Market for AI in construction could be worth US$13.5 bn by 2030
By Andy Brown18 August 2023
The market for Artificial Intelligence (AI) in construction has been estimated to be worth US$1.3 billion last year and could rise to US$13.5 billion by 2030, according to information released by Adroit Market Research.
AI in construction refers to the use of AI tools and algorithms to enhance a variety of construction-related functions. AI makes it possible to automate jobs, analyse massive data sets, and create predictive models to improve productivity, efficiency, and safety.
Contactors are increasing making use of AI – Sir Robert McAlpine recently announced that it would partner with and utilise AI platform Buildots across complex jobsites.
Construction project planning and design can benefit from AI assistance. It can provide optimised designs and layouts by analysing past project data, building codes, and design principles. The viability of construction projects can also be evaluated, along with potential dangers and alternative solutions.
The research predicts that the market for AI could grow at a compound annual growth rate of 36% between 2022 and 2030.