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Explore the latest trends and actionable insights on the Artificial Intelligence market to inform business strategy and pinpoint opportunities and risks

Market Size of Artificial Intelligence in Construction (2019 - 2021, $ Billion)

Industry: Construction
Current: Thematic Indicators

Artificial intelligence (AI) can increase productivity and add value throughout the entire construciton value chain
AI can help resolve challenges of project delivery, sustainability, sourcing, cost overruns, collabration between stakeholders, and safety
The global market size of AI in construction grew at a CAGR of 12.1% between 2019 and 2021

The construction industry has been using technology extensively to increase productivity, quality, and efficiency. Technological innovations influenced the sector far beyond expectations and they can deliver tangible benefits at every phase of the construction value chain starting from conceptual design to maintenance. As the construction value chain is fragmented, effective collaboration and communication between multiple stakeholders is key. AI-powered tools can automate processes, provide intelligent business insights, augment productivity and protect against the shortage of skilled labor workers. AI has the potential to deliver tangible benefits at every step of the construction value chain, from conceptual design through to operations and maintenance.

Global spending on AI technology is certainly high but is difficult to estimate. There are two main reasons for this. Firstly, AI is an intrinsic part of many applications and functions, making it almost impossible to identify the revenue explicitly generated by AI. Secondly, the range of subsets and technologies that make up AI can be challenging to locate and track. In general, valuations of the overall AI market range from a few billion dollars to several trillion dollars, depending on the source. According to GlobalData, the global market size of AI in construction increased from $1.3 billion in 2019 to $1.6 billion in 2021 at a CAGR of 12.1%.

Below are examples some of the construction companies that are currently deploying AI;

Laing O’Rourke has developed and deployed Toolbox Spotter, a CV safety system. The Toolbox Spotter can identify when people are in the blind spots of heavy equipment and disable the equipment until they are in safe working areas.
Larsen & Toubro has rolled out AI technology in 20 cities in India to help stop the spread of COVID-19. Real-time alerts can be sent to officials if crowds gather. ML-powered automatic number plate recognition is used to detect whether Hyderabad residents stray more than 3km from their homes.
Acciona has developed its BIONS (business intelligence of network solutions) system in-house. Using collected data and ML techniques, BIONS detects and analyses problems in water supply networks.

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