The architecture software market is projected to reach US$ 10,206.44 million by 2028 from US$ 3,572.89 million in 2021; it is expected to grow at a CAGR of 16.2% from 2021 to 2028. The increasing global population has led to a rise in the construction of new buildings, malls, and workplaces. This growth is further accelerated by initiatives like smart cities and high-speed roadways. To manage these projects effectively, key players in the construction industry are adopting architecture software products that improve construction efforts and ensure smoother operations. The US is a leader in cutting-edge infrastructure and has several megaprojects nearing completion, including 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. Additionally, the Middle East and developing countries in the Asia Pacific region, such as India and China, have seen significant growth in the construction sector. For instance, in 2017, Saudi Arabia launched several major projects like the King Abdullah Economic City with an estimated cost of ~US$ 27 million. The architecture software market is expected to benefit from the increasing use of engineering software, including computer-aided design (CAD), computer-aided manufacturing (CAM), building information modeling (BIM), and architecture, engineering, and construction (AEC). Government initiatives like Make in India and smart city projects in India are projected to drive growth in the construction sector in the country, further boosting the demand for architecture software globally.
Impact of COVID-19 Pandemic on Architecture Software Market
In September 2021, the US Department of Transportation (DOT) announced the award of Infrastructure for Rebuilding America (INFRA) grants worth US$ 905 million for 24 projects throughout the country, such as the elevation of a tunnel to allow double-stacked trains into the Port of Baltimore and the rehabilitation of a receptacle terminal at the Port of Miami. Such infrastructure development projects had a positive impact on the architecture software market in North America prior to the pandemic. However, the architecture industry faced significant challenges during the pandemic due to a shortage of skilled laborers, materials, and supplies, resulting in a drop in productivity and the suspension or cancellation of projects/contracts. For example, renovation work at the University of Delaware's Worrilow Hall was affected by the COVID-19 pandemic in June 2020. Contractors had to adjust their project designs to overcome the impact of the shortage of supplies and workforce. According to a survey by the Associated General Contractors of America (AGCA), 78% of the 1,077 contractors they surveyed reported project delays. As a result, the architecture software market in North America was hindered by the COVID-19 pandemic in 2020.
The report segments the architecture software market as follows:
Based on software type, the architecture software market is segmented into basic, advance, and pro. On the basis of end user, the market is segmented into enterprises, institutions, and others. Based on region, the architecture software market is segmented into North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.
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