AEC Market
AEC Market
High implementation of AEC creates the need for services in the market, which is expected to drive the market during the forecast period.
PORTLAND, PORTLAND, OR, UNITED STATES, November 13, 2023 /EINPresswire.com/ -- According to a recent report published by Allied Market Research, titled, “AEC Market by Component, Deployment Mode, Enterprise Size, and Application: Global Opportunity Analysis and Industry Forecast, 2021-2028,” the AEC Market size was valued at $7,188.00 Million in 2020, and is projected to reach $15,842.00 Million by 2028, growing at a CAGR of 10.7% from 2021 to 2028.
Enhanced productivity through interoperability and government mandates for AEC software usage drive the growth of the market. In addition, the expansion of the construction industry fuels AEC market growth. Furthermore, the rise in environmental and energy concerns as well as the emergence of virtual reality (VR) and augmented reality (AR) technologies and their integration with architecture, engineering, and construction are expected to provide lucrative opportunities for the AEC industry growth.
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The rise in infrastructure projects, the surge in productivity through interoperability, and government initiatives regarding the use of AEC software have boosted the growth of the global AEC market. However, the high initial cost of implementation of AEC software and the dearth of skilled workforce hinder the market growth. On the contrary, the advent of AR and VR in the construction industry and the implementation of IoT in the construction sector are expected to open profitable opportunities for market players in the coming years.
Region-wise, Asia-Pacific is expected to exhibit highest growth during the forecast period, as the adoption of AEC software is prominent in this region, owing to the growing construction sector. The surge in multi-story and skyscraper buildings as well as ongoing developments in infrastructure in this region are expected to be the key factors facilitating the growth of the AEC Market. In addition, governments of various Asian countries are implementing regulations to mandate the adoption of architecture, engineering, and construction software for construction. For instance, India, Japan, and South Korea have mandated the use of architecture, engineering, and construction software for public buildings.
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Based on components, the software segment dominated the overall AEC Market in 2020 and is expected to continue this trend during the forecast period. This is attributed to the increase in the adoption of AEC software in the AEC industry. Most AEC organizations have started adopting these solutions to align all construction processes together such as procurement and data management, which improves the overall productivity of construction projects. However, the services segment is expected to witness the highest growth in the upcoming years as there has been an increase in the adoption of services among End Users, which ensures the effective functioning of AEC software and platforms.
Depending on the deployment mode, the on-premise segment dominated the AEC market share in 2020, and is expected to continue this trend during the forecast period. The growth of the segment is attributed to a rise in concerns about the security of data associated with construction projects, which is highly valuable. Larger firms in the AEC industry such as Autodesk Inc. and Nemetschek AG provide On-premise software for their customers in the industrial, infrastructure, and residential sectors.
Based on enterprise size, the large enterprises segment dominated the market share globally in 2020, and is expected to continue the same during the forecast period. The growth is attributed to the high adoption of emerging technologies such as IoT and AR/VR in large-scale industries, which increases the adoption of AEC software among them. However, the small & medium scale enterprise segment is growing at a high rate as these enterprises are facing lots of competitive pressure in emerging countries, which forces them to adopt the AEC software for better coordination in the market.
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This report provides an in-depth profile of some key market players in the architecture, engineering, and construction industry are Ansys Inc., Autodesk Inc., Aveva Group Plc, Bentley System, Inc, Dassault Systemes, Hexagon AB, Innovaya, Nemetschek, Newforma and Trimble, Inc. This study includes AEC Market trends, AEC Market analysis, and future estimations to determine the imminent investment pockets.
Key Benefits For Stakeholders:
• The study provides an in-depth analysis of AEC market along with the current trends and future estimations to elucidate the imminent investment pockets.
• Information about key drivers, restraints, and opportunities and their impact analysis on the AEC market size is provided.
• Porter’s five forces analysis illustrates the potency of buyers and suppliers operating in the architecture, engineering, and construction (AEC) market.
• The quantitative analysis of the AEC market from 2020 to 2028 is provided to determine the architecture, engineering, and construction (AEC) industry potential.
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