The global construction software market is anticipated to reach USD 2715.6 million by 2023, as per a new detailed report by Market Research Future (MRFR). It is expected to exhibit an 8.8% CAGR during the assessment period (2017-2023). Construction software comprises a list of programs used by foremen, architects, and real estate moguls to simplify various processes in the construction industry. The programs within the suite of construction software assist personnel in attaining a general outline of the building, estimating costs of raw materials, and increasing productivity and efficiency.
Increasing investments in the construction sector owing to lax regulations and rapid urbanization are factors expected to drive the construction software market growth. Compatibility of cloud technology with the software coupled with its potential to build customized packages to store and manage data is a plus for the market. But lack of skilled professionals and high costs pertaining to hardware and software can pose a challenge to market growth.
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This report allows the user to gain a deeper understanding of the ongoing events and trends in the global market for construction software. By correlating the historical data with key market dynamics, our analysts were able to make highly accurate projections in the report. MRFR’s report includes a thorough segmental analysis of the global construction software market segmented by product, application, and region with astute insights. This report has been prepared to assist industry participants in making informed decisions on growth strategies and operation management. Users will also come across drivers, trends, opportunities, and restraints which are likely to influence the growth of the market during the assessment period.
Global Market for Construction Software Market– Segmental Analysis:
The report affirms that the market is segmented on the basis of product, application, and region.
By product, the market is segmented by cloud-based, web-based and on-premise based. The on-premise based product holds the largest market share and deemed to remain highly lucrative throughout the forecast period. Growing need to enhance business productivity, urgent need to control data security within the organization, and need for greater customization propels the demand for on-premise products across the world by enterprises.
By application, the global market is segmented by general contractors, building owners, independent construction managers, and sub-contractors. The general contractors segment accounted for the largest market share in 2017, on the other hand, independent construction managers segment is estimated to grow with the fastest growing CAGR over the forecast period. Considerable investments by software giants such as Oracle have upgraded its features garnering the interest of independent managers. Compatibility with cloud and integration of collaboration software to allow seamless communication between employees under the manager can lead to high productivity.
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Geographically, the global construction software market is spread across North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW).
At present, North America accounts for the largest market share and will continue its dominance during the forecast period. This growth is attributed to high adoption rate of cloud technology. Need to reduce design time and paperwork can elicit the demand for construction software in North America. Moreover, the United States public sector is heavily investing in the construction industry which will create more opportunities for the software providers. In addition, increasing number of long-term infrastructure plans in Canada have contributed massively to the construction software market in the region.
MRFR reports that Asia Pacific is projected to register the fastest growth in the construction software market during the forecast period. Attributable factors are rapid development of public infrastructure and increased investment in smart city projects. Key sectors utilizing construction software include infrastructure, transportation, healthcare and (public) housing. The construction sector in Asia Pacific is presumed to thrive due to development of infrastructural projects, including electricity works, transportation projects, and water/sewerage plants. Moreover, governments in the region are pushing the construction industry to rethink design by adopting new construction software and technology.
In Europe region, construction software market is increasingly gaining traction due to organizations involved in architecture, engineering, and construction (AEC) sector along with owners of buildings such as facility and real estate managers. Apart from this, stringent government initiatives and increasing cost-saving needs play a key role in boosting the market growth in the region.
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Global Market for Construction Software – Competitive Dashboard
The key players in the market are Builder TREND, Builder MT, iSqFt, Procore Technologies, Turtle Creek Software, Sage Group PLC, Oracle Corporation, Trimble Inc., Constellation Software Inc., and Comprotex Software Inc. Mergers and acquisitions have been noticed with large players absorbing smaller players to increase their product offerings.
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