LONDON, 05 July. 2022 (GLOBE NEWSWIRE) — According to The Business Research Company’s research report on the architectural, engineering consulting and related services market, artificial intelligence (AI) is used in engineering services software to 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 certain options. AI is also used in material selection, code compliance, and even traffic and pedestrian flows. Additionally, RPA software allows bots to automate administrative tasks, such as reviewing change orders or managing BOMs. For most applications, AI is already built into the software, but AEC managers will need to ensure they have people in place who can train and maintain the underlying models. It is therefore important to understand how AI is specifically applied. In 2020, Daiwa House Industry partnered with Nike to launch smart distribution centers where robots transport racks of items to workers for packing. Japan’s leading retail warehouse developer will market the system to retailers looking to generate direct-to-consumer sales without relying on digital platforms such as Amazon.com. Daiwa House and group member Acca International will provide distribution center facilities for Nike’s e-commerce operations and directly manage stores in Japan.
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The global market for architectural, engineering consultants and related services 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%. The growth of the architecture, engineering consultants and related services industry is mainly due to the reorganization of business activities and the recovery from the impact of COVID-19, which had previously led to protective measures. restrictive lockdowns involving social distancing, remote working and the resulting shutdown of business activities. in operational challenges. The market should reach $1.97 trillion in 2026 at 8.6% CAGR.
Rapid advancements in technology are expected to drive the A, EC and related services market over the forecast period. Additionally, technologies such as 3D printing, IoT, artificial intelligence, and big data analytics are used in manufacturing, resulting in higher productivity, lower operating costs, and higher margins. For example, according to a global survey conducted by The Economist Intelligence Unit, approximately 90% of business leaders believe that artificial intelligence (AI) will have a positive impact on business growth and 86% of respondents believe that artificial intelligence (AI) will AI will help improve productivity. Lower operating costs lead to higher margins. This allows companies to increase their product portfolio and enter new markets by making investments made through cost savings. For example, construction management company, The Korte Company, uses 5D BIM technology for project design, planning and cost estimation, enabling faster decision-making. The Maharashtra Metro Rail Corporation in the Indian state of Maharashtra is using 5D BIM in its $3 billion construction projects to reduce costs and litigation. These factors are expected to drive the market over the forecast period.
Major companies in the architectural, engineering consultancy 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 market for architectural, engineering consultants and related services is segmented by type into engineering services, architectural services, surveying and mapping services, geophysical services, laboratory testing services, building inspection, drafting services; by application in road, rail, port, airport, pipeline, power, others; by service provider in large enterprise, small and medium enterprise.
According to the TBRC Architecture and Engineering Consultants Market Report, Western Europe was the greater region on the market in 2021. North America was the second largest region in the market for architectural and engineering consultants and related services. Regions covered in the Architectural, Engineering and Related Services Consultants market research report are Asia-Pacific, Western Europe, Eastern Europe, North America, America South, the Middle East and Africa.
The Global Architectural, Engineering Consultants and Related Services Market Report 2022 – Global Market Size, Trends and Forecasts 2022-2026 is part of a series of new reports by The Business Research Company that provide market insights Architecture, Engineering Consultants, and Related Services, Architectural, Engineering Consultants, and Related Services Market analyzes and forecasts market size and growth for the overall market, Consulting Market segments and geographies Architecture, Engineering, and Related Services, Architecture, Engineering, and Related Services Market Trends, Architecture, Engineering, and Related Services Market Drivers, Architecture, Engineering, and Related Services Market Drivers related market constraints, architectural, engineering consultants and related services revenues, pr Market share and market share profiles of key market competitors in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives an in-depth analysis of the impact of COVID-19 on the market. The reports are based on 150,000 datasets, extensive secondary research and proprietary insights from interviews with industry leaders. A highly experienced and expert team of analysts and modellers provide market analysis and forecasts. The reports identify key countries and segments for opportunities and strategies based on market trends and key competitor approaches.
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