A new report from Reports and Data shows the global market for artificial intelligence in construction is forecast to reach $4.51 billion by 2026, according to www.forconstructionpros.com. Market growth is expected to be driven by the mitigation of risk to quality and safety, as well as reduction of time and costs for the construction industry.
AI can reduce the risks of hazards and accidents on job sites and is being used by firms to pursue the real-time interactions of machinery, workers and objects on the site and alert supervisors of potential safety issues, productivity issues and construction errors. It also is expected to reduce the human workforce, expensive errors and worksite injuries, and increase productivity.
Additional findings from the report include:
- Machine learning and deep learning technologies accounted for a larger market share of roughly 63% during 2018. Deep learning reportedly gives more accurate and quality results, as well as time and cost consumption benefits.
- The services segment is forecast to witness a higher growth rate of 34.9% during the forecast period.
- Small and medium-sized organizations are forecast to witness a higher growth rate of 35.8% during the forecast period because of rapid adoption of AI by these firms.
- Cloud deployment is anticipated to witness a higher growth rate of 37.3% during the forecast period.
- Risk management application is anticipated to witness a higher growth rate of 35.8% during the forecast period because of the ability of AI to identify potential risks and frauds.
- The safety segment is anticipated to witness a higher growth rate of 35% during the forecast period because of the increasing risks and accidents reported at worksites.
