The coronavirus outbreak has impacted the global AI in construction market in a negative way. This is because of the strict lockdowns and temporary shutdown of construction industries. The market is likely to recover from the loss in the 3rd and 4th quarters of 2022. The leading players of the market are focusing on developing strategies to revive the market growth in the post-pandemic market.
New York, USA, June 30, 2021 (GLOBE NEWSWIRE) -- According to a recent report by Research Dive, the global AI in construction market is forecasted to reach $2,325.9 million by the end of 2026, from $408.1 million in 2018. The comprehensive report provides a brief overview of the current scenario of the market, including other aspects such as dynamics of the market, growth and restraining factors, challenges, and opportunities during the forecast period. The report also offers the market figures, which makes it easier and more beneficial for the new participants to understand the real-time scenario of the market.
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Factors Impacting the CAGR Figures Pre and during COVID-19
The report reveals the real-time CAGR registered by the market during the pandemic. According to the report, the market has recorded a CAGR of 24.1% during recent months, while it was expected to be 26.3% in the pre-COVID-19 scenario. The reason behind this decline is the temporary restrictions on the construction works and shutdown of supply chain. Because of the restrictions applied in the outside operations such as construction and import and export of raw materials across national and international borders, the industry witnessed a drastic decline.
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Factors Impacting the Market Size in the Pre-COVID and Real-time Scenario
According to the report, the real-time market size has been witnessing a drastic downfall compared to the pre-COVID-19 estimations. The real-time market size has garnered a revenue of $356.5 million in 2020, while it was estimated to reach $648.3 million in an analysis before the emergence of the pandemic. In order to restrict the communal spread of the coronavirus, governments across nations imposed complete and partial lockdown along with outdoor operations in the early months of 2020. This restriction resulted in partial and complete shutdown of many companies. Construction industries using Artificial Intelligence were also shut down for a few months which led to postponed projects. These are the factors behind the decline of the market during the critical period.
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Post Pandemic Insight
As per the report, the global AI in construction market is expected to recover from the loss in the 3rd/4th quarter of 2022. However, with the 2nd wave and the expected 3rd wave of the pandemic, the restrictions are not being lifted totally. It may extend the recovery period further. However, with the decreasing cases of Covid-19, the market has already geared up for growth in the post pandemic period.
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Key Players of the Market
The report also summarizes many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments. Click Here to Get Absolute Top Companies Development Strategies Summary Report.
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