The global construction software market held a market value of USD 1,641.5 Million in 2020 and is forecasted to reach USD 2,701.7 Million by the year 2027. The market is expected to register a CAGR of 7.4% during the forecast period.
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Construction software is a collection of processes, information, and programs used for performing a variety of tasks for assembling or building of an infrastructure or a structure. This is used for increasing the efficiency, competitiveness, and productivity. The market is estimated to be driven by the increase in construction spending and project complexity.
Despite the driving factors the high deployment & maintenance cost and cybersecurity & data protection risks are expected to hinder the market growth. During the COVID-19 pandemic, many companies witnessed high demand for construction software and also customer support from these companies for no or low additional cost, for construction of emergency healthcare facilities, which did not impact the market growth much.
Rise in construction spending
Construction spending indicates the amount of spending for new construction. It includes cost of architectural & engineering work, cost of materials & labor, overhead costs (sales, marketing, and management), interest on loans, and contractors profits. Government initiatives for investments in bridges, roads, green spaces, water, universal broadband, and electricity is also anticipated to boost the market growth. For instance, in 2020, the Biden government planned to spend USD 2.4 trillion on energy and infrastructure for achieving net-zero emissions by 2050.
The global construction software market is segmented into component, modules, project type, and end-users.
The solution/platform segment is estimated to account for the largest market share of around 63% owing to its high demand. The services segment is expected to grow at the fastest CAGR of 9.3% owing to slowly increasing adoption of professional as well as managed services.
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Real Estate Management
The finance management segment is anticipated to account for the largest market share of about 19% owing to growing adoption of construction software for finance management purposes. The customer management segment is expected to witness the fastest growth rate of 9.4% owing to the rising focus of major market players in the segment.
By Project Type,
The industrial segment is estimated to hold the largest market share of about 31% owing to growing adoption of construction software for in the sector. The residential segment is estimated to grow at the fastest rate of 10.4% owing to rising investments in smart cities.
The contractors segment is anticipated to hold the largest market share owing to growing adoption of the construction software by contractors for easing their tasks. The contractors segment is anticipated to hold the largest market share owing to growing adoption of the construction software by contractors for easing their tasks. The engineers segment is estimated to surpass a market value of USD 290 million by 2024.
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On a regional basis, the global construction software market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
The North America region held the largest market share of about 31% owing to increasing adoption of technologically advanced solutions in the market and growing construction industry the United States as well as Canada. The Asia Pacific region held the second largest market share owing to the rising investments by major players in the region.
Key players operating in the global construction software market include Sage Group PLC, Oracle Corporation, Autodesk, Inc., Roper Technologies, Inc., Trimble Inc., Constellation Software Inc., BIMobject AB, RIB Software SE, Comprotex Software Inc., Procore Technologies Inc., BuilderMT, LLC, PlanGrid, Inc., Heavy Construction Systems Specialists, Jonas Construction Software Inc., ECI Software Solutions Inc., and other prominent players.
Major 10 players in the market hold about 46% of the market share. These players are involved in mergers & acquisitions, product launches, and collaboration, among others. For instance, in February 2021, Constellation Software Inc. acquired SSP Limited through its subsidiary Volaris Group. With this, the company expanded its product portfolio.
The global construction software market report provides insights on the below pointers:
Market Penetration: Provides comprehensive information on the market offered by the prominent players
Market Development: The report offers detailed information about lucrative emerging markets and analyzes penetration across mature segments of the markets
Market Diversification: Provides in-depth information about untapped geographies, recent developments, and investments
Competitive Landscape Assessment: Mergers & acquisitions, certifications, product launches in the global construction software market have been provided in this research report. In addition, the report also emphasizes the SWOT analysis of the leading players.
Product Development & Innovation: The report provides intelligent insights on future technologies, R&D activities, and breakthrough product developments
The global construction software market report answers questions such as:
What is the market size and forecast of the Global Construction software Market?
What are the inhibiting factors and impact of COVID-19 on the Global Construction software Market during the assessment period?
Which are the products/segments/applications/areas to invest in over the assessment period in the Global Construction software Market?
What is the competitive strategic window for opportunities in the Global Construction software Market?
What are the technology trends and regulatory frameworks in the Global Construction software Market?
What is the market share of the leading players in the Global Construction software Market?
What modes and strategic moves are considered favorable for entering the Global Construction software Market?
What is the goal of the report?
• The market report presents the estimated size of the ICT market at the end of the forecast period. The report also examines historical and current market sizes.
• During the forecast period, the report analyzes the growth rate, market size, and market valuation.
• The report presents current trends in the industry and the future potential of the North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa markets.
• The report offers a comprehensive view of the market based on geographic scope, market segmentation, and key player financial performance.
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