According to the report published by Allied Market Research, the global Architecture, Engineering, and Construction (AEC) market generated $7.18 billion in 2020, and is expected to reach $15.84 billion by 2028, witnessing a CAGR of 10.7% from 2021 to 2028. The report provides an extensive analysis of changing market trends, top segments, top investment pockets, value chain, regional scenario, and competitive landscape.
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 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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The report provides detailed segmentation of the global AEC market based on component, deployment mode, enterprise size, application, and region.
Based on component, the software segment held the highest market share, accounting for nearly two-thirds of the total market share in 2020, and is estimated to maintain its lead position during the forecast period. However, the services segment is estimated to witness the highest CAGR of 12.1% from 2021 to 2028.
Based on deployment mode, the on-premise segment accounted for the largest market share in 2020, contributing to around three-fifths of the global AEC market, and is estimated to maintain its dominant share in terms of revenue throughout the forecast period. However, the cloud segment is expected to manifest the largest CAGR of 12.4% from 2021 to 2028.
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Based on region, North America held the highest market share in 2020, contributing to around two-fifths of the total share, and is expected to continue its lead position by 2028. However, Asia-Pacific is estimated to portray the fastest CAGR of 13.5% during the forecast period.
Leading players of the global AEC market analyzed in the research include Ansys Inc., Aveva Group Plc, Autodesk Inc., Dassault Systemes, Bentley System, Inc, Innovaya, Hexagon AB, Newforma, Nemetschek, and Trimble, Inc.
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Key Findings of the study –
- By component, the software segment dominated the Architecture, Engineering, and Construction (AEC) market in 2020. However, the service segment is expected to exhibit significant growth during the forecast period.
- On the basis of deployment mode, the on-premise segment accounted for the highest revenue of AEC Market in 2020; however, the cloud segment is expected to witness the highest growth rate during the forecast period.
- Depending on enterprise size, the large scale enterprise segment generated the highest revenue in 2020. However, the SMEs segment is expected to witness the highest growth rate in the near future.
- Region wise, the AEC Market was dominated by North America. However, Asia-Pacific is expected to witness significant growth in the coming years.
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