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  • Artificial Intelligence (AI) in Construction Market to Grow at a CAGR of 35.1% - New Report by MarketsandMarkets™

    (I-SoftwareNews.Com, July 18, 2018 ) The rising demand for Artificial Intelligence (AI)-based solutions and platforms, the need for more safety measures at construction sites, and the ability of the AI in construction solutions to reduce the production costs are expected to drive the growth of the AI in construction market. MarketsandMarkets expects the global market to grow from USD 329.3 Million in 2017 to USD 1,831.0 Million by 2023, at a Compound Annual Growth Rate (CAGR) of 35.1% during the forecast period. The base year considered for the study is 2017, and the forecast period is 2018–2023.



    The component segment has been further segmented into solutions and services. The solutions segment is expected to have the larger market size. AI in construction solutions play a vital role in the efficient and effective functioning of construction businesses using Natural Language Processing (NLP); and machine learning and deep learning technologies. AI-based solutions are required to revolutionize the way the construction industry functions. These solutions also help the construction industry familiarize itself with advanced technologies and assist professionals in saving their time in the process of decision-making.



    Among technologies, the machine learning and deep learning segment is expected to have the larger market size. Due to the growing need to analyze dark data and automate business functions, the use of machine learning and deep learning technologies has increased manifold in the construction industry. Many construction companies are deploying AI-based solutions to attain benefits.



    The AI in construction market has also been segmented on the basis of applications. The project management segment is expected to have the largest market size. This application is the first most important phase of planning a construction project. It involves drafting of the proposal, managing the designing stage, and documenting funds, loans, and other minute details that are related to the project.



    The key vendors that offer AI in construction solutions across the globe include such IBM (US), Microsoft (US), Oracle (US), SAP (Germany), Alice Technologies (US), eSUB (US), Smartvid.io (US), Aurora Computer Services (England), Autodesk (US), and Building System Planning (US). These vendors have adopted organic and inorganic growth strategies, such as new product launches, partnerships and collaborations to expand their presence in the market.



    Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownload.asp?id=235710349



    About MarketsandMarkets™



    MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.



    Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.



    MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledgestore” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.











    MarketsandMarkets

    Mr. Shelly Singh

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    sales@marketsandmarkets.com

    Source: EmailWire.Com

    Source: EmailWire.com

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