Executive Summary

Autodesk (ADSK) owns the design world (AutoCAD, Revit). But the growth story is the "Construction Cloud." For decades, architects designed in digital (CAD), but construction workers built from paper blueprints. Autodesk is digitizing the job site, ensuring that the "Digital Twin" matches the physical building.

1. The Standard

If you hire an architect, they use Revit. If you hire a mechanical engineer, they use Fusion.

• Network Effects: Because all valid file formats (.DWG, .RVT) are proprietary to Autodesk, the entire ecosystem is locked in.

2. Manufacturing Convergence

The lines between "Construction" (Building a house) and "Manufacturing" (Building a car) are blurring. Prefabricated homes act like cars. Autodesk sits at this intersection.

Risks to the Thesis

1. Economic Sensitivity: Construction is highly sensitive to interest rates. High rates = No new skyscrapers = No new Autodesk seats.
2. Piracy: Autodesk software is heavily pirated in emerging markets. Converting these users to paid subscriptions is the eternal struggle.

Conclusion

Autodesk is one of the oldest and most resilient software monopolies.