Overview
The construction software market is witnessing continually rising revenues. Increasing uptake of various construction software and technological advances are major driving forces. Augmenting demand for improved productivity & efficiency and improved quality & integration in construction projects drive the construction software market growth.
Moreover, the spurring rise in construction industries in developing regions accelerates the market growth. According to Market Research Future (MRFR), the global Construction Software Market Growth value is projected to reach exponential heights by 2027, growing at an impressive CAGR during the forecast period (2020 –2027).
Increasing numbers of construction firms are currently looking for comprehensive solutions that can increase project efficiency by improving various business operations. Also, increasing numbers of construction management platform providers positively impact market growth. The spurting rise in commercialization and industrialization in the real estate market bolsters the market growth, creating significant demand for pre-planning & construction oversight.
On the flipside, the lack of awareness of the advantages of construction software is a major factor projected to impede the market growth. Nevertheless, tremendous growth in the construction software adoption would support the market's growth throughout the assessment period.
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Global Construction Software Market – Segmentations
The report is segmented into products, applications, and regions. The product segment is sub-segmented into cloud, on-premise, and web-based. The application segment is sub-segmented into general contractors, building owners, independent construction managers, sub-contractors, and others.
Global Construction Software Market – Geographical Analysis
North America dominates the global construction software market. North American construction companies are continually under pressure to maintain strong margins and on-time project delivery while facing increasing competition, skills shortages, and low productivity. Besides, the largest market share attributes to the increasing popularity of cloud-based construction management software.
Moreover, continuous investments for the development of construction software and the presence of several software providers in the region act as a key driving force for the market. The US accounts for the largest market share owing to the growing investments in the construction sector, followed by Canada and Mexico. The North American construction software market is projected to retain its dominance throughout the estimated period.
Europe stands second in terms of the global construction software market revenue. The market is driven by well-spread awareness about the benefits of construction solutions. Also, large technological advances and the early adoption of advanced construction solutions drive the construction software market size.
Additionally, the availability of the latest technologies and increasing spending on project management solutions impacts market growth positively. Furthermore, the huge adoption of construction management solutions and the increasing numbers of construction firms are current construction software market trends.
The Asia Pacific construction software market is rapidly emerging as a profitable market globally. Factors such as the increasing uptake of construction services and solutions propel the regional market growth. India and China are prominent markets for construction software in this region. Large technological advancements and new product launches in rapidly emerging countries such as Japan, China, and India contribute to the regional market's growth.
Global Construction Software Market – Competitive Landscape
The construction software market appears highly competitive and fragmented with the presence of several well-established players. These players form a competitive landscape incorporating strategic initiatives such as partnership, acquisition, expansion, product & technology launch, and collaboration. Technology providers strive to help construction companies efficiently manage projects through data-driven, integrated processes and systems.
Key Players
Players active in the global construction software market include Oracle Corporation, Sage Group PLC, Trimble Inc, Constellation Software Inc., BuilderTREND, Comprotex Software Inc., BuilderMT, Procore Technologies Inc., iSqFt (ConstructConnect), and Turtle Creek Software, among others.
Industry/Innovation/Related News
May 05, 2021 --- Topcon Positioning Systems, Inc., a leading provider of precision measurement and workflow solutions used in the construction industry, launched new software, MAGNET 7, for construction and survey professionals. The solution is designed to utilize the cloud-based connectivity strength playing a major role in streamlining workflows through total stations, GNSS receivers, and other positioning tools & instruments. The software is also meant to improve accuracy while efficiently managing data and collaboration, in real-time, with the project team.
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Construction Software Market Research Report: Information by Technology (Hall Effect, Magneto Resistive, Variable Reluctance), By Application (Automotive, Industrial, Aerospace & Defense, Consumer Electronics) and Region (North America, Europe, Asia-Pacific, Middle East & Africa, and South America)—Forecast till 2030
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