Architectural, Engineering, and Construction (AEC) Market To Hit US$ 21.1 Billion by 2032, With 8.89% of CAGR

IMARC Group, a leading market research company, has recently releases report titled “Architectural, Engineering, and Construction (AEC) Market : Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032” The global architectural, engineering, and construction (AEC) market size reached US$ 9.6 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 21.1 Billion by 2032, exhibiting a growth rate (CAGR) of 8.89% during 2024-2032.

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Factors Affecting the Growth of the Architectural, Engineering, and Construction (AEC) Industry:

• Urbanization and Population Growth:

The global focus on urbanization and population growth is driving the demand for infrastructure development and urban expansion. Rapid urbanization is facilitating the construction of new residential, commercial, and industrial developments to accommodate growing populations and meet the needs of urban dwellers. Additionally, aging infrastructure in many regions necessitates renovation, retrofitting, and infrastructure upgrades, further propelling construction activity. As cities expand and evolve, there is a rise in the need for innovative architectural and engineering solutions to address urban challenges, such as congestion, housing shortages, and sustainability concerns. As a result, urbanization trends are catalyzing the need for architecture, engineering, and construction (AEC) services.

• Sustainable Practices:

Increasing awareness about environmental issues and regulatory pressures are driving the adoption of sustainable solutions in various industries. Sustainable construction methods, such as green building design, energy-efficient systems, and the use of eco-friendly materials, are becoming increasingly prevalent. With the growing emphasis on reducing carbon footprints and mitigating climate change, clients, governments, and industry stakeholders are prioritizing sustainability in construction projects. This shift is influencing market dynamics as companies strive to differentiate themselves by offering environmentally conscious solutions.

• Technological Advancements:

Innovations, such as building information modeling (BIM), 3D printing, and virtual reality (VR), are enhancing efficiency, reducing costs, and improving project outcomes. BIM enables comprehensive digital representations of building projects, facilitating better collaboration among stakeholders and minimizing errors during the design and construction phases. Moreover, 3D printing is streamlining the construction process by enabling the creation of complex architectural components onsite, reducing material waste and construction time. These technological innovations are driving the demand for skilled professionals proficient in utilizing advanced software and techniques.

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Leading Companies Operating in the AEC Industry:

• 4M Group
• ACCA software S.p.A.
• Ansys Inc.
• Autodesk Inc.
• AVEVA Group Plc
• Bentley Systems Incorporated
• Construsoft B.V.
• CYPE Ingenieros S.A.
• Esri India Technologies Private Limited
• Hexagon AB
• Nemetschek SE
• Procore Technologies Inc.

Architectural, Engineering, and Construction (AEC) Market Report Segmentation:

By Product:

• Software
• Services

Software represents the largest segment as it offers numerous benefits to the architectural engineering and construction (AEC) industry by streamlining processes and improving overall efficiency.

By Deployment Mode:

• On-premises
• Cloud-based

On-premises exhibits a clear dominance in the market due to its capability to provide enhanced control and security over sensitive data compared to cloud-based alternatives.

By Enterprise size:

• Small and Medium-sized Enterprises (SMEs)
• Large Enterprises

Large enterprises hold the biggest market share. They often require the construction of new facilities, such as office buildings, manufacturing plants, warehouses, and distribution centers, to support their operations and accommodate growth.

By End User:

• Construction and Architecture Companies
• Education
• Others

Construction and architecture companies represent the leading segment driven by the increasing construction of various residential and commercial infrastructures.

Regional Insights:

• North America (United States, Canada)
• Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa

North America's dominance in the architectural, engineering, and construction (AEC) market is attributed to investment to create high-quality and durable infrastructure designs.

Global Architectural, Engineering, and Construction (AEC) Market Trends:

Government initiatives and private sector investments in infrastructure development are significant factors bolstering the market growth. Many countries are prioritizing infrastructure projects to improve economic growth, enhance connectivity and improve quality of life for citizens. Investments in transportation networks, such as roads, bridges, railways, and airports, are essential for facilitating trade, commuting, and tourism, thereby driving the demand for AEC services. Furthermore, investments in utilities, including water supply, sanitation, and energy infrastructure, are crucial for supporting population growth and urban development. These infrastructure investments create opportunities for AEC firms to participate in large-scale projects and contribute to national development agendas.

Other Key Points Covered in the Report:

• Porters Five Forces Analysis
• Value Chain Analysis
• Strategic Recommendations

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