics is driving the expansion of the global construction market's AI segment. Through the use of AI, the construction industry can achieve real-time data synthesis, analysis, conversion, and dissemination, which in turn, helps bridge the gap between IT and business.

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