Industrial Software: Data, AI, and the Race for Lifecycle Platform Dominance across ADSK, PCOR, BSY, and PTC

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Industrial Software: Data, AI, and the Race for Lifecycle Platform Dominance across ADSK, PCOR, BSY, and PTC

J P M O R G A N North America Equity Research

26 June 2026

Industrial Software

Data, AI, and the Race for Lifecycle Platform

Dominance across ADSK, PCOR, BSY, and PTC

As we head into 2H26, we revisit the Industrial Software competitive landscape Vertical SaaS & HealthTech

ACand how we are thinking about our coverage group (ADSK, PCOR, BSY, and PTC) Alexei Gogolev

relative to one another. Across our expert conversations spanning industrial AEC (1-212) 622-9391

and PLM/CAD software, a consistent theme emerges: the market has moved alexei.gogolev@jpmorgan.com

decisively past debating which point tool to deploy. Buyers now evaluate platforms Ella Smith

on their ability to orchestrate end-to-end workflows, preserve data integrity across (1-212) 622-2451

the full project lifecycle, and deliver actionable analytics at scale. Increasingly, ella.smith@jpmchase.com

experts emphasize that the durable competitive advantage is not the authoring tool Destiny Jackson

itself but ownership of the data model and workflow built around it. Platforms with (1-212) 622-4360

destiny.jackson@jpmorgan.com

broad ecosystems, credible AI strategies, and clean, consolidated data are pulling

Isabella A Camajahead, while those burdened by legacy friction, pricing opacity, or shallow

(1-212) 834-2379

integration face mounting headwinds. bella.camaj@jpmorgan.com

J.P. Morgan Securities LLC

• Autodesk (Overweight): The Horizontal King Pressing Its Platform

Advantage. Autodesk is the undisputed horizontal leader in AEC, with Revit

and AutoCAD entrenched as de facto industry standards and a partner

ecosystem of thousands of developers that is structurally difficult to dislodge.