Architecture, engineering, and construction (AEC) Market 2028 | Incredible Potential Examined In New Market Research Report

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.

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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.

The Architecture, Engineering, and Construction (AEC) market involves sectors responsible for the design, planning, and execution of infrastructure projects. It includes architecture, engineering, and construction services, with technology playing an increasingly pivotal role, especially through Building Information Modeling (BIM), 3D modeling, and project management software.

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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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.

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.

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Region wise, Asia-Pacific is expected to exhibit highest growth during the forecast period, as adoption of AEC software is prominent in this region, owing to growing construction sector in this region. Surge in multi-story and skyscrapers buildings as well as ongoing developments in infrastructure in this region are expected to be the key factors facilitating growth of the AEC Market.

In addition, governments of various Asian countries are implementing regulations to mandate adoption of architecture, engineering, and construction software for construction. For instance, India, Japan, and South Korea have mandated use of architecture, engineering, and construction software for public buildings. For instance, in April 2019, Capgemini China signed an agreement with Autodesk Inc. to provide cloud-based AEC and BIM platform to customers in the region, which, in turn, drives the market growth.

Major market players

AUTODESK INC.
BENTLEY SYSTEM INC.
AVEVA GROUP PLC.
TRIMBLE INC.
DASSAULT SYSTEMES
NEMETSCHEK
ANSYS
Newforma
Hexagon AB
Innovaya

Impact of Covid-19 on AEC Market:

1. 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.

2. 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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