The global artificial intelligence (AI) in the construction market is forecast to reach $4.51 billion by 2026, according to a new report by Reports and Data.
There are a number of factors driving the growth of the market, including the ability for AI to mitigate risks, to improve quality and to reduce the cost and consumption of materials.
AI can help reduce construction costs in many ways. One such example is using virtual reality goggles to control mini-robots sent into buildings under construction to track the work as it progresses. It is also being used today to design the routing of electrical and plumbing systems in modern buildings.
AI is also beneficial for the development of safety systems at work sites, which reduces the risks of hazards and accidents. The technology is being used by many firms to monitor the real-time interactions of machinery, workers, and objects on the site and alert the supervisors of potential safety issues, productivity issues, and construction errors.
AI is also expected to reduce the human workforce, reduce expensive errors, reduce worksite injuries, and make building operations more productive.
In terms of the global AI construction market, North America held the largest market share of approximate 29% in the year 2018, owing to the rapid technological advancements and increasing government investments into the development of AI. Moreover, the presence of some of the leading players of the market in the region will also drive the growth of the market in the region.