Construction AI market forecast to grow by 450% to $1.83bn by 2023
The use of artificial intelligence in the construction industry is predicated to rise dramatically over the next five years, according to new research.
A report published by MarketsandMarkets says that the AI in construction market will grow from $407.2mn in 2018 to $1.83bn by 2023, a 450% total growth or 35% annual growth over the period.
AI technologies are effectively used for various applications in construction, including project management, field management, risk management, schedule management, supply chain management, equipment and materials management, resource management, subcontractor management, and cost management.
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The Asia Pacific region is set to grow at the fastest rate, with construction companies in the rapidly growing economies, such as China, Japan, and Singapore, using AI tools via AI platforms across different industries to provide effective solutions.
North America will continue to have the largest market size, where construction firms have made huge investments, while several vendors have evolved to cater to the rapidly growing market
Such vendors in the US and elsewhere include IBM, Microsoft, Oracle, SAP, Alice Technologies, eSUB, Smartvid.io, Aurora Computer Services, Autodesk, and Building System Planning.
However, while the report outlines the scope for growth for AI in construction, it cites skills shortages as a key challenge that the industry needs to address in order to maximise its potential benefit.
Indeed, a new report by consultancy firm Turner and Townsend also pointed to skills shortages as a key challenge facing the construction industry as a whole, with just three of the 46 markets it surveyed containing a skills surplus.