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(IT-NEWSWIRE.COM, April 03, 2019 ) The rising demand for Artificial Intelligence (AI)-based solutions and platforms, the need for more safety measures at construction sites, and the ability of the AI in construction solutions to reduce the production costs are expected to drive the growth of the AI in construction market
MarketsandMarkets expects the global market to grow from USD 329.3 Million in 2017 to USD 1,831.0 Million by 2023, at a Compound Annual Growth Rate (CAGR) of 35.1% during the forecast period. The base year considered for the study is 2017, and the forecast period is 2018–2023.
The objective of the report is to define, describe, and forecast the size of the AI in construction market based on technologies, stages, components (solutions and services), applications, deployment types, organization size, industry types, and regions. The report also aims at providing detailed information about the major factors influencing the growth of the market (drivers, restraints, opportunities, and challenges).
In the AI in construction industry, the NLP technology is used to collect, analyze, and visualize customer-related data, such as customers’ response to 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.
In the APAC region, the construction companies are investing in AI technologies. The APAC region has great scope for growth in terms of the AI in construction market. The construction companies in the rapidly growing economies of the APAC region, such as China, Japan, and Singapore, are using AI tools via AI platforms across different industries to provide effective solutions. The growth of the AI in construction market in the APAC region can be attributed to the rapid technological advancements in AI in construction solutions and services among the developing countries.
The AI in construction market report encompasses the competitive landscape and company profiles of the key vendors based on their product offerings and business strategies. 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).
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Source: EmailWire.Com
Source: EmailWire.com
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