Business as it has been may not be the norm as nations around the world are still impacted by the coronavirus pandemic. Governments at every level are searching for ways to aid their constituents, keep them safe and still reopen businesses that have been shuttered as a precaution against unnecessary spread of the virus. The implementation of lockdowns has resulted in stoppage or delays of construction projects and disruption of supply chains in the sector.
To tackle the impact of COVID-19, governments worldwide are expected to take significant steps and implement schemes for promoting construction projects once the pandemic is under control. A 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.
The AI (artificial intelligence) in construction market has had substantial growth, but the abrupt rise of the COVID-19 pandemic has negatively impacted the market. The global AI in construction market was valued at $408.1 million in 2018 and is expected to hit $2.326 billion by 2026, growing at a CAGR of 24.1% during the pandemic period. However, the size of the market has reached $356.5 million due to the lockdown enforced in several regions and halt of construction activities. Analysts predict that the market is not likely to recover from the incurred losses and grow significantly until the third or fourth quarter of 2022.
The AI in construction market is likely to experience additional growth post-pandemic due to the growing need for safety, a surge in demand for IoT (Internet of Things), growing adoption of security sensors & machine telematics, and a rise in implementation of advanced safety measures at construction sites. Moreover, the changes in the processes and policies at construction companies and a growing focus on the deployment of technologies such as AI and machine learning instead of human workforce are expected to fuel the market growth post-COVID-19. For example, several companies are working on and intend to implement AI technologies to build and install safety systems at construction sites.
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