Top Companies in Artificial Intelligence (AI) in Construction Market by Size, Share, Historical and Future Data & CAGR | Report by Vantage Market Research
Artificial Intelligence (AI) in Construction Market is projected to reach a value of USD 4,909.7 Million by 2030 at a CAGR of 35.2% over the forecast period.
Vantage Market Research has recently published a new report on "Artificial Intelligence (AI) in Construction Market” Global Industry Assessment & Forecast to identify key trends and challenges. The report offers insights into the competitive landscape, prospects, and key investment considerations for businesses operating in Artificial Intelligence (AI) in Construction market. Some of the key statistics in the report highlight that Global Artificial Intelligence (AI) in Construction Market was valued at USD 594.6 Million in 2022 and is projected to reach a value of USD 4,909.7 Million by 2030 at a CAGR of 35.2% over the forecast period. Overall, the Artificial Intelligence (AI) in Construction market is a rapidly growing industry that is driven by a strong demand for more efficient and accurate design and construction methods.
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The Global Artificial Intelligence (AI) in Construction market is dominated by well-known players like Autodesk, Inc. (U.S.), Alphabet Inc. (U.S.), Smartvid.io, Inc. (U.S.), Doxel, Inc. (U.S.), SAP SE (Germany), Caterpillar Inc. (U.S.), Trimble Inc. (U.S.), Building System Planning Inc. (U.S.), Komatsu Ltd. (JapanJapan), Alice Technologies (U.S.), Bentley Systems, Inc. (U.S.), Comsol Inc. (U.S.) among others. These market participants are also pursuing strategies like investments, partnerships, acquisitions, and mergers to increase their market dominance. Furthermore, businesses are investing in the creation of better services.
Let’s Take a Look at the Top Market Players that are Captivating the Artificial Intelligence (AI) in Construction Market
- Autodesk Inc (U.S.)
Autodesk, Inc is a multinational software corporation that develops software for various industries, including architecture, engineering, and construction (AEC). In recent years, Autodesk has been leveraging the power of artificial intelligence (AI) to improve the construction process. One of Autodesk's AI initiatives is Project IQ, a machine learning platform that analyzes construction project data and provides insights to help project managers make better decisions. For example, project IQ can predict potential delays, safety risks, and cost overruns and provide recommendations to mitigate these risks. Another AI-powered tool from Autodesk is Construction IQ, which uses machine learning to analyze the safety and quality of construction projects. Construction IQ can detect potential safety hazards and non-compliance issues and identify areas where quality can be improved. Autodesk has also developed an AI-powered tool for its BIM (Building Information Modeling) 360 platform, which uses machine learning to automate creating 3D models from point cloud data. This tool makes it easier and faster for construction professionals to create accurate models of existing buildings, which can be used for renovation and retrofitting projects.
- Alphabet Inc. (U.S.)
Alphabet Inc. is a multinational conglomerate based in the United States known for its technology innovation. It is the parent company of Google, one of the world's largest search engines. Alphabet Inc's operations include various subsidiaries, such as Waymo, which develops self-driving cars, and DeepMind, which specializes in artificial intelligence (AI) research. Artificial Intelligence (AI) in Construction is an emerging technology transforming how construction projects are planned, designed, and executed. It involves using algorithms, machine learning, and other AI techniques to analyze data and make informed decisions. Alphabet Inc. has been investing in AI technology and has developed several AI-powered tools and platforms. For example, Google's Cloud AutoML platform allows users to build custom machine learning models without coding knowledge. Another example is Google's Tensor Processing Unit (TPU), a custom-designed chip that accelerates the performance of machine learning algorithms. In the construction industry, AI can optimize project management, reduce costs, and improve safety.
- Smartvid io Inc (U.S.)
Smartvid.io, Inc is a U.S.-based company that develops and provides artificial intelligence (AI) solutions for the construction industry. The company's AI platform uses machine learning algorithms to analyze construction project data, including images, videos, and documents, to detect potential safety risks, quality issues, and other problems. As a result, Smartvid.io's AI solutions can help construction companies improve project efficiency, reduce risk, and enhance safety by identifying potential issues early on. The platform also offers predictive analytics capabilities, enabling companies to anticipate and address problems before they occur. In addition to its AI platform, Smartvid.io provides consulting services to help construction companies implement AI technology and optimize their processes. The company partners with several leading construction firms, including Turner Construction, Skanska, and Gilbane Building Company.
- Doxel Inc. (U.S.)
Doxel, Inc. is a construction technology company based in California, USA. The company uses artificial intelligence (AI) to monitor and optimize the construction process. Founded in 2016, the company has developed a suite of AI-powered software tools that enable construction stakeholders to perform real-time analysis of building elements, identify potential issues or errors, and improve efficiency and safety. Doxel's platform combines an array of sensors with sophisticated algorithms to create digital "twins" of construction sites. The company's AI system analyzes data from these sensors to track progress, identify potential problems, and recommend real-time solutions. The company targets general contractors, owners, and facilities managers and offers various services, including progress tracking, quality assurance, and safety monitoring. Doxel's AI platform also includes a collaboration platform that lets team members communicate and share data in real-time. Doxel's AI-powered tools enable construction stakeholders to optimize scheduling, identify and address potential issues, and reduce time and costs associated with rework. In addition, the company's platform can also reduce the risk of accidents by providing real-time safety monitoring.
- SAP SE (Germany)
SAP SE, a global provider of enterprise software solutions, has recently announced its plans to invest in artificial intelligence (AI) for the construction industry. The company aims to leverage AI technology to improve project management, increase efficiency, and enhance decision-making in construction projects. SAP's AI solutions will leverage machine learning algorithms and predictive analytics to analyze data from various sources, including IoT sensors, drones, and cameras. These technologies will detect potential problems, predict project outcomes, and provide real-time insights to help construction managers make informed decisions. With SAP's AI solutions, construction companies can automate routine tasks, such as scheduling and resource allocation, and focus on strategic planning and problem-solving. This will enable companies to complete projects faster, with fewer errors and delays, while also reducing costs and enhancing safety. SAP has already developed a range of AI-powered solutions for construction, including SAP Asset Intelligence Network, which enables companies to manage and monitor the lifecycle of their assets, and SAP Intelligent Robotic Process Automation, which automates repetitive tasks.
- Caterpillar Inc. (U.S.)
Caterpillar Inc. is a global manufacturing company specializing in construction equipment, diesel and natural gas engines, industrial gas turbines, and locomotives. The company is located in the United States and operates in over 190 countries worldwide. In recent years, Caterpillar has been investing in artificial intelligence (AI) technology to improve the performance and efficiency of its construction equipment. Using AI in construction can help optimize construction processes, reduce waste and downtime, and increase safety. Caterpillar's AI technology includes machine learning algorithms that can analyze data from sensors on construction equipment and make recommendations on improving performance. This technology can also predict equipment failures or maintenance needs, enabling operators to address issues before they become major problems proactively.
- Trimble Inc. (U.S.)
Trimble Inc. is an American technology company specializing in providing solutions for the construction, geospatial, and transportation industries. The company's offerings include hardware, software, and services designed to improve productivity, efficiency, and safety on construction sites. Trimble has also invested in artificial intelligence (AI) technologies to enhance its construction solutions in recent years. In construction, AI is used to automate tasks, optimize processes, and improve project outcomes. With AI, Trimble's construction solutions can analyze real-time data and provide insights into project performance, risks, and opportunities. This allows contractors to make informed decisions and take corrective action before a problem escalates.
- Building System Planning Inc. (U.S.)
Building System Planning Inc. is a leading construction technology company that offers integrated building solutions, building automation, and energy management systems. With its commitment to innovation, the company has recently started integrating artificial intelligence (AI) into its construction services to enhance the efficiency and accuracy of construction activities. Artificial intelligence (AI) in construction will increase in the coming years. AI can be useful in several construction-related areas, including project management, material selection, design optimization, and safety management. The technology helps construction companies reduce costs, increase productivity, and minimize risk. Building System Planning Inc. has recognized the potential of AI in construction and has started integrating the technology into its services. The company is developing smart workflows, predictive analytics, and intelligent decision-making systems by utilizing AI-based algorithms and machine learning. Incorporating AI in construction is expected to revolutionize the industry by streamlining the construction process, reducing project delays, and improving safety. Building System Planning Inc. is at the forefront of this technological shift in the construction industry and is well-positioned to stay ahead of the competition.
- Komatsu Ltd. (Japan)
Komatsu Ltd., a leading construction equipment and machinery manufacturer, is actively working with artificial intelligence (AI) to enhance its products and services. The company has invested in research & development of AI technologies to power its construction equipment, making them more efficient, productive, and safe. Komatsu has released several AI-powered tools, including its Smart Construction Dashboard, which tracks real-time data from construction sites to improve project management and efficiency. It also has a fleet management system that uses AI to schedule and manage equipment maintenance based on usage patterns and historical performance metrics. With the rapid advancement of AI technologies, Komatsu is committed to leveraging these technologies to improve the construction industry further. The company is continuously exploring new applications of AI in construction, such as autonomous equipment operation and predictive analytics, to enhance workforce safety and productivity.
- Bentley Systems Inc. (U.S.)
Bentley Systems, Inc. is a leading provider of software solutions for infrastructure engineering, architecture, construction, and operations. The company has recently entered the Artificial Intelligence (AI) in the Construction market with its innovative products and solutions. AI in the construction market proliferates due to the increasing demand for efficient and sustainable construction practices. Bentley Systems, Inc. is leveraging its infrastructure engineering and construction technology expertise to develop AI-powered solutions for the construction industry. The company has developed various products and solutions that use AI and machine learning to improve construction processes and workflows. One of the key offerings from Bentley Systems is the Bentley AssetWise solution, which uses AI to provide real-time insights into asset performance and maintenance requirements. The solution helps construction companies to optimize their asset management strategies and reduce maintenance costs. Bentley Systems has also developed AI-powered solutions for project management, virtual design and construction, and construction scheduling. These solutions help construction companies to improve collaboration, increase efficiency, and reduce project delays.
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