The spread of COVID-19 across the globe has impacted the global AI in construction market in an undesirable way. The declining growth of the market in 2020 is attributed to delay in construction projects during pandemic crisis.

New York, USA, April 07, 2021 (GLOBE NEWSWIRE) -- The AI in construction industry is likely to observe a drop in the growth rate due to the COVID-19 pandemic. According to a report published by Research Dive, the global AI in construction market is projected to surpass $2,325.9 million during the forecast period from 2019 to 2026. Detailed analysis on drivers, restrains, lucrative growth opportunities, challenges, major segments, and strategic moves by market players are offered in the report to better capture the effect of Covid-19 pandemic on the global market.

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Highlights of the Report

• The projected CAGR of the AI in construction market prior to COVID-19 pandemic was 26.3% over the forecast period.

• The CAGR of the global industry after pandemic crisis is expected to be 24.1% by 2029.

As per the report, the global AI in construction market is projected to recover by Q3/Q4 of 2022 and witness substantial growth during the forecast period.

• In 2020, the projected market size of the AI in construction industry prior to the COVID-19 pandemic was $648.3 million.

• Due to COVID-19 pandemic, the market size of the global industry is expected to surpass $356.5 million in 2020.

Click here to Connect with our Analyst and know more about the Short-term and Long-term Impacts of COVID-19 on the Global AI in Construction Market: https://www.researchdive.com/connect-to-analyst/222

Key Features of the Market

As per our analysts, the lockdown imposed by various governments across the globe to curb the spread of deadly coronavirus has resulted in delaying of construction projects, which has adversely impacted the global AI in construction market in 2020. However, several companies are taking initiatives for new project or services and also visualizing & analyzing the whole construction sites for the safety of workers. For instance, in March 2020, Smartvid.io, a software company focused on solving management, search, collaboration, and analysis challenges associated with industrial photos & videos, announced that its AI platform, ‘Vinnie,’ can now visualize construction phases, workers in groups, and new work at height risks. This helps the company to automatically recommend risk ratings based on the hazards. Furthermore, the World Health Organization (WHO) and governments have started taking initiatives by providing proper safety guidelines to overcome from the adverse situation.

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Prominent Players of the Industry

• Autodesk, Inc.,
• Building System Planning, Inc.
• Smartvid.io, Inc.
• Komatsu Ltd
• NVIDIA Corporation
• Doxel Inc.
• Volvo AB
• Dassault Systemes SE

Access Varied Market Reports Bearing Extensive Analysis of the Market Situation, Updated With The Impact of COVID-19: https://www.researchdive.com/covid-19-insights

Post-Pandemic Market Scenario

As per the report, the global AI in construction market is projected to recover by Q3/Q4 of 2022 and witness substantial growth during the forecast period. The rapid growth of the market can be attributed to rising adoption of security sensors, building information systems (BIM), machine telematics, and drones around the world. Moreover, key players are increasingly focusing on technological advancements, acquisitions, and product launches, which is expected to boost the market growth by 2026.

For instance, in August 2019, Procore Technologies, Inc., a US construction project management software company, completed the acquisition of ConstructionBI, an app that enable users to integrate their data with Microsoft Power BI from Procore. The aim of the company behind this acquisition is to bring next-generation AI analytics to the construction industry.

The report also summarizes many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments. Click Here to Get Absolute Top Companies Development Strategies Summary Report.

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Mr. Abhishek Paliwal
Research Dive
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