Latest News- Artificial Intelligence (AI) In Construction Market: Software is expected to lead the Component segment during 2025-2029

The Artificial Intelligence (AI) In Construction Market is being driven by Increasing demand for data integration and visual analytics

The Artificial Intelligence (AI) In Construction Market is expected to grow at a CAGR of 56.5% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 40036.6 million. In the construction industry, project managers, engineers, and analysts face the time-consuming task of updating and creating project schedules for portfolio management. To enhance productivity, AI-integrated project portfolio management tools are implemented, offering intelligent scheduling capabilities. These tools reference a predefined process library for optimal output, while suggesting missing processes for creation. Furthermore, AI identifies necessary skills for tasks, checks resource availability, and alerts for any required resources, ensuring efficient and effective project execution. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Component
  • Software
  • Services
  • Hardware
• End-user
  • Large enterprises
  • SMEs
• Type
  • Machine learning
  • Computer vision
  • NLP
• Geography
  • North America
    • Canada
    • US
  • Europe
    • Germany
    • UK
    • France
    • Italy
  • APAC
    • China
    • India
    • Japan
  • Middle East and Africa
  • South America

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Increasing demand for data integration and visual analytics
• Reliability of data-guided decisions
• Growth of global construction market

However, the market also witnesses some limitations, which are as follows:

• Lack of skilled workforce for development of AI algorithm
• Concerns regarding privacy and data security
• Network and connectivity issues

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Market Scope in Artificial Intelligence (AI) In Construction Market Research Report

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Research Analysis Overview

Artificial Intelligence (AI) is revolutionizing the construction industry by streamlining engineering processes, enhancing construction operations, and improving asset management. AI applications reduce production costs, ensure safety measures, and optimize project lifecycles from design and bidding through financing, procurement, and business model transformation. Early adopter executives leverage AI for data triangulation and statistics to address safety concerns, labor shortages, and increase efficiency. AI's impact on construction sites, workers, and project management is transformative.

Market Research Overview

In the construction industry, Artificial Intelligence (AI) is revolutionizing engineering, construction, operations, and asset management through advanced technologies. AI technologies are streamlining preconstruction phases, including planning, designing, building information modeling, and generative design. These innovations enhance productivity, reduce production costs, and improve safety measures at construction sites. Skilled labor shortages are addressed by AI's ability to automate repetitive tasks, ensuring project timelines remain on track. Overall, the application of AI in construction contributes significantly to the global IT software market, which encompasses companies providing specialized software for businesses and consumers, excluding interactive home entertainment and systems software.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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Website: www.technavio.com/