NEW YORK, July 1, 2024 /PRNewswire/ — The global architectural engineering and construction solutions market size is estimated to grow by USD 9.65 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of almost 13.77% during the forecast period.
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Several factors are driving the growth of the AECS market, including:
Increasing adoption of cloud-based technologies: Cloud-based AECS offer centralized access to project data, enabling better collaboration among team members.Advancements in technology: Technologies like Building Information Modeling (BIM) software and 3D modeling tools are improving design and planning processes.Growing demand for sustainable buildings: The trend towards energy-efficient and eco-friendly buildings is driving the adoption of AECS that can help meet these sustainability goals.
However, the market also faces some challenges, such as:
The need for advanced technology: The construction industry is constantly evolving, and AECS providers need to keep up with the latest technologies to remain competitive.Increasing demand for sustainable solutions: There is a growing demand for sustainable building solutions, which can be more expensive to implement.Open-source platforms: The open-source trend is gaining popularity in the AECS market, which could pose a challenge to commercial software vendors.
Overall, the AECS market is expected to grow in the coming years, driven by the increasing demand for efficient and sustainable construction projects.
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In the dynamic construction market, the scaffolding sector plays a pivotal role, evolving alongside industry demands. As a Senior Research Analyst with over 7 years’ expertise, I specialize in conducting exhaustive market research, competitive analysis, and financial modeling. My insights drive strategic decisions, offering deep market analysis, precise data interpretation, and comprehensive reports. Mentoring junior analysts complements my role, ensuring robust advisory for stakeholders navigating this competitive landscape
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SOURCE Technavio
