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 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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