AEC Market to Reach $15.84 Billion, Globally, by 2028 at 10.7% CAGR: Allied Market Research
PORTLAND, Ore., July 29, 2021 /PRNewswire/ -- Allied Market Research recently published a report, titled, "AEC Market by Component (Solution, Service), Deployment Mode (On-Premise and Cloud), Enterprise Size (Small & Medium Scale Enterprises and Large Scale Enterprises), and Application (Construction & Architecture Companies, Education, And Others): Global Opportunity Analysis and Industry Forecast, 2021–2028". As per the report, the global AEC industry was pegged at $7.18 billion in 2020, and is projected to reach $15.84 billion by 2028, growing at a CAGR of 10.7% from 2021 to 2028.
- Rise in infrastructure projects, surge in productivity through interoperability, and government initiatives regarding use of AEC software have boosted the growth of the global AEC market.
- Rise in infrastructure projects, surge in productivity through interoperability, and government initiatives regarding use of AEC software have boosted the growth of the global AEC market.
- However, high initial cost of implementation of AEC software and dearth of skilled workforce hinder the market growth.
- Get detailed COVID-19 impact analysis on the AEC Market: https://www.alliedmarketresearch.com/request-for-customization/11955?req...
By component, the software segment dominated the global AEC market in 2020, accounting for around two-thirds of the market, due to increase in adoption of AEC software among the AEC industry.