Press release
AEC Market Achieves Unprecedented $15.84 Billion Milestone in 2028
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Impact of Covid-19 on AEC Market:
► The Covid-19 pandemic had a somewhat positive impact on the demand for AEC software as companies preferred to continue projects in a virtual and digital environment.
► The pandemic encouraged companies to find smarter and safer ways of constructing highways, homes, and commercial places, which increased the demand for AEC software.
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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
► NEMETSCHEK
► ANSYS
► Newforma
► Hexagon AB
► Innovaya
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