Global Perspectives: AEC Market Report Explores Emerging Markets and Opportunities

As per the report, the global AEC industry 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.

AEC stands for "Architecture, Engineering, and Construction." It's an acronym commonly used to refer to the integrated process of designing, constructing, and managing buildings, infrastructure, and other physical structures. The AEC industry encompasses a wide range of professionals and disciplines, including architects, engineers, construction managers, contractors, and various specialists involved in the planning, design, construction, and maintenance of buildings and infrastructure projects.

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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. However, high initial cost of implementation of AEC software and dearth of skilled workforce hinder the market growth. On the contrary, 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.

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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Based on component, the software segment dominated the overall AEC Market in 2020, and is expected to continue this trend during the forecast period. This is attributed to increase in adoption of AEC software among the AEC industry. Most AEC organizations have started adopting these solutions to align all construction processes together such as procurement and data management, which improves the overall productivity of construction projects. However, the services segment is expected to witness highest growth in the upcoming years as there has been an increase in adoption of services among End User, as it ensures effective functioning of AEC software and platforms.

Depending on the deployment mode, the on-premise segment dominated the AEC market share in 2020, and is expected to continue this trend during the forecast period. The growth of the segment is attributed to rise in concerns about security of data associated with construction projects, which is highly valuable. Larger firms in the AEC industry such as Autodesk Inc. and Nemetschek AG provide On-premise software for their customers in industrial, infrastructure, and residential sectors. However, the cloud segment is expected to witness highest growth in the upcoming years as it does not involve capital cost as well as has low maintenance requirements, hence is most preferred by mid-sized financial institutions. Rise in adoption of cloud-based architecture due to COVID-19 pandemic among both large and mid-sized enterprises further fuels growth of the market.

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Based on enterprise size, the large enterprises segment dominated the market share globally in 2020, and is expected to continue the same during the forecast period. The growth is attributed to high adoption of emerging technologies such as IoT and AR/VR in large scale industries, which increases adoption of AEC software among them. However, the small & medium scale enterprise segment is the growing at a high rate as these enterprises are facing lots of competitive pressure in emerging countries, which forces them to adopt the AEC software for better co-ordination in the market.

Enhanced productivity through interoperability and government mandates for AEC software usage drive growth of the market. In addition, expansion of the construction industry fuels AEC market growth. Furthermore, rise in environmental and energy concerns as well as emergence of virtual reality (VR) and augmented reality (AR) technologies and their integration with architecture, engineering, and construction are expected to provide lucrative opportunities for the AEC industry growth.

This report provides an in-depth profile of some key market players in the architecture, engineering, and construction industry are Ansys Inc., Autodesk Inc., Aveva Group Plc, Bentley System, Inc, Dassault Systemes, Hexagon AB, Innovaya, Nemetschek, Newforma and Trimble, Inc. This study includes AEC Market trends, AEC Market analysis, and future estimations to determine the imminent investment pockets.

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