Construction Software Market Research Report information: By Product by Application by Global Forecast Till 2023. The global construction software market is anticipated to reach USD 2715.6 million by 2023, as per a new detailed report by MRFR. It is expected to exhibit an 8.8% CAGR
— Market Segmentation
The global construction software market is predicted to touch USD 2715.6 million at an 8.8% CAGR over the forecast period (2017-2023), states the new Market Research Future (MRFR) report. Construction software, simply put, is a collection of processes, information, and programs used for performing different tasks in building or assembling an infrastructure or structure to increase competitiveness, efficiency, and productivity. Tasks that were previously administered by the project architect, construction engineer, design engineer, and project manager can now be performed through construction software applications. The financial visibility feature of the Construction Software Market helps to control expense and estimate costs on projects. Construction software contains a list of programs that are used by architects, foremen, and real estate moguls for simplifying different processes in the construction industry.
Various factors are propelling the construction software market. These factors, as specified by the Market Research Future (MRFR) report, include growing investments made in the construction sector due to lax regulations, rapid urbanization, growing popularity of cloud-based construction management software, and compatibility of cloud technology with software that has the potential of building customized packages for storing and managing data.
On the contrary, high costs associated with software and hardware and lack of skilled professionals are factors that may hinder the construction software market over the forecast period.
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Leading players profiled in the construction software market report include Comprotex Software Inc., Constellation Software Inc., Trimble Inc., Oracle Corporation, Sage Group PLC, Turtle Creek Software, iSqFt, Procore Technologies, Builder MT, and Builder TREND, among others. The key players have acquired certain strategies to maintain their foothold in the market, such as expansion, mergers and acquisitions, product innovations, and more.
July 2019- Procore, a leading construction management software company, has acquired a startup, Honest Buildings.
The Market Research Future report provides a wide segmental analysis of the construction software market based on application and product.
Based on product, the construction software market is segmented into on-premise, web-based, and cloud-based. Of these, the on-premise segment will have the largest share in the market over the forecast period. Increasing need to improve business productivity, need for higher customization, and the urgent need for controlling data security in the organization are pushing market growth.
Based on application, the construction software market is segmented into sub-contractors, independent construction managers, building owners, and general contractors. Of these, the general contractors segment will dominate the market over the forecast period, followed by independent construction managers, which are estimated to grow at the fastest CAGR.
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 infrastructures 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.
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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.
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Release ID: 88909030