Architectural, Engineering, and Construction (AEC) Market Size Worth US$ 21.1 Billion by 2032 | CAGR of 8.89%

IMARC Group, a leading market research company, has recently releases report titled "Architectural, Engineering, and Construction (AEC) Market : Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032" The global architectural, engineering, and construction (AEC) market size reached US$ 9.6 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 21.1 Billion by 2032, exhibiting a growth rate (CAGR) of 8.89% during 2024-2032.

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Factors Affecting the Growth of the Architectural, Engineering, and Construction (AEC) Industry:

• Rapid Urbanization:

As urban population is rising, there is a growing need for infrastructure development. This includes the construction of roads, bridges, public transportation systems, and utilities to support the needs of a larger urban population. In addition, urbanization leads to a higher demand for housing in cities. This results in an increase in residential construction projects, including apartment complexes, condominiums, and single-family homes. Many cities are revitalizing older areas through urban renewal initiatives. This involves renovating and repurposing existing structures or demolishing outdated buildings and replacing them with modern, functional designs, which is impelling the market growth.

• Technological Advancements:

Building information modeling (BIM) technology allows for the creation of digital representations of buildings and infrastructure. It enhances collaboration among architects, engineers, and construction teams, improving project accuracy and reducing errors. In addition, the development of new construction materials, such as high-performance concrete, sustainable wood products, and smart materials, enhances the durability and sustainability of buildings and infrastructure.

• Infrastructure Investment:

Infrastructure investment leads to a rise in various construction projects, including airports, seaports, railways, and public transit systems. AEC firms benefit from an expanded project pipeline. Moreover, infrastructure projects create jobs, stimulating economic growth and providing employment opportunities in the construction, engineering, and architectural sectors. AEC companies gain revenue from infrastructure projects, including design, engineering, construction, and maintenance contracts. This steady stream of projects contributes to financial stability.

Leading Companies Operating in the AEC Industry:

• 4M Group
• ACCA software S.p.A.
• Ansys Inc.
• Autodesk Inc.
• AVEVA Group Plc
• Bentley Systems Incorporated
• Construsoft B.V.
• CYPE Ingenieros S.A.
• Esri India Technologies Private Limited
• Hexagon AB
• Nemetschek SE
• Procore Technologies Inc.

Architectural, Engineering, and Construction (AEC) Market Report Segmentation:

By Product:

• Software
• Services

Software represents the largest segment as AEC firms rely on software solutions for design, project management, and collaboration, which enhances efficiency and productivity in the industry.

By Deployment Mode:

• On-premises
• Cloud-based

On-premises account for the majority of the market share due to the presence of sensitive data in the AEC sector that requires a higher degree of control and security.

By Enterprise size:

• Small and Medium-sized Enterprises (SMEs)
• Large Enterprises

Large enterprises exhibit a clear dominance in the market owing to their complex, large-scale construction and engineering projects, which are characteristic of the AEC industry.

By End User:

• Construction and Architecture Companies
• Education
• Others

Construction and architecture companies hold the biggest market share on account of the rising utilization of AEC services and solutions.

Regional Insights:

• North America (United States, Canada)
• Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa

North America enjoys the leading position in the architectural, engineering, and construction (AEC) market, which can be attributed to its thriving construction industry, significant infrastructure projects, and early adoption of advanced AEC technologies.

Global Architectural, Engineering, and Construction (AEC) Market Trends:

Increasing awareness among the masses about environmental concerns is catalyzing the demand for sustainable and green building practices, including energy-efficient designs and materials, renewable energy integration, and green certifications.
Additionally, prefabrication and modular construction methods are gaining traction due to their efficiency, reduced waste, and accelerated project timelines.

Other Key Points Covered in the Report:

• COVID-19 Impact
• Porters Five Forces Analysis
• Value Chain Analysis
• Strategic Recommendations

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This release was published on openPR.