Artificial Intelligence (AI) is an umbrella term for various technologies, such as machine learning, deep learning, Natural Language Processing (NLP), and facial recognition. These technologies have the capability to perform tasks that require human intelligence. The construction industry has started to explore the benefits of incorporating AI into their business processes. AI solution and services help the industry in saving time and reducing the overall project expenses.
MarketsandMarkets expects the global AI in construction market to grow from USD 407.2 Million in 2018 to USD 1,831.0 Million by 2023, at a Compound Annual Growth Rate (CAGR) of 35.1% during the forecast period. The rising demand for AI-based solutions and platforms, and the need to analyze large and complex data sets related to the construction industry are expected to drive the growth of the AI in construction market.
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The Natural Language Processing (NLP) technology is expected to grow at a higher CAGR during the forecast period
In the AI in construction industry, the NLP technology is used to collect, analyze, and visualize customer-related data, such as customers’ response to particular products and services. NLP is a human-to-computer interaction technology that analyzes and understands both the spoken and written forms of human languages. Moreover, it assists machines in understanding the languages in which humans communicate (both reading and writing) and formulating basic and advanced levels of interactions with humans. AI in construction platform providers are concentrating on developing strong cloud-based AI in construction solutions for their clients, as many businesses have migrated to either the private or the public cloud.
The key AI in construction vendors include 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 market players have adopted the strategies of new product launches, product enhancements, acquisitions, collaborations, and partnerships to offer AI in construction products, solutions, and services to their customers and penetrate deeper into unexplored regions.
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