NEW DELHI: The real estate companies in India and China are fast adopting Artificial Intelligence (AI) technology in the development of applications that comprise machine vision for easy analysis and surveying of buildings and structures.
Asia Pacific that contributes nearly 40 per cent in the global construction market, is estimated to be the fastest growing "AI-in-construction" market by 2024, Zion Market Research said on Monday.
The growth in Asia-Pacific "is owing to the extensive adoption of the AI-based platforms, such as machine learning and deep learning, code frameworks, and pre-built algorithms by the real estate companies in emerging economies, such as China and India".
Additionally, the development of creating information modelling is software that gives information on a construction project, warranty details regarding material used, and commissioning data.
This has resulted in increased AI adoption by most of the construction start-ups globally for various applications, the findings showed.
According to the report, the global "AI-in-construction" market was valued at $312 million in 2017 and is expected to reach $3, 161 million by 2024.
"The construction sector is adopting AI to obtain precise data and insights to increase productivity, operational efficiency, and ensure safety at work. AI operates on algorithms related to image recognition to find out search criteria, " said the report.
In addition, the need for safety measures on construction sites is also projected to drive this market's growth.
"Furthermore, huge investments made by construction companies from the emerging economies globally in the adoption of the advanced AI technology for construction applications is also likely to contribute toward the global growth of the AI-in-construction market, " the findings showed.
Europe is projected to witness a remarkable rate of growth in the global "AI-in-construction" market in the upcoming years, due to the huge investments made by construction companies in AI technology for support, training, and digital platform.
Additionally, the rising adoption of the machine and deep learning technologies by companies to automate their business model is also considered as one of the major factors contributing to this regional market's growth, said the report.