LONDON--(BUSINESS WIRE)--The global artificial intelligence (AI) in construction market is expected to post a CAGR of over 28% during the period 2019-2023, according to the latest market research report by Technavio. However, the market is expected to decelerate on a year-on-year basis during the forecast period.
A key factor driving the growth of the global artificial intelligence (AI) in construction market is the increase in the number of smart connected devices. The adoption of smart devices is increasing rapidly across the world, with the total number of installed smart devices amounting to 21 billion by 2020. This is posing a new challenge for organizations as they need to manage, monitor, and maintain the copious amounts of data generated through smart devices. Thus, the need for machine-to-machine and machine-to-human communications is expected to increase significantly. Enterprises have experienced significant improvements in business processes with the adoption of Al analytics software and hardware, where close monitoring of business processes have facilitated real-time decision making.
As per Technavio, the increasing adoption of cloud-based solutions will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global artificial intelligence (AI) in construction market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2018-2022.
This report is available at a USD 1,000 discount for a limited time only: View market snapshot before purchasing
Global artificial intelligence (AI) in construction market: Increasing adoption of cloud-based solutions
The adoption of cloud-based Al solutions is increasing significantly in the construction industry to improve the capabilities of the existing industrial systems. Al-as-a-service (AlaaS) is trending in the construction sector as it offers benefits such as efficiency and maintenance of a company's sales and marketing department. Therefore, the increasing adoption of cloud-based solutions will impact the growth of the global AI in construction market during the forecast period.
“The growing population, increase in government spending, and the constant economic growth is stimulating the significant growth in the global construction market. Combine this with the growing investment in smart cities and advanced technologies, the impressive growth in the global construction market is offering tremendous growth opportunities to the global AI in construction market,” says a senior analyst at Technavio.
Global artificial intelligence (AI) in construction market: Segmentation analysis
This market research report segments the global artificial intelligence (AI) in construction market by solution (software, services, and hardware) and geographical regions (APAC, EMEA, and the Americas).
The EMEA region led the market in 2018, followed by the Americas and APAC respectively. Although the APAC region held the smallest share of the market in 2018, it is expected to register the highest incremental growth during the forecast period.
Looking for more information on this market? Request a free sample report
Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
If you are interested in more information, please contact our media team at media@technavio.com.
