Analyzing the Impact of Augmented Reality in Construction, 2024 - AR Investment Rises, Yet Cloud and BIM Steal Spotlight

Dublin, May 03, 2024 (GLOBE NEWSWIRE) -- The "Augmented Reality in Construction - Thematic Research" report has been added to * ResearchAndMarkets.com's* offering.

The construction industry has large, complex sites to manage, strict project deadlines, hazardous working conditions, and tight profit margins. It is under increasing pressure to digitalize and improve its environmental, social, and governance (ESG) credentials. AR can support progress monitoring, design, and understanding of 3D models and increase project accuracy by identifying errors early.

*AR will become a $100 billion market by 2030*

According to forecasts, the AR market will be worth $100 billion by 2030, up from $22 billion in 2022. AR software will generate most of this revenue, with limited spending on AR headsets and AR smart glasses.

AR vendors such as Autodesk, Microsoft, Qualcomm, Unity, and Vuzix are important players in the construction sector. Many specialist AR vendors are also developing hardware, platforms, or apps to improve data visualization, project management, and collaboration. This is often on smartphones or tablets, but specialist headsets are increasingly used. Many of these vendors will be acquisition targets as larger companies aim to improve their 3D mapping and AR visualization capabilities.

*Generative AI will fuel AR growth and adoption*

Generative artificial intelligence (AI) can support the scalable creation of AR objects more cheaply and quickly than currently possible. The use of generative AI in AR will only increase as the two technologies advance in the coming years.

*Wearable start-ups will continue to emerge*

There is a significant opportunity for wearables in the construction industry. Several start-ups operate in this space. For example, Proxxi has developed a smart bracelet that buzzes near high-voltage electricity to help prevent users from getting electrocuted. Wearables can also improve communication channels between field and desk workers. Businesses will continue to adopt AR wearables in the coming years, but in the short term, the high cost of headsets and smart glasses will hinder widespread adoption.

*Leaders*

Below is a list of the construction companies leading in AR adoption and the leading specialist AR vendors in construction:

· Leading AR adopters in construction

· Leaders include companies that have partnered with specialist AR vendors and developed in-house expertise. These include AECOM, Laing O'Rourke, Larsen & Toubro, Siemens, Skanska, Royal BAM, and VINCI.

· Specialist AR vendors in construction

· Autodesk, Hexagon, Topcon, Trimble, Unity.

*Key Highlights*

37% of construction companies intend to invest in AR within the next two years, and most of these have already invested. Another report from the analyst revealed that enabling technologies such as cloud technology and building information modelling (BIM) have attracted significantly more interest than AR, with 65% of respondents stating they had invested in cloud technology and 62% in BIM.

AR is highly applicable in design, construction, and operation AR and its applications benefit the construction industry throughout the construction value chain, from conceptual design to operations and maintenance. AR apps and content offer the most value for investment and should be explored by companies operating at any stage of the construction value chain.

The construction industry faces several unique challenges that limit AR adoption. One of these is the ongoing integration gap between AR devices and BIM systems, which are currently used extensively across the construction industry. For AR technology to be used more widely, AR developers need to target this integration gap. In addition, the lack of strong data connections is common at construction sites, negatively impacting the widespread use of AR technology. Another concern is a general lack of understanding of how AR can be used to make more informed business decisions, coupled with the perception that AR technology is complex. Safety is a further challenge, and there is an ongoing health and safety concern that using AR technology on-site could distract from an individual's awareness of their immediate surroundings.

Supply chain collaboration is key to reducing value chain emissions. Managing the construction supply chain is crucial for reducing Scope 3 emissions and involves working closely with suppliers to ensure they adhere to sustainable practices and provide low carbon products. Companies need to work with downstream industries to jointly develop and implement emission reduction initiatives such as the optimization of transport methods and the use of cleaner sources of energy and energy efficient technologies.

*Research Scope*

This thematic intelligence report gives you an in-depth insight into the impact of AR in construction, including key players, challenges, and market size and growth forecasts. The report elucidates the growing importance of AR in the construction sector along with the progress made by the leading companies to integrate AR and VR. These detailed analyses are critical in developing effective business plans to gain a competitive edge.

*Reasons to Buy*

· Discusses the challenges the construction industry faces and how AR can be used to help address them.
· Evaluates the impact of AR in the construction sector, including various use cases and case studies.
· Benchmarks leading AR vendors, and leading construction companies based on their adoption of AR.

*Key Topics Covered*

1. Executive Summary
2. Players
3. Construction Challenges
4. The Impact of Augmented Reality on Construction
5. Case Studies
6. Augmented Reality Timeline
7. Market Size and Growth Forecasts
8. Signals
9. M&A Trends
10. Patent Trends
11. Company Filing Trends
12. Hiring trends
13. Augmented Reality Value Chain
14. Semiconductors
15. Components
16. Devices
17. Platforms
18. Apps and Content
19. Companies
20. Sector Scorecard
21. Construction Sector Scorecard
22. Glossary
23. Thematic Research Methodology

*A selection of companies mentioned in this report includes, but is not limited to:*

· Autodesk
· Microsoft
· Qualcomm
· Unity
· Vusix
· Proxxi
· AECOM
· Laing O'Rourke
· Larsen & Toubro
· Siemens
· SmartTek
· Skanska
· Royal BAM
· VINCI
· Hexagon
· Topcon
· Trimble
· Ambarella
· AMD
· Apple
· Arm
· Bosch
· Broadcom
· Infineon
· Intel
· Micron
· Nvidia
· NXP Semiconductors
· Qorvo
· Qualcomm
· Samsung Electronics
· SK Hynix
· Skyworks
· Sony
· STMicroelectronics
· TDK (InvenSense)
· AAC Technologies
· Alphabet (Google)
· Avegant
· BOE Technology
· BYD
· Cognex
· Digilens
· Dolby labs
· Goertek
· Himax
· Genius Electronic Optical
· Leica
· Largan Precision
· Lumus
· Magic Leap
· Panasonic
· PMD
· SeeYA Technology
· Sennheiser
· Ultraleap
· Huawei
· Lenovo
· Oppo
· RealWear
· Rokid
· Seiko Epsom
· ThirdEye
· Vusix
· Xreal
· PM Group
· Bechtel
· Balfour Beatty
· Kiewit
· Multiplex
· PCL Construction
· XYZ Reality
· Kiber
· Komatsu
· Rokid
· Akamai
· Alibaba
· Amazon
· ByteDance
· Lockheed Martin
· Medtronic
· Meta
· Northrop Grumman
· PTC
· Snap
· Tencent
· Unity Technologies
· Bouygues
· McDermott
· Strabag
· Bentley Systems
· Nemetschek
· Graphisoft
· Procore
· Adobe
· Dassault Systemes
· Epic Games
· F5
· and many, many more!

For more information about this report visit https://www.researchandmarkets.com/r/wk1ij1

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