Astute Analytica released a new research report on the global Construction Software Market. The global market study looks into a variety of subjects, such as opportunities, market size, development, innovation, sales, and the overall growth of top players.
The global Construction Software Market held a market size of US$ 1,753 Million in 2021 and is expected to reach USD 3549 Million by 2030. The global construction software market is anticipated to grow at a CAGR of 8.3% over the forecast period.
The study incorporates both qualitative and quantitative data and draws on both primary and secondary statistical sources. Significant companies, important market categories, and a range of products are included in the global market report. In addition, the report covers the measurement years and the study points.
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In recent years, several studies have been conducted to analyze the performance of construction activities and it is analyzed that construction workers spent more time on non-productive activities. As per the data published by Autodesk and Dodge Data and Analytic, in the U.S., the non-productive activities cost the construction industry nearly USD 177 Billion in labour costs in 2018. In addition, challenges are also observed in the construction sector due to poor communication among the employees. To overcome these challenges, construction companies are increasing the adoption of efficient solutions for streamlining their process. This factor provides favourable conditions for the growth of the construction software market. Further, the rapid urbanization in developing economies also supports market growth.
Prominent market players are actively engaged in mergers and acquisitions which is expected to support the growth of the market over the forecast period. For instance, in July 2020, Autodesk, Inc. announced the acquisition of Pype, a company based in Bengaluru, India. With the acquisition, Autodesk, Inc. aimed to integrate Pype into its Autodesk construction cloud portfolio.
Rise in Construction Spending
The demand for housing has increased significantly over the years. In developing economies such as India, the growing migration of people from rural parts to cities for better opportunities has surged the demand for housing requirements in the cities, which has thereby led to an increase in construction spending. In addition, in the developed countries such as the U.S., the spending on construction is increasing at a considerable rate over the years. Though there was a downfall noticed in construction spending during the initial stage of the Covid-19 pandemic in countries such as the U.S. and the U.K, there has been a considerable spike in construction spending since the second half of 2020. As per the data by the U.S. Census Bureau, for residential construction spending, the seasonally adjusted annual rate was USD 547 Billion in May 2020, which increased to USD 600 Billion by August 2020, and further has topped to USD 700 Billion monthly since December 2020. Conclusively, the growing construction spending is expected to boost the market growth over the assessment period.
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The growing number of large and complex construction projects owing to the rising housing demand has led to an increase in the adoption of construction technologies such as construction software by the construction business. Construction software provides benefits such as reducing operational costs, streamlining collaboration, improving bidding and estimation, and streamlining project management. According to the data published by Software Advice 2021 Construction Survey, nearly 53% of construction companies implemented a new construction management tool in 2020.
High Deployment and Maintenance Cost
Construction software has large upfront investments coupled with yearly maintenance fees. In addition, cloud-based solutions have monthly subscription fees depending upon the number of users. The high deployment and maintenance cost associated with construction software is anticipated to hamper the growth of the market. Small and medium-scale construction businesses may refrain from adopting construction software owing to the cost associated with it.
Cybersecurity and Data Protection Risks
The rising cybersecurity attacks in the construction industry may negatively impact the adoption of construction software. The recent instances of cyber-attacks include a maze ransomware attack on Bird Construction, a Canadian firm in December 2019 and ransomware attack on Bouygues Construction in January 2020. In addition, the concerns related to data production may further hamper the adoption of construction software.
The global construction software market is bifurcated into component, modules, application, and end-user.
The solution/platform segment accounted for the major share of more than 60% based on component. The growing adoption of cloud-based construction software supports the growth of the market segment. The services segment is expected to be the fastest-growing segment.
- Contract Management
- Procure Management
- Finance Management
- Inventory Management
- Real Estate Management
- Labor Management
- Customer Management
The contract management segment accounts for the largest market share based on modules. The customer management segment is the fastest-growing segment with a CAGR of 9.4% over the forecast period.
The commercial segment holds the major share in the market based on application. The residential segment is expected to be the fastest-growing segment over the forecast period owing to rapid urbanization and growing spending on residential construction.
- Creative Agencies
- Interior Designer
- Home Remodelers
Based on end-user, the contractors’ segment accounts for the largest market share followed by builders. The increasing adoption of construction software owing to the associated benefits supports the growth of the end-use market segment.
On the regional basis, the global construction software market is segmented into Europe, North America, Asia Pacific, Middle East & Africa, and South America.
North America dominates the global construction software market. The increasing spending in the construction sector coupled with the high adoption rate of advanced technology is expected to support market growth in North America. The Asia Pacific is expected to be the fastest-growing region in the market. The market growth in this region is attributed to growing urbanization, increasing consumer investment in housing, and favourable government reforms.
Prominent players functioning in the 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 others. The major 10 players in the market account for a cumulative market share of nearly 46%.
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Key market players are actively engaged in strategic collaboration, mergers and acquisition, regional expansion, new product development and innovation to increase their presence in the global construction software market. For instance, in April 2021, Trimble announced the launch of its Quadri Building Information Modeling (BIM) software in North America. With this launch, the company expanded its connected construction software portfolio in the North American region. Further, in May 2020, ECI Software Solution acquired BuildTools. BuildTools is a web-based platform designed for home remodelers and smaller custom builders.
The global construction software market report offers insights on the below pointers:
1. Market Penetration: The research report provides comprehensive data on the market offered by the prominent players
2. Market Development: The report offers detailed analysis about emerging markets and examines penetration across mature segments of the markets
3. Market Diversification: The research report offers comprehensive information about untapped geographies, recent developments, and investments
4. Competitive Landscape Assessment: Mergers & acquisitions, certifications, product launches, collaborations in the market have been provided in this research report. In addition, the report also includes a SWOT analysis of the leading market players.
The global construction software market report answers questions such as:
1. What is the market size and forecast of the Global Construction Software Market?
2. What are the inhibiting factors and impact of COVID-19 on the Global Construction Software Market during the assessment period?
3. Which are the products/segments/applications to invest in over the assessment period in the Global Construction Software Market?
4. What are the technology trends in the Global Construction Software Market?
5. What strategies are considered favourable for entering the Global Construction Software Market?
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