Global Mechanical, Electrical, and Plumbing (MEP) Software Market: Introduction
Mechanical, electrical, and plumbing software, designed specifically for users in the mechanical, electrical, or plumbing industries to improve overall project efficiency.
Mechanical, electrical, and plumbing industries are rising along with the global growth of the construction industry. Due to changes in regulatory environment and unavailability of qualified assets, most companies find it hard to grab market opportunities. This therefore implies the need for a smart solution.
Global Mechanical, Electrical, and Plumbing (MEP) Software Market: Dynamics
- Increasing smart city projects
- The increasing funding by the government of various countries for the implementation of smart city projects has given the main growth opportunity to the construction industry which accelerated the demand for Mechanical, Electrical, and Plumbing (MEP) Software. For example: In 2015, the Minister of Housing and Urban Affairs, Government of India initiated a smart city program, in which government released a total fund of US$ 29.5 billion (INR 2,01,981 crore) for 99 smart cities.
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North America Led the Global Market in 2019
- Based on the region, the global Mechanical, Electrical, and Plumbing (MEP) Software market can be segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa
- North America held a dominant share of the global Mechanical, Electrical, and Plumbing (MEP) Software market in 2019. It is expected to continue its dominance throughout the forecast period. The U.S. and Canada are the major countries that drive the market in this region.
- The increased influence of market leaders such as Autodesk, Inc.,Trimble Inc., Bentley Systems, Incorporation, etc. and early adoption technology pattern are some of the key factors that make North America dominant in the global mechanical, electrical and plumbing (MEP) software market.
- The Mechanical, Electrical, and Plumbing (MEP) Software market in the Asia Pacific is expected to expand at the maximum CAGR during the forecast period. India, China, Japan, and Australia are major countries of the Mechanical, Electrical, and Plumbing (MEP) Software market in the region.
- The growing population of urbanization in Asia Pacific countries has raised the demand for new construction that has simultaneously intensified the Mechanical, Electrical, and Plumbing (MEP) software market in this region. Moreover Increasing government spending in smart city projects has also acclered the market in this region .
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Key Players Operating in the Global Market
Key players operating in the global Mechanical, Electrical, and Plumbing (MEP) Software market are listed below:
- MagiCAD Group
- Autodesk, Inc.
- Trimble Inc.
- Nemetschek Group
- Bentley Systems, Incorporated
- Construction Industry Holdings Plc
- eVolve MEP
- Exactal Group Limited
- On Center Software, Inc
- Design Master Software, Inc
- Renga Software
Global Mechanical, Electrical, and Plumbing (MEP) Software Market, by Company
Global Mechanical, Electrical, and Plumbing (MEP) Software Market: Research Scope
Global Mechanical, Electrical, and Plumbing (MEP) Software Market, by Software Type
- BIM MEP Software
- CAD MEP Software
Figure: Global Mechanical, Electrical, and Plumbing (MEP) Software Market, by Software Type
Global Mechanical, Electrical, and Plumbing (MEP) Software Market, by Region
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
Figure: Global Mechanical, Electrical, and Plumbing (MEP) Software Market , by Region
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.