The construction AI market is expected to grow by 450% to $ 1.83 billion by 2023...

The construction AI market is expected to grow by 450% to $ 1.83 billion by 2023...

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The use of artificial intelligence in the construction industry will increase significantly over the next five years, according to new research.

A report by Markets and Markets says AI in the construction market will reach $ 1.83 billion by 2023 from $ 407.2 million in 2018, a total growth of 450%, or an annual growth of 35%.

AI technology, project management, site management, risk management, program management, supply chain management, equipment and materials management, including resource management, subcontractor management, construction and cost management for a variety of applications including being used in an effective manner.

With construction companies in fast-growing economies such as China, Japan and Singapore, the Asia Pacific region is preparing to grow at the fastest pace to deliver effective solutions using AI tools from AI platforms in different sectors.

North America will continue to have the largest market size, with construction firms investing heavily, with many vendors evolving to cater to the fast-growing Sunday.

Such vendors in the U.S. and other countries are IBM, Microsoft, Oracle, SAP, Alice Technologies, eSUB, Smartvid.io, includes Aurora Computer Services, Autodesk, and Building System Planning.

However, while the report outlines the scope for growth for AI in construction, it cites skills shortages as a key issue the industry must address to maximise its potential shortfalls.

Indeed, consultancy firm, Turner and Townsend, a new report by the construction sector as a whole faces a major challenge as the skill deficiencies noted.

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