DUBLIN--(BUSINESS WIRE)--The "Architecture Software Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Software Type and End User" report has been added to ResearchAndMarkets.com's offering.
The architecture software market is expected to grow from US$ 3,133.84 million in 2021 to US$ 10,206.44 million by 2028; it is estimated to grow at a CAGR of 16.2% from 2021 to 2028.
Increase in infrastructure projects around the world is one of the major factors driving the growth of the architecture software market. As the world's population grows, the need for new buildings, malls, and workplaces is also on the rise. The initiatives such as smart cities and high-speed roadways are also contributing to a surge in the number of construction projects.
As a result, key players operating in the architecture software market use architecture software products to run these projects smoothly and efficiently with improved construction efforts. Smart buildings connect appliances and buildings in various ways, allowing operators and the building's environment to be controlled for optimal comfort.
The US is renowned for its cutting-edge infrastructure and thriving construction sector. Massive projects that have been in the work for a long time are nearing completion, while others are just getting started and this factor is expected to propel the growth of architecture software market in the world.
The California High-Speed Rail Construction Project, Sound Transit 3 (ST3) Construction Project, Las Vegas Convention Center people mover, and Second Avenue Subway Construction Project are among the major active megaprojects in the US. Furthermore, the construction sector has flourished in the Middle East and developing countries in Asian Pacific, such as India and China.
In 2017, Saudi Arabia launched a slew of major projects that included the King Abdullah Economic City in Rabigh with an estimated cost of ~US$ 27 million. In addition, the Abu Dhabi Improvement Authority announced a budget allocation of USD $ 6.8 million for airport expansion projects and USD$ 500 million for the Presidential Palace construction in Al-Ras Al-Akhdar in the UAE.
These forthcoming projects are likely to encourage the use of engineering software such as computer-aided design (CAD); computer-aided manufacturing (CAM); building information modelling (BIM); and architecture, engineering, and construction (AEC), thereby boosting the architecture software market.
The growing popularity of digitalization in architecture has created lucrative opportunities for the architecture software market growth. Digitalization has been around for a while, and it continues to influence an increasingly large number of professions. Professionals in the architecture industry may employ digital technologies to visualize, develop, and process their ideas faster than conventional methods.
The conventional processes in this industry involve a high reliance of architects, contractors, interior designers, and real estate developers on a large number of other individuals. The output of architects did not reach its full potential due to the lengthy and challenging procedure. Digitalization has altered this scenario, allowing architects to work more efficiently and effectively; it also allows them to work from their homes or other comfortable places, which further drives the global architecture software market growth.
Furthermore, digitization technologies such as architecture software has automated several tasks that architects no longer need to spend time on, which has accelerated the project planning and visualization phases. Architects can accomplish more in less time, increasing their productivity and potential. They not only learn and practice faster in this manner but also earn more professional experience that can be employed in future projects.
Architects may produce more realistic representations and visualizations using digitalized tools and applications, which further driven the architecture software market. Customers may also contribute to the project by highlighting what they wish to keep, amend, or remove while seeing the enhanced images and videos, or animations.
The architecture software market includes prominent players such as Autodesk Inc., Dassault Systemes SE, Corel Corporation, Bluebeam, Inc., progeSOFT, Cadsoft, ActCAD, Trimble Inc., Chief Architect, Inc., and Vectorworks, Inc.
These companies dominate the architecture software market through new product developments, acquisitions, and expansion strategies. In February 2021, Egnyte launched a unified content platform to support the digital transformation of the construction & engineering (C&E) industry. Egnyte helps C&E firms improve their project efficiency by providing a unified document library for Bluebeam.
Key Market Dynamics
- Rising demand of Drawing and Modelling Solutions in Project Management
- Increase in Number of Infrastructure Projects
- High Cost and Less Skilled Professionals
- Growing Popularity of Digitalization in Architecture
- Technological Advancements in Architecture Software
- Actcad LLC
- Autodesk Inc
- Bluebeam, Inc
- Chief Architect, Inc
- Corel Corporation
- Dassault Systemes
- Trimble Inc
- Vectorworks, Inc.
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