PUBLISHER: The Business Research Company | PRODUCT CODE: 1470335
PUBLISHER: The Business Research Company | PRODUCT CODE: 1470335
Architecture, engineering and construction (AEC) software refers to specialized computer programs and digital tools designed to support professionals in the architecture, engineering and construction industries, to meet the unique needs and challenges of AEC projects, aiming to enhance collaboration, efficiency, accuracy and productivity throughout the project lifecycle.
The AEC software market consists of sales, by entities (organizations, sole traders and partnerships), of AEC software products and services that are used by professionals in the architecture, engineering and construction industry to design, plan and manage projects.
The global AEC software market was valued at $6,821.4 million in 2018 which grew till 2023 at a compound annual growth rate (CAGR) of more than 5.0%.
Rise In Demand For Environmentally Safe And Certified Buildings
During the historic period, the rise in demand for environmentally safe and certified buildings drove the AEC software market. Consumers, state governments and non-governmental organizations (NGOs) have been working towards making residential and commercial buildings more energy efficient and self-sufficient. Advanced software solutions that enable accurate modeling, analysis and simulation of sustainable building designs are increasingly needed, as stakeholders in the construction industry place a higher priority on energy efficiency, reducing their carbon footprint and adherence to green building standards. AEC software provides resources for effective resource management, life cycle analysis and the integration of renewable energy systems, enabling construction professionals to negotiate challenging eco-conscious projects with ease and adhere to strict certification standards. The AEC software business has experienced growth and innovation as a result of the spike in demand for environmentally friendly construction. The US Green Building Council launched the Leadership in Energy and Environmental Design (LEED) certification program, to establish a set of rating systems that define the construction, design and maintenance of residential projects. According to a study by the US Green Building Council (USGBC), LEED certified buildings have managed to reduce carbon, energy and water waste by almost 30-97%, and operating costs by more than 9%. In April 2022, CBRE India, a real estate company, stated that there has been a noticeable push toward green construction during the past five years. Additionally, throughout this time there was a 37% increase in the number of buildings with green certification. Therefore, the increase in demand for environmentally safe and certified buildings contributed to the growth of the AEC software market.
Introduction Of Cloud Based Software To Connect Office And Field In Real Time
The use of cloud based software is gaining popularity in the AEC software market. Cloud-based AEC software refers to applications and tools hosted online, enabling collaborative and accessible project management, design and documentation for the construction industry. By using cloud based AEC software, professionals in the industry can streamline collaboration, improve accessibility and harness powerful computing resources, ultimately contributing to more efficient and effective project delivery. For example, in June 2023, Hexagon AB, a Sweden-based multinational industrial technology company, launched a cloud-based software called HxGN AEC Project Viewer, designed to connect office and field in real-time. The software is based on the building information modeling (BIM) and connects model, schedule and document management processes within one cloud solution, to improve visibility, collaboration and control of project data. The software allows project teams to upload native models and schedule files, compare model and schedule revisions and connect with several leading Common Data Environments (CDEs).
The global AEC software market is highly concentrated, with large players operating in the market. The top ten competitors in the market made up to 83.9% of the total market in 2022.
AEC Software Global Market Opportunities And Strategies To 2033 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global AEC software market as it emerges from the COVID-19 shut down.
Where is the largest and fastest-growing market for AEC software? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The AEC software market global report from The Business Research Company answers all these questions and many more.
The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's history and forecasts market growth by geography. It places the market within the context of the wider AEC software market; and compares it with other markets.