AEC Market Booming Segments; Investors Seeking Growth by 2031 | At a CAGR of 10.7%
The overall AEC industry outlook is strong with most firms seeing growing backlogs, solid financials, and new opportunities.
PORTLAND , PORTLAND, OR, UNITED STATE, September 9, 2022 /EINPresswire.com/ — The rise in infrastructure projects, a surge in productivity through interoperability, and government initiatives regarding the use of AEC software have boosted the growth of the global AEC Industry. However, the high initial cost of implementation of AEC software and a dearth of skilled workforce hinder the market growth.
On the contrary, the advent of AR and VR in the construction industry and the implementation of IoT in the construction sector are expected to open profitable opportunities for market players in the coming years.
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Allied Market Research published a new report, titled, “AEC market.” The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segments, Porter’s Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain a thorough understanding of the industry and determine steps to be taken to gain a competitive advantage.
The report offers key drivers that propel the growth in the global AEC market. These insights help market players in devising strategies to gain market presence. The research also outlined restraints of the market. Insights on opportunities are mentioned to assist market players in taking further steps by determining the potential in untapped regions.
By component, the software segment dominated the global AEC market in 2020, accounting for around two-thirds of the market, due to the increase in adoption of AEC software in the AEC industry. However, the services segment is projected to register the highest CAGR of 12.1% during the forecast period, due to the rise in adoption of services among end-users as it ensures the effective functioning of AEC software and platforms.
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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 the 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 the adoption of artificial intelligence and the rises in the 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 the growing construction sector and the rise in the development of multi-story skyscrapers in this region.
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Leading players of the global AEC market analyzed in the research include Ansys Inc., Aveva Group Plc, Autodesk Inc., Dassault Systemes, Bentley System, Inc, Innovaya, Hexagon AB, Newforma, Nemetschek, and Trimble, Inc.
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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