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AEC Market to Reach $15.84 Billion, Globally, by 2028 at 10.7% CAGR: Allied Market Research
[July 29, 2021]

AEC Market to Reach $15.84 Billion, Globally, by 2028 at 10.7% CAGR: Allied Market Research

PORTLAND, Ore., July 29, 2021 /PRNewswire/ -- Allied Market Research recently published a report, titled, "AEC Market by Component (Solution, Service), Deployment Mode (On-Premise and Cloud), Enterprise Size (Small & Medium Scale Enterprises and Large Scale Enterprises), and Application (Construction & Architecture Companies, Education, And Others): Global Opportunity Analysis and Industry Forecast, 2021–2028". 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.

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Drivers, restraints, and opportunities

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.

Get detailed COVID-19 impact analysis on the AEC Market:

The software segment held the largest

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.

The construction and architecture companies to portray the highest CAGR through 2028

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 o 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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North America dominated the market

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 adoption of artificial intelligence and rise in 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 growing construction sector and rise in the development of multi-story and skyscrapers in this region.

Major market players

  • Newforma
  • Hexagon AB
  • Innovaya

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About Allied Market Research:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.


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