According to the findings of a new report made available by Radiant Insights, Inc.; the global construction estimating software market is anticipated to witness considerable growth during the forecast years (from 2018 to 2025). Construction estimating software is a type of computer program designed to help contractors estimate the overall cost of a particular construction project. Increased investments for infrastructure development across the globe, particularly in emerging regions, is expected to be the key factor driving the growth of this market.
On the other hand, factors such as need for value-added services, interoperability issues, and threat from open-source software programs may have a negative impact on the global market for building construction software. However, various trends such as the rise in construction and real estate development activities can impel growth of the market over the forecast period. Increased adoption of cloud-based construction estimation software is anticipated to contribute toward market expansion in near future.
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Cloud computing allows builders and construction companies to access the data store on cloud platforms from remote locations, which drastically reduces operational costs while ensuring better scalability. Moreover, the emergence of smart cities along with the rapidly expanding construction industry across various regions is also likely to accelerate the demand for constriction estimation software. Development of smart cities is the major focusing area for most developing regions; for example, the Indian government has invested a huge amount to develop 100 smart cities in the country.
Smart cities offer better healthcare and public transportation facilities, smart grids, and better traffic management systems. However, the development process of such cities requires the advancement of infrastructure, which further demands the usage of construction estimation software for project cost estimation. Hence, this is a significant factor influencing the development of the global market for construction estimation software.
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The global construction estimating software market is categorized on the basis of type, application, and region. On the basis of type, the market is fragmented into cloud-based, Software-as-a-Service or SaaS-based, web-based, PC-installed, and mobile-installed. On the basis of application, the market is categorized into construction party, party A, and intermediaries. On the basis of geographies, the market is divided into Southeast Asia, Japan, India, China, Europe, and United States.
The Europe regional construction estimating software market is expected to witness a significant expansion over the next few years. This growth can be attributed to the government expenditures for railway and road construction and development activities across the region. For example, Italy invested a large amount for the construction project of Line 5 of the Milan underground. The South Asia regional market is also anticipated to have a fast-paced growth on account of increased construction activities in several emerging countries such as Japan and India. In addition, steady rise in consumer disposable income has resulted in an increased investment in real estate, thereby boosting real estate development activities. This is also expected to drive the demand for construction estimation software over the coming years.
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Some of the leading companies operating in the global construction estimating software market include Building Connected, Inc.; Advanced Electrical Technologies; Vision InfoSoft Corp.; JB Knowledge, Inc.; and Microsoft Corp. Novel product development and mergers and acquisitions are some of the key business strategies adopted by most market players. For example, Hexagon AB recently acquired AGTEK, a US software company that offers planning and productivity solutions for the heavy construction sector.
About Radiant Insights, Inc
Radiant Insights is a market research and consulting company offering syndicated research studies, customized reports, and consulting services. Our market research studies are designed to facilitate strategic decision making, on the basis of extensive and in-depth quantitative information, supported by extensive analysis and industry insights. Using a patented and robust research methodology, we publish exhaustive research reports covering a host of industries such as Technology, Chemicals, Materials, and Energy. Radiant Insights has a strong base of analysts, consultants and domain experts, with global experience helping us deliver excellence in all research projects we undertake.
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