Global Urban Planning Software And Services Market Is Poised To Register A CAGR Of 5% Over 2022-2030

According to the report published by Credible Markets, global urban planning software and services market is currently valued at USD 140 billion and is poised to amplify at a CAGR of 5% over the forecast duration of 2022-2030.

Global urban planning software and services market- Overview
Urban planning refers to the political or technical strategies focused at environmental safety, land development, and public welfare. It is considered as one of the most integral parts of a nation's development model. The process also includes other entities such as utility systems, infrastructure, and communication networks.

Urban planning software are generally used by city planners or architects to efficiently create 3D urban development designs or models. These designs in turn enable them to visualize the accurate look of the planned urban models so that they can improvise the layouts and make necessary additions.

Global urban planning software and services market- Growth Determinants and Challenges
The progression of this marketplace is being aided by increasing urban population, rising expenditure on non-residential construction projects, and surging digital transformations across various sectors. Alongside, growing per capita income of the masses and lifestyle improvements are adding traction to the overall industry development.

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Furthermore, increasing investments aimed at the development of innovative software, rising implementation of smart city initiatives globally, and widespread adoption of urban planning software and services by private entities along with government bodies are positively swaying the market dynamics.

On the contrary, the outbreak of the COVID-19 pandemic adversely affected the industry development. This is because, several governments shifted their emphasis from other developmental activities to the healthcare segment in order to meet the urgent medical needs in the wake of rising COVID-19 cases.

Segmental analysis of global urban planning software and services market
By Component
•Software
•Services
The software segment is projected to expand significantly over the estimated timeline ascribing to escalating government investments aimed at promoting the adoption of efficient technological systems in urban development projects.

By deployment
•Cloud based
•Web based
The cloud based segment presently holds a considerable market share and is expected to showcase similar expansion trends. This is credited to the advantages of these software such as quick configurability, flexibility, and cost effectiveness.

By application
•Architecture Project/Site Planning
•Commercial Interiors
•Residential Construction
•Urban Planning
•Creative Departments

By end user
•Real Estate
•Government
•Infrastructure Companies
The government segment is projected to capture a high market share over the forecast period owing to rising government investments into various smart city projects across the globe.

Europe is projected to showcase lucrative growth trends over 2022-2030
North America, Latin America, Europe, Asia Pacific, and Middle East & Africa are the major regions constituting the geographical landscape of global urban planning software and services market. Europe is set to register notable gains over 2022-2030 ascribing to rising preference for eco-friendly infrastructure and rapid increase in the number of infrastructural development projects across the region.

Competitive Hierarchy
The prominent players influencing the competitive terrain of this industry are Stantec Inc., Autodesk Inc., AECOM, Savannah Stimulations AG, Bentley Systems Incorporated, Boston Consulting Group, UrbanFootprint Inc., Esri, and Holistic City Limited.

Major Developments
Spacemaker in November 2020, completed the acquisition of Autodesk, Inc. for USD 240 million. This deal was intended at improving the AI powered design abilities of Spacemaker's urban planning software so as to efficiently assist city planners to design exceptional urban models.

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Key Questions answered in this report
•What is the growth rate projection for urban planning software and services market over 2022-2030?
•What are the primary factors fueling the expansion of urban planning software and services market?
•Which is the fastest growing region in urban planning software and services market?
•Which are the prominent companies operating in urban planning software and services market?

Major takeaways from this report-
•Global urban planning software and services market is projected to expand at a CAGR of 5% over 2022-2030.
•Factors including surge in urban population, surging expenditure on non-residential construction models, and digital transformations across various sectors are aiding industry expansion.
•Europe is expected to expand significantly over the analysis timeline owing to growing preference for environment-friendly infrastructure.

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This release was published on openPR.