NEW YORK, Nov. 1, 2022 /PRNewswire/ — The global AI in the construction market is moderately concentrated with a high number of international players and a few small-scale regional players. Players in the market are focusing on developing a variety of technologies to retain their market shares. Key players are concentrating on implementing new data mining techniques and embedding AI into IoT analytics, which will create a new platform for construction companies to gain insights from IoT-generated data. The market comprises several other prominent vendors that account for significant market shares. The market is driven by innovation, and therefore, the threat of new entrants is high. Many players are merging to sustain themselves in the competitive market or introduce new technologies.
The artificial intelligence (AI) in construction market is expected to grow by USD 2.32 billion during 2021-2026. In addition, the growth momentum of the market will accelerate at a CAGR of 29.81% during the forecast period, according to Technavio.
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Artificial Intelligence (AI) in Construction Market 2022-2026: Scope
The artificial intelligence (AI) in construction market report covers the following areas:
- Artificial Intelligence (AI) in Construction Market size
- Artificial Intelligence (AI) in Construction Market trends
- Artificial Intelligence (AI) in Construction Market industry analysis
This study identifies automatic updating and building of projects as one of the prime reasons driving artificial intelligence (AI) in the construction market growth during the next few years.
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