Artificial Intelligence (AI) in Construction Market by Technology, Stage, Component, Application, Deployment Type, Organization Size, Industry Type (Residential, Institutional Commercial, and Heavy Construction)- Global Industry Analysis, Share, Growth, Regional Outlook and Forecasts, 2023-2032

The global artificial intelligence (AI) in construction market size was exhibited at USD 1.9 billion in 2022 and is projected to hit around USD 39.35 billion by 2032, growing at a CAGR of 35.4% during the forecast period 2023 to 2032.

Artificial intelligence (AI) in construction Market Report Scope

The rising demand for AI-based solutions and platforms, the need for more safety measures at construction sites, and the capabilities of AI solutions and services to reduce the production costs are expected to drive the growth of the AI in construction market.

The component segment has been further segmented into solutions and services. The solutions segment is expected to have the larger market size. AI in construction solutions play a vital role in the efficient and effective functioning of construction businesses using Natural Language Processing (NLP); and machine learning and deep learning technologies. AI-based solutions are required to revolutionize the way the construction industry functions. These solutions also help the construction industry familiarize itself with advanced technologies and assist professionals in saving their time in the process of decision-making.

Among technologies, the machine learning and deep learning segment is expected to have the larger market size. Due to the growing need to analyze dark data and automate business functions, the use of machine learning and deep learning technologies has increased manifold in the construction industry. Many construction companies are deploying AI-based solutions to attain benefits.

The AI in construction market has also been segmented on the basis of applications. The project management segment is expected to have the largest market size. This application is the first most important phase of planning a construction project. It involves drafting of the proposal, managing the designing stage, and documenting funds, loans, and other minute details that are related to the project.

On the basis of deployment types, the cloud deployment type is expected to grow at a higher CAGR during the forecast period. This deployment type is simple and cost-effective for use in applications.

North America is expected to have the largest market size in the AI in construction market while Asia Pacific (APAC) is projected to grow at the highest CAGR during the forecast period. Construction companies in the North American region have made huge investments in the market, and several vendors have evolved to cater to the rapidly growing market. Considerable growth is expected in the region during the forecast period. In North America, AI technologies are effectively used for various applications, such as project management, field management, risk management, schedule management, supply chain management, and others (equipment and construction materials management, resource management, subcontractor management, and cost management).

Some of the prominent players in the Artificial intelligence (AI) in construction Market include:

• AI in construction solution vendors
• Mobile device manufacturers
• AI in construction service providers
• Application developers
• System integrators
• Information Technology (IT) developers
• Third-party vendors
• Infrastructure providers
• AI end-users in the construction industry
• Government agencies and organizations
• Regulatory and compliance agencies

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2032. For this study, Nova one advisor, Inc. has segmented the global artificial intelligence (AI) in construction market.

By Technology

• Machine learning and deep learning
• Natural Language Processing (NLP)
• AI in Construction Market By Stage
• Pre-construction
• Construction stage
• Post-construction

By Component

• Solutions
  • Design and planning
  • Revenue estimation
  • Virtual assistant
  • Demand forecasting
  • Predictive maintenance
  • Others (root cause analysis and customer/buyer analysis)
• Services
  • Integration and deployment
  • Training and consulting
  • Support and maintenance

By Application

• Project management
• Field management
• Risk management
• Schedule management
• Supply chain management
• Others (equipment and construction materials management, resource management, subcontractor management, and cost management)

By Deployment Type

• Cloud
• On-premises

By Industry Type

• Small and Medium-sized Enterprises (SMEs)
• Large enterprises

By Organization Size

• Residential
• Institutional commercials
• Heavy construction
• Others (light industrial construction and specialized industrial construction)

By Region

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)