AI technology has been rapidly adopted by real estate firm especially in India and China for the development of the application that compromises machine learning for easy analysis and surveying of buildings and structures.

Zion Market Research said, “Nearly 40 percent which is contributed in the global construction market by the Asia Pacific is estimated to be the fastest-growing “AI-in-construction” market by 2024”. This growth in the Asia Pacific is leading to extensive adoption of Artificial Intelligence - based platform including machine learning and deep learning, code frameworks, and pre-built algorithms by the real estate companies in emerging countries, such as China and India.

The development of creating information modeling software is that it gives information on a construction project and warranty details regarding the material used.  Besides, commissioning data leads to increasing adoption of AI by most of the construction start-ups globally for various applications, the findings showed. The critical need for safety measures on the construction site is also projected to drive this market’s growth.

In 2017, the global “AI-in-construction” market was valued at $312 million and is expected to reach $3,161 million by 2024. A remarkable rate of growth in the global “AI-in-construction” market in the upcoming years is projected to witness in Europe, due to the huge investments made by construction companies in Artificial Intelligence technology for support, training, and digital platform.

Investment dropped by construction organizations from the emerging economies across the world in the adoption of the advanced AI technology for construction application is also contributing toward the global growth of the AI-in-construction market.

The report also confirms that the construction sector is adopting AI to collect precise data and insights to upscale productivity, ensure the safety and efficiency rate in the operational process.

Also, the adoption of the machine and deep learning technologies by companies to accelerate their business model is considered as one of the major factors contributing to this regional market’s growth.