Construction Software Market Research Report: By Product (Cloud, On-Premise and Web-Based), Application (General Contractors, Building Owners, Independent Construction Managers and Sub-Contractors) - Forecast till 2030
The global construction software market will touch USD 5.22 billion at a 9.7% CAGR by 2023 states the latest Market Research Future (MRFR) report.
Growing Need for Accuracy and Efficiency to Boost Market Growth
The growing need for efficiency and accuracy will boost market growth over the forecast period.
Increasing Need for Effective Tool Management in Construction Industry to offer Robust Opportunities
The growing need for effective tool management in the construction industry will offer robust opportunities for the market over the forecast period.
Besides, the growing needs for large-scale project management, ongoing research and development activities to design improved versions of the software, rising application areas of lean management in the construction industry, escalating investments to enhance the productivity of the companies that increases the adoption of cloud-based solutions, and increasing public & private investments in the construction sector are also adding market growth.
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Lack of Skilled Human Resources to act as Market Restraint
The lack of skilled human resources and lack of research and development investments may act as market restraint over the forecast period.
Interoperability Issues Related to Construction Software may act as a Market Challenge
The interoperability issues related to construction software may act as market challenge over the forecast period.
The global construction software market is bifurcated based on product and application.
By product, the on-premise segment will lead the market over the forecast period.
By application, the general contractors segment will dominate the market over the forecast period.
The construction software market is likely to experience a small decline for the COVID-19 outbreak as most construction sites across the world have halted operations. Restrictions on travel as well as limitations in the supply chains of raw materials have also impacted the construction sector. Cutting-edge technologies however in the construction industry such as building information modeling, augmented reality, virtual reality, drones, and communication tools is likely to boost market growth. Construction management software solution providers have launched new products with innovative functions for coping up with the social distancing as well as guidelines to avoid physical contact during the outbreak. This is boosting market growth.
North America to Dominate Construction Software Market
North America will dominate the construction software market over the forecast period at a 10% CAGR. The growing popularity of cloud-based construction management software, increasing investments in the construction sector, increasing adoption in Mexico, Canada, and the US, high volume of construction projects in the region, early adoption of technology, the strong presence of market players, the presence of several construction management software companies, high adoption of software, and extensive adoption of this software during the COVID-19 outbreak are adding to the global construction software market growth in the region.
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Eminent industry players profiled in the global construction software market report include Sage Group PLC, Oracle Corporation, Trimble Inc., Constellation Software Inc., Comprotex Software Inc., BuilderTREND, BuilderMT, iSqFt (ConstructConnect), Procore Technologies Inc., and Turtle Creek Software.
The key players have incorporated several strategies to stay at the forefront such as partnerships, mergers and acquisitions, new product development, and more.
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