As per the report, the global AEC industry was pegged at $7.18 billion in 2020, and is projected to reach $15.84 billion by 2028, growing at a CAGR of 10.7% from 2021 to 2028.
Increase in infrastructure projects, rise in productivity through interoperability, and supportive government initiatives regarding usage of AEC software drive the growth of the global (AEC) Architecture, engineering, and construction market.
However, high initial cost of implementation and lack of a skilled workforce hinder the market growth. On the other hand, emergence of AR and VR in the construction industry and implementation of IoT in the construction sector present new opportunities in the coming years.
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By component, the software segment dominated the global AEC market in 2020, accounting for around two-thirds of the market, due to increase in adoption of AEC software among the AEC industry.
However, the services segment is projected to register the highest CAGR of 12.1% during the forecast period, due to rise in adoption of services among end-users as it ensures effective functioning of AEC software and platforms.
By end user, the construction and architecture companies segment would manifest the highest CAGR of 10.5% during the forecast period. Moreover, the segment held the lion’s share in 2020, contributing to more than two-thirds of the global AEC market, due to demand for easier communication between contractors & suppliers and the need to trace all the operations & changes during construction.
By region, the market across North America held the largest share in 2020, accounting for around two-fifths of the market. This is due to rapid growth in the construction and infrastructure sector such as adoption of artificial intelligence and rise in need for automation in the construction and architecture sector.
However, the global AEC market across Asia-Pacific is estimated to register the highest CAGR of 13.5% during the forecast period, owing to growing construction sector and rise in the development of multi-story and skyscrapers in this region.
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Major market players
- AUTODESK INC.
- BENTLEY SYSTEM INC.
- AVEVA GROUP PLC.
- TRIMBLE INC.
- DASSAULT SYSTEMES
- Hexagon AB
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