LONDON, July 05, 2022 (GLOBE NEWSWIRE) -- According to The Business Research Company’s research report on the architectural, engineering consultants and related services market, artificial intelligence (AI) is being used in engineering services software for generative design, material selection, and robotic process automation (RPA). Generative design is an iterative design process in which an engineer or designer enters certain constraints, such as size, wind resistance, or strength, and asks the computer to create some options. AI is also being used in the selection of materials, code compliance, and even traffic and pedestrian flows. Additionally, RPA software enables bots to automate administrative tasks, such as verifying change orders or managing bills of materials. For most applications, AI is already being built into the software, but AEC leaders will need to be sure they have people who can train and maintain the underlying models, so it is important to understand how specifically AI is being applied. In 2020, Daiwa House Industry teamed up with Nike to launch smart distribution centers where robots whisk racks of items to workers for packing. The leading Japanese retail warehouse developer will market the system to retailers seeking to drive direct sales to consumers without relying on such digital platforms as Amazon.com. Daiwa House and group member Acca International will provide distribution center facilities for Nike's e-commerce operations and directly run stores in Japan.
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The global architectural, engineering consultants and related services market is expected to grow from $1.29 trillion in 2021 to $1.41 trillion in 2022 at a compound annual growth rate (CAGR) of 9.8%. Architectural, engineering consultants and related services industry growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $1.97 trillion in 2026 at a CAGR of 8.6%.
Rapid advances in technology are expected to drive the A, EC, and related services market during the forecast period. Furthermore, technologies such as 3D printing, IoT, artificial intelligence, and big data analytics are being used in manufacturing, thus resulting in higher productivity, lower operating costs, and higher margins. For instance, according to a global survey by The Economist Intelligence Unit, about 90% of corporate executives felt that artificial intelligence (AI) will have a positive impact on a company’s growth and 86% of respondents considered that AI will help improve productivity. Lower operating costs lead to higher margins. This allows companies to increase their product portfolio and to enter new markets by making investments made through cost savings. For instance, construction management company, The Korte Company, is using 5D BIM technology for project design, planning, and cost estimation, thereby enabling faster decision-making. The Maharashtra Metro Rail Corporation in the Indian state of Maharashtra is using 5D BIM in its construction projects worth $3 billion to reduce costs and litigation. These factors are expected to drive the market during the forecast period.
Major companies in the architecture, engineering consultants and other related services market include PowerChina, Fluor Corporation, AECOM Technology Corporation, WorleyParsons Limited, McDermott International Inc., Jacobs Engineering Group Inc., John Wood Group PLC, KBR Inc., Babcock International, and WSP Global Inc.
The global architectural, engineering consultants and related services market is segmented by type into engineering services, architectural services, surveying & mapping services, geophysical services, laboratory testing services, building inspection services, drafting services; by application into road, rail, port, airport, pipeline, power, others; by service provider into large enterprise, small and medium enterprise.
As per TBRC’s architectural, engineering consultants market report, Western Europe was the largest region in the market in 2021. North America was the second largest region in the architectural, engineering consultants and related services market. The regions covered in the architectural, engineering consultants and related services market research report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Architectural, Engineering Consultants And Related Services Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022 – 2026 is one of a series of new reports from The Business Research Company that provide architectural, engineering consultants and related services market overviews, architectural, engineering consultants and related services market analyze and forecast market size and growth for the whole market, architectural, engineering consultants and related services market segments and geographies, architectural, engineering consultants and related services market trends, architectural, engineering consultants and related services market drivers, architectural, engineering consultants and related services market restraints, architectural, engineering consultants and related services market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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