AI in Construction Market to Witness a Decline in Growth Due
- The eruption of Coronavirus pandemic has enforced a negative influence on the global AI in construction market. The market is projected to pull through the losses suffered during this pandemic by the third or fourth quarter of 2022.
PUNE, India, June 1, 2020 /PRNewswire/ -- The recent research report on the Global AI in Construction Market by Research Dive presents the impact of COVID-19 pandemic on the present and future market growth. This report is a professional and comprehensive research formulated by taking into consideration the major regional market situations, key driving factors, and size & scope of the market during the COVID-19 crisis.
Highlights of the Report:
The AI in construction market has observed substantial growth previously, but the abrupt rise of the COVID-19 pandemic has negatively impacted the market growth to some extent. As per the report, the global AI in construction market was valued at $408.1 million in 2018 and is expected to hit $2,325.9 million by 2026, growing at a CAGR of 24.1% during the pandemic period. The size of the market in the present scenario has reached $356.5 million due to the lockdown enforced in several regions and halt of construction activities. Analysts have predicted that the market is likely to recover from the incurred losses and grow significantly by the third or fourth quarter of 2022.
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Factors Influencing the Market amidst COVID-19 Pandemic
The implementation of lockdown in various countries worldwide has resulted in stoppage of construction projects and disruption of supply chains in the construction sector. On the contrary, the market is likely to expect some additional growth post-COVID due to the growing necessity for safety, surge in demand for IoT, growing adoption of security sensors & machine telematics, and rise in implementation of advanced safety measures at construction sites. Moreover, the changes in the processes of construction companies and growing focus on the deployment of technologies such as artificial intelligence and machine learning instead of human workforce are expected to fuel the market growth post-COVID crisis.
Current Market Transformation Due to COVID-19:
The market is experiencing a drift in the availability of construction products due to the shutdown of several manufacturing factories worldwide. During this pandemic period, companies have started undertaking initiatives for new projects or services to maintain the economic balance of the country and withstand their business during this pandemic period. re
Post-pandemic Market Insights:
To tackle the impact of COVID-19 pandemic, government bodies worldwide are expected to take significant steps and implement schemes for promoting construction projects, once the pandemic situation gets under control. Additionally, several companies are anticipated to implement AI technologies to build and install safety systems at construction sites. Moreover, top industry players are expected to indulge in activities such as mergers and acquisitions, collaborations & partnerships in order to gain a major market share in the global industry. As a final point, the market is predicted to grow significantly due to the rising adoption of AI technologies in construction industry after the end of COVID-19 catastrophe.
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
About Research Dive
Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With an unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.
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