According to a new market research report "Artificial Intelligence (AI) in Construction Market by Technology, Stage, Component, Application, Deployment Type, Organization Size, Industry Type (Residential, Institutional Commercial, and Heavy Construction), and Region - Global Forecast to 2023", published by MarketsandMarkets™, the global market to grow from USD 407.2 Million in 2018 to USD 1,831.0 Million by 2023, at a Compound Annual Growth Rate (CAGR) of 35.1% during the forecast period.
The rising demand for AI-based solutions and platforms, the need for more safety measures at construction sites, and the ability of the AI-based solutions to reduce the production costs are expected to drive the growth of the AI in Construction Market.
The Natural Language Processing (NLP) technology is expected to grow at a higher CAGR during the forecast period
In the AI in construction industry, the NLP technology is used to collect, analyze, and visualize customer-related data, such as customers' response to particular 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.