GLOBAL AEC MARKET TRENDS | INDUSTRY SHARE, SIZE, GROWTH & FORECAST 2031
- March 17, 2023
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The global AEC market size was worth around USD 8.9 Billion in 2022 and is estimated to grow to about USD 16.5 Billion by 2030, with a compound annual growth rate (CAGR) of approximately 10.20 percent over forecast period. The report analyzes the AEC market’s drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the AEC market.
For successful project life cycle management, real estate businesses, construction firms, surveyors, interior designers, and mechanical & electrical piping engineers employ architecture, engineering, and construction (AEC) software. The primary goal of AEC software is to improve project performance and results. Construction managers benefit from AEC’s assistance in gathering data and information from many disciplines and communicating more efficiently. Increased construction efficiency is combined with improved data transmission and coordination among numerous stakeholders, architects, and construction supervisors to provide AEC users with a competitive advantage.
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COVID-19 has wreaked havoc on communities all over the world and governments & businesses are scrambling to deal with the pandemic’s difficulties as quickly as possible. Construction sites, on the other hand, have been shut down in a number of nations which is why organizations across the construction sector are embracing remote working. However, engineers and designers are adopting AEC software and building information modeling (BIM) software to collaborate digitally. Contractors and engineers all across the world are re-optimizing schedules and re-planning projects utilizing augmented reality and virtual reality simulations.
The following are the contents of our sample report:
● The new research for 2021 includes an introduction, overview, and in-depth industry analysis.
● The package includes the COVID-19 Pandemic Outbreak Impact Analysis.
● Research Report (about 230 pages) (Including Recent Research)
● On Request, provide extensive chapter-by-chapter assistance.
● Updated Regional Analysis for the Year 2021 with Graphical Representation of Size, Share, and Trends
● Includes The data and tables have been updated.
● The most recent version of the study provides an analysis of the top market players’ business strategies, sales volume, and revenue.
Major Market Players are :
• Autodesk inc.
• Bentley system inc.
• Aveva Group plc
• Trimble inc.
• ACCA Software
• 4M Group
• Esri India Technologies Private Limited
• Procore Technologies Inc.
• Construsoft B.V.
• Ansys Inc.
• Dassault systems
AEC Market: Growth Drivers
Surge in infrastructure projects is likely to offer better growth opportunities.
As the world’s population grows, so does the need for new buildings, malls, and workplaces, thanks to the advent of initiatives like smart cities and high-speed roadways. As a result, important stakeholders are using AEC software to run these projects smoothly and effectively. In the Middle East and most growing Asia Pacific nations, such as India and China, the building sector has grown rapidly.
For example, in 2017, Saudi Arabia launched a slew of major projects, including the King Abdullah Economic City in Rabigh, which is expected to cost roughly USD 27 million. In contrast, the Abu Dhabi Development Authority declared a budget of USD 6.8 million for Airport Expansion and a USD 500 million project for the Presidential Palace in Al-Ras Al—Akhdar in the United Arab Emirates. These forthcoming projects are predicted to increase end-user usage of engineering software such as CAM, CAD, BIM, and AEC, boosting the AEC market growth.
The global AEC market is divided into the following categories:
Global AEC Market: By Type Segment Analysis
Global AEC Market: By Application Segment Analysis
● Construction & Architecture Companies
AEC Market: Regional Landscape
North America to maintain its dominance over global market during forecast period
North America held the major share of the global AEC market in 2021. This is owing to a significant expansion in the building and infrastructure industry, such as artificial intelligence adoption and an increase in the need for automation in the construction and architectural sector. On the other hand, the market in the Asia Pacific is growing at a rapid rate.
The Worldwide Building Report predicted that in the next few years, emerging Asian countries will account for 13.5 percent of global construction development. Furthermore, the construction sector in India is forecast to grow at a CAGR of 15.7 percent, which is expected to be a major influence on the region’s adoption of AEC software. Furthermore, several of the government of India’s important programs, such as Make in India and the creation of smart cities, are projected to boost the construction sector in this region. China is also predicted to contribute significant revenue to the regional market over the forecast period.
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