The outbreak of the Coronavirus (COVID-19) has caused a lot of hardship across the world. People are struggling with the effects of the COVID-19 pandemic on their health, the economy, and society at large. The Coronavirus pandemic has crippled various industries, including the construction industry. Some of the public construction companies have managed to survive due to public sector construction work.
However, these activities are expected to continue for only a short term since the lockdown is expected to continue across several countries. Public-sector construction is expected to halt due to disruptions in the supply chains caused by lack of material and shortage of subcontractors. Companies are terminating contracts to control their expenses. Due to this decline in the construction industry. There has been a significant impact on the construction software market. According to Associated General Contractors (AGC), around 40% of construction firms have had to lay off staff due to the Coronavirus (COVID-19) outbreak.
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The construction software market is expected to experience a slight decline due to the COVID-19 outbreak, as many construction sites across the globe have stopped operations. However, cutting-edge technologies in the construction industry, such as communication tools, drones, virtual reality (VR), augmented reality (AR), and building information modeling are expected to support the demand for construction software. These integrated technologies encourage safety & health in the construction industry, thereby helping the employees to meet social distancing requirements.
Furthermore, as the trend of remote working is increasing, the architects and engineers may use the existing construction software for the further development of their construction models. The remote working trend among the employees has boosted the demand for cloud-based construction software during the pandemic lockdown period. Conversely, the demand for construction software is expected to decrease further from the 3Q 2020 to 3Q 2021 due to the after-effects of the pandemic.
During the pandemic, the construction software companies have witnessed a high requirement for customer support and many companies are providing it at low or no additional cost. For instance, Procore Technologies, Inc. is providing free access to its Procore platform and related support services for emergency construction projects, which is expected to support the construction of COVID-19 relief facilities. Autodesk is offering free and extended access to its cloud products during the COVID-19 pandemic.
Competitive Landscape of Construction Software Market:
Builder TREND, iSqFt, Trimble Inc., Sage Group PLC, Comprotex Software Inc., Oracle Corporation, Procore Technologies, BuilderMT, Constellation Software Inc., and Turtle Creek Software are the key players in the global construction software market.
Segmental Analysis:
The global construction software market has been segmented on the basis of product and application. Based on product, the global construction software market has been segmented into cloud-based, on-premise based, and web-based. The on-premise based segment is forecasted to project notable growth in the global construction software market during the assessment period, whereas, the cloud-based segment is marked to exhibit high growth potential in the global construction software market during the assessment period. Based on application, the global construction software market has been segmented into building owners, independent construction managers, general contractors, and sub-contractors. The general contractors segment commands the dominant share of the global construction software market during the review period.
Regional Analysis:
Based on the region, the construction software market report covers growth opportunities and the latest trends across the Asia Pacific (APAC), Europe, North America, and the Rest of the World (RoW). Of these, North America will dominate the market over the forecast period. This is owing to increasing adoption of cloud technology and need to reduce paperwork and design time. The US is the key contributor here. The public sector here is investing heavily in the construction industry, which is creating higher opportunities for software providers. Moreover, Canada is also contributing due to the growing number of long-term infrastructure plans there.
The construction software market in the APAC region is predicted to grow at the fastest pace over the forecast period. This is owing to the quick development of public infrastructure, coupled with increased investment in smart city projects. Main sectors using construction software include housing, healthcare, transportation, and infrastructure. The construction sector in this region is predicted to flourish owing to the development of infrastructural projects such as water/sewerage plants, transportation projects, and electricity works. Besides, governments here are pushing the construction sector to adopt new technology and construction software.
The construction software market in Europe will have a notable growth over the forecast period owing to organizations being involved in construction, engineering, and architecture. Moreover, increasing cost-saving needs and strict government initiatives play an imperative role in pushing market growth in this region.
List of Figures:
FIGURE 1 GLOBAL CONSTRUCTION SOFTWARE MARKET: MARKET STRUCTURE
FIGURE 2 NORTH AMERICA MARKET SIZE & MARKET SHARE BY COUNTRY (2017 VS 2023)
FIGURE 3 EUROPE MARKET SIZE & MARKET SHARE BY COUNTRY (2017 VS 2023)
FIGURE 4 ASIA-PACIFIC & MARKET SHARE BY COUNTRY (2017 VS 2023)
FIGURE 5 REST OF THE WORLD MARKET SIZE & MARKET SHARE BY COUNTRY (2017 VS 2023)
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