architecture software Market

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.

The growth of the architecture software market is being fueled by an increase in infrastructure projects worldwide. With the growing population, there is a need for more buildings, malls, and workplaces, which is being met by initiatives such as smart cities and high-speed roadways. This surge in construction projects is driving key players in the industry to use architecture software products to improve construction efforts and run projects efficiently. The US is a leader in infrastructure and construction, with numerous ongoing megaprojects. Developing countries like India, China, and the Middle East are also seeing a flourishing construction sector, with major projects being launched regularly. The use of engineering software such as CAD, CAM, BIM, and AEC is expected to increase significantly in these regions, further boosting the architecture software market.

The architecture software market is experiencing significant growth due to the increasing popularity of digitalization in the industry. Digital technologies are transforming the way professionals in the architecture industry work by enabling them to visualize, develop, and process ideas faster than traditional methods. In the past, architects relied heavily on a large number of individuals, including contractors, interior designers, and real estate developers, which often led to lengthy and challenging processes. However, digitalization has made the process more efficient, allowing architects to work from anywhere and increase their productivity. Architecture software has automated several tasks, accelerated project planning and visualization phases, and enabling architects to produce more realistic representations and visualizations. Customers can also contribute to the project by seeing enhanced images, videos, or animations and highlighting what they want to keep, amend, or remove. Overall, digitalization has revolutionized the architecture industry, creating lucrative opportunities for the architecture software market to continue growing.

The architecture software market includes prominent players such as Autodesk Inc., Dassault Systems 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.

Impact of COVID-19 Pandemic on Architecture Software Market

The growth of the architecture software market was driven by factors such as the flourishing architecture and construction industry, as well as rising disposable income, before the COVID-19 pandemic. However, the pandemic had a negative impact on the global economy, including the architecture software market. The prolonged lockdown period led to the displacement of laborers, and limited supplies of goods previously imported from China resulted in decreased performance in these industries. As a result of the impending economic downturn, firms are re-evaluating their strategies to prepare for future uncertainties.

Networking, engagement, coordination, and site visits are crucial for the architecture business, similar to other industries. However, due to lockdowns imposed by various countries, architecture projects were either delayed or halted, which had a significant impact on the income of professionals in this field. Furthermore, client decisions were delayed, and there was a lack of liquidity during the global crisis. Many upcoming projects were cancelled, and architects had to rework preplanned projects due to clients' requests to reduce project costs because of budgetary constraints. As a result, the growth of the architecture software market was hindered during the lockdown periods.

As the healthcare sector made progress in combating the pandemic, the conditions gradually improved, and people and businesses started adapting to the new circumstances. With the gradual reopening of enterprises and the relaxation of social restrictions, there was a renewed momentum in the architecture industry. This led to the resumption of construction and architecture activities worldwide, which contributed to the growth of the architecture software market in 2021 and 2022.