NEW YORK, Oct. 23, 2023 /PRNewswire/ — The “Artificial Intelligence (AI) in construction market segmentation by solution (software, services, and hardware) and geography (North America, Europe, APAC, Middle East and Africa, and South America) – Forecast and Analysis 2022-2026″ report has been added to Technavio offering. With ISO 9001:2015 certification, Technavio has proudly partnered with more than 100 Fortune 500 companies for over 16 years. The potential growth difference for artificial intelligence (AI) in construction market between 2022 and 2026 is USD 2.32 billion.

The increasing demand for data integration and visual analytics is a key factor driving market growth. In construction, Artificial Intelligence makes it possible to synthesize data in real-time so that we can conduct real-time analyses for monitoring, transformation, and delivery of information while bridging the gap between businesses and IT. To boost the AI capabilities of analytics, major companies are introducing products that can be operated by artificial intelligence.  Furthermore, to connect multiple enterprise systems with Web and Internet cloud applications the end user companies are requiring artificial intelligence platforms on their construction site. Hence, these factors are expected to drive market growth during the forecast period. Get deeper insights into the market size, current market scenario, future growth opportunities, major growth driving factors, the latest trends, and much more. Buy the full report here

Market Challenge

The lack of a skilled workforce for developing AI algorithms is a significant challenge restricting market growth. To successfully implement artificial intelligence on an IT platform, the lack of skilled operators and proper training is adversely affecting the execution of wide-scale automation because significant time and financial resources must be allocated for this. Nevertheless, the delivery of these tasks might be hampered by a lack of a sufficient number of qualified workers because AI chips perform solely on algorithms created for them. Hence, these factors are expected to restrict market growth during the forecast period. 

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The artificial intelligence (AI) in construction market has been segmented by Geography (North America, Europe, APAC, Middle East and Africa, and South America). 

• Artificial intelligence (AI) in construction market share growth by the software segment will be significant during the forecast period. There are some factors such as increasing globalization, growing use of information technology in the construction sector for decision-making, adoption of machine learning platforms, text analysis, robot process automation, image and video analysis, and Deep Learning &Speech Recognition. Hence, these factors are expected to drive segment growth during the forecast period. 

• 38% of the market’s growth will originate from North America during the forecast period. 

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Key Companies in the Artificial Intelligence (AI) in Construction Market:

ALICE Technologies, Amazon.com Inc., Aurora, Autodesk Inc., Bentley Systems Inc., Customindz Inc., Doxel Inc., eSUB Inc., Intel Corp., International Business Machines Corp., Microsoft Corp., Newmetrix, Oracle Corp., SAP SE, Siemens AG, and TUV SUD AG

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ToC:

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by Solution

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

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