Allied Market
The global AEC market is analyzed across solution type, deployment mode, enterprise size, Application and region.
PORTLAND, OR , UNITED STATES, UNITED STATES, May 5, 2023 /EINPresswire.com/ — Rise in infrastructure projects, surge in productivity through interoperability, and government initiatives regarding use of AEC software have boosted the growth of the global AEC market. Advent of AR and VR in the construction industry and implementation of IoT in the construction sector are expected to open profitable opportunities for the market players in the coming years.
The global AEC market 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.
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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.
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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.
Major industry players such as – Ansys Inc., Autodesk Inc., Aveva Group Plc, Bentley System, Inc, Dassault Systemes, Hexagon AB, Innovaya, Nemetschek, Newforma and Trimble, Inc.
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Some of the Recent Product Launches, Product approval, Announces and Merger in AEC market –
Trimble Launches Tekla 2021: In March 2021, Trimble announced the launch of Tekla 2021, its 3D modeling software for the AEC industry. The new version includes enhanced features for concrete and steel detailing, as well as improved performance and usability.
Bentley Systems Acquires PCSG: In February 2021, Bentley Systems announced the acquisition of PCSG, a UK-based consulting firm specializing in digital transformation for the AEC industry. The acquisition will help Bentley Systems to further expand its digital twin offerings and expertise in the AEC market.
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