LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global architectural engineering and construction (AEC) market to grow at a CAGR of close to 12% during the forecast period, according to their latest report.
The study covers the present scenario and growth prospects of the global AEC market for 2017-2021. The report also segments the market into software and services, of which the software segment accounted for close to 72% of the market share in 2016.
“The adoption of AEC solutions is increasing because it helps to reduce the capital and time spent on the construction of buildings. Also, factors such as government mandates and support to use AEC solutions in construction projects are driving the global AEC market,” says Amrita Choudhury, a lead analyst at Technavio for product lifecycle management research.
Request a sample report: http://www.technavio.com/request-a-sample?report=55598
Technavio’s sample reports are free of charge and contain multiple sections of the report including the market size and forecast, drivers, challenges, trends, and more.
Technavio ICT analysts highlight the following three drivers contributing to market growth:
- Reduction in project design time
- Rising demand for cloud-based AEC solutions
- Need to improve construction quality
Reduction in project design time
The adoption of AEC reduces the project's design time by eliminating the need for paperwork. For instance, in 2015, building information modeling (BIM) was adopted by architects and engineers for the Diamond Island project in Vietnam, which is expected to be a new architectural symbol in Ho Chi Minh City. BTA is a key player in Vietnam’s infrastructure and construction industry, and it adopted Autodesk BIM software for building the project. The adoption of the software reduced around 25% of the project infrastructure costs related to design changes, reworks, change in orders, and request for information.
Rising demand for cloud-based AEC solutions
The demand for cloud-based AEC solutions is growing in the global AEC market. The cloud-based AEC solutions enable centralized access to AEC-based project data irrespective of location. The AEC solution runs on a remote server in an AEC-enabled project cloud. Also, the software can be accessed via local applications on a PC, laptop, tablet, or smartphone. A major benefit of cloud-based AEC is that the solution can be accessed on any operating system such as Windows, Apple, and Android. The information stored in the solution is centrally located so that the entire team can access it at any given point in time.
Companies such as Autodesk provide cloud-based AEC services known as Autodesk BIM 360. GRAPHISOFT launched a newer version of cloud-based AEC solution known as GRAPHISOFT BIMx BIMcloud in November 2016.
“The availability of new cloud-based AEC solutions will increase during the forecast period as many end-users have started realizing its benefits such as low maintenance cost, flexibility, and scalability of the solution,” says Amrita.
Need to improve construction quality
AEC software is a vital part of modern-day construction planning. Architecture and designing firms are highly competitive. Buyers have several solutions available while buying an architecture rendering software, leading to high bargaining power for buyers.
Clients demand high-quality construction to avoid building defects and accidents and to ensure that the structure is not vulnerable to physical damage. This is possible only with the use of proper and efficient architectural rendering software. The 3D feature of AEC software allows engineers and architects to check the quality of buildings at an early stage of the designing process. It allows engineers and architects to monitor, access, and identify any disparities between the proposed design and the real building. With this software, engineers and architects can take preventive measures, thus reducing the need for repairs.
Browse Related Reports:
- Global Pre-engineered Building Market 2016-2020
- Global Construction Management Software Market 2016-2020
- Global Architectural Rendering Software Market 2016-2020
Become a Technavio Insights member and access all three of these reports for a fraction of their original cost. As a Technavio Insights member, you will have immediate access to new reports as they’re published in addition to all 6,000+ existing reports covering segments like IT hardware, cloud computing, and data center. This subscription nets you thousands in savings, while staying connected to Technavio’s constant transforming research library, helping you make informed business decisions more efficiently.
Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
If you are interested in more information, please contact our media team at firstname.lastname@example.org.