Construction Software Market Global Industry Analysis, Market Size, Share, Trends, Application Analysis, Growth and Forecast, 2018-2023
Pune, India -- (SBWIRE) -- 12/06/2018 -- Market Highlights:
Market Research Future (MRFR) in its extensive report states that the global construction software market is set to advance at a moderate 8.8% CAGR over the forecast period (2017-2023). It can reach a valuation of USD 2715.6 Million by 2023. The financial visibility feature of the software helps in controlling expenses and estimating costs on projects. Reduction in design time also helps trigger the demand for construction software. The popularity of cloud-based construction management software and increasing investments in the construction sector have paved the way for market growth across the globe.
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MRFR forecasts that by 2020, the cloud market will reach USD 270 billion, with public cloud growing at 44% growth rate. Mobility, cost saving, and reduced maintenance make cloud-based construction software highly attractive to global end users. Moreover, construction software companies in the market offer a wide range of solutions from managing contracts to subcontractor and supplier bids, cash flows and budgets. The report also asserts that nearly 87% of the construction contractors are projected to use cloud-based construction software to restructure the aging hardware costs and enhance their productivity and efficiency. However, high initial cost of software can restrain the market growth in the coming years.
Key Players Covered:
Turtle Creek Software, iSqFt, Constellation Software Inc., Builder TREND, Comprotex Software Inc., BuilderMT, Trimble Inc., Procore Technologies, Oracle Corporation, and Sage Group PLC are notable players in the construction software market.
The report offers comprehensive profiles on these market players and assesses their current standing in the Construction Software Market. Company history coupled with annual turnover, segmental share, SWOT analysis, growth strategies, new product launches, M&A activities, and latest R&D initiatives are outlined in the report.
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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Global Market for Construction Software Market – Regional Outlook
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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