Technavio analyzes that the Architectural Engineering And Construction (AEC) Software Market is expected to grow at a CAGR of 12% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 7070.6 million.There are various factors that contribute to the growth of the market. In the Architectural Engineering and Construction (AEC) software market, inorganic growth strategies have emerged as a significant driver for industry expansion. Mergers and acquisitions (M&A) have been a popular strategy, enabling companies to broaden their product offerings, expand their customer base, and enhance their technological capabilities. Another approach is partnerships and collaborations, which allow firms to leverage each other's strengths and resources to mutual benefit. These strategies enable AEC software companies to maintain their competitive edge and respond effectively to market trends and customer demands.
The global Architectural Engineering and Construction (AEC) software market encompasses various deployment models, with on-premise solutions maintaining significant market share. On-premise AEC software is installed and operated directly on a firm's local hardware and servers, providing distinct advantages. These benefits include enhanced control, robust security, and the ability to customize software to specific business needs. Companies dealing with sensitive data or subject to stringent data privacy regulations prefer on-premise solutions to retain full ownership and minimize data breach risks.
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Architectural Engineering And Construction (AEC) Software Market Segmentation
As per our research findings, here are some of the key competitors that are leading the industry
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The Architectural Engineering and Construction (AEC) Software Market encompasses solutions for Architecture, Engineering, and Construction industries, including Design software, Project management software, and Construction management software. These tools facilitate Digital transformation, Sustainable building practices, and enable AEC Services through Building Information Modeling (BIM), Cloud-based solutions, and On-premises deployment. The market caters to various sectors like Public Infrastructure, Renewable Energy, Residential construction, Commercial construction, and Industrial construction. Emerging technologies like 3D Printing, Artificial Intelligence (AI), Drones, and Virtual reality (VR) are also shaping the future of the AEC Software Market. Additionally, Green Construction and Infrastructure projects are gaining prominence in the industry.
The Architectural Engineering and Construction (AEC) software market is a segment of the broader global application software market. This market caters to companies specializing in developing and producing software solutions for architecture, engineering, construction, design, project management, and construction management applications. Technavio's market analysis covers businesses engaged in providing IT software for these specific industries, including cloud-based offerings. The global application software market, in turn, is a subcategory of the larger IT software market, which encompasses all types of software companies, excluding those producing interactive home entertainment software or systems/database management software.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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