The latest market report published by Credence Research, Inc. “Global Architecture Engineering and Construction (AEC) Software Market: Growth, Future Prospects, and Competitive Analysis, 2016 – 2028. The global architecture engineering and construction AEC software market has witnessed steady growth in recent years and is expected to grow at a CAGR of 10.30% between 2023 and 2030. The market was valued at USD 8.5 billion in 2022 and is expected to reach USD 16.88291807 billion in 2030.
The AEC software market’s robust growth can be attributed to several key drivers. First and foremost, there is a burgeoning demand for efficient project management and collaboration tools in the construction industry. As construction projects become more complex, the need for sophisticated software solutions to streamline workflows, optimize resource allocation, and enhance communication and coordination among stakeholders has become increasingly evident.
Advancements in technology, particularly in Building Information Modeling (BIM) and cloud computing, have played a revolutionary role in the AEC sector. BIM, in particular, has emerged as a game-changer, providing a digital representation of a building’s physical and functional characteristics, allowing professionals to make data-driven decisions throughout a project’s lifecycle.
Architecture Engineering and Construction (AEC) Software Market faces several major challenges that require thorough attention and innovative solutions. The first challenge lies in the complexity of integrating various software applications used across different stages of the construction process. From architectural design to project management, each software has its own unique features and interfaces, making seamless integration a significant hurdle for industry professionals. Another major challenge is data interoperability, as AEC firms need to exchange large amounts of information with contractors, suppliers, and other stakeholders who might be using different software systems or formats. Ensuring smooth communication between these diverse platforms can be both time-consuming and error-prone.
Key Insights by Application, Type, and Region
Segmentation by Application
The industrial application segment currently holds the largest share, accounting for over 30% of the market’s value in 2022. This sector is expected to post the highest CAGR during the forecast period, indicating its potential for significant growth. On the other hand, the buildings application segment is projected to exhibit the fastest CAGR, reflecting the increasing demand for construction projects worldwide.
Browse 180 pages report Architecture Engineering and Construction (AEC) Software Market By Product type (On-premises, Cloud-based) By Application (Buildings, Industrial, Civil Infrastructure, Oil and Gas, Utilities, Others)– Growth, Future Prospects & Competitive Analysis, 2016 – 2030)- https://www.credenceresearch.com/report/architecture-engineering-and-construction-aec-software-market
Segmentation by Type
Among the product types, the on-premises segment dominates the AEC software market, holding a two-thirds share globally and is predicted to continue growing rapidly. Cloud-based solutions, on the other hand, are experiencing a massive CAGR due to the benefits they offer, such as flexibility, scalability, and ease of remote access.
Segmentation by Region
Asia-Pacific is the primary driver of market growth, fueling nearly two-thirds of the architecture engineering and construction AEC software industry as of 2022. Europe and North America collectively account for nearly 65% of the market share, with North America holding a significant portion, surpassing 35% of the market.
Competitive Landscape
The global AEC software market is highly competitive, with numerous key players striving to stay ahead. Notable companies include Intergraph, Computer and Structure Inc., Trimble Inc., Mathsoft, Dassault Systems, Foresoft Pty Ltd., PTC Inc., GEOTEC Software, Carlson Software Inc., Roads and Bridges, Esri, Hexagon Inc., Nemetschek, Archon Engineering, AVEVA Group, Autodesk, ANSYS, Bentley Systems, Construsoft B.V., and RIB Software Inc. These industry leaders focus on innovation, product expansion, and mergers and acquisitions to maintain their competitive edge.
Future Outlook
The future outlook for the global AEC software market remains highly positive, especially in the Asia-Pacific region, which is expected to witness significant growth. Advancements in technology, particularly Building Information Modeling (BIM) and cloud computing, will continue to be key drivers in propelling the market forward. Despite challenges such as interoperability issues and industry resistance to change, the demand for efficient project management and collaboration tools will remain strong.
Why to Buy This Report-
- The report provides a qualitative as well as quantitative analysis of the global Architecture Engineering and Construction (AEC) Software Market by segments, current trends, drivers, restraints, opportunities, challenges, and market dynamics with the historical period from 2016-2020, the base year- 2021, and the projection period 2022-2028.
- The report includes information on the competitive landscape, such as how the market’s top competitors operate at the global, regional, and country levels.
- Major nations in each region with their import/export statistics
- The global Architecture Engineering and Construction (AEC) Software Market report also includes the analysis of the market at a global, regional, and country-level along with key market trends, major players analysis, market growth strategies, and key application areas.
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