Construction software aid in simplifying various processes in the construction industry with the help of a suite of construction software. The construction industry worth Million dollars but still lacks productivity and ranks among the lowest industries in the adoption of digitization. Construction software aids construction companies tide over downturns as well prosper during market upturns. The global construction software market is likely to showcase an affirmative compound annual growth rate of 8.8% over the forecast period of 2017-2023, reveals Market Research Future (MRFR) in a thoroughly analyzed report. The global construction software market is due to reach USD 2715.6 Mn by the end of 2023.
The construction industry is progressively embracing digitization to optimize their operations. Much of the growth of the global construction software market is being derived from surging awareness of the advantages of automation in the reduction of project cost and achievement of timely project completion. Deployment of construction software helps streamline communication, minimize errors, avail real-time information. The rise in a number of large-scale construction projects which necessitates project management has resulted in an increased outlay of funds on construction software.
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The global construction software market has been segmented based on product and application.
By product, the global construction software market has been segmented into cloud-based, web-based and on-premise based. The on-premise based segment holds the largest share of the market and is likely to remain dominant throughout the forecast period.
By application, the global construction software market has been segmented into general contractors, building owners, independent construction managers, and sub-contractors. The general contractors segment was the largest segment in 2017 while the independent construction managers segment is likely to be the fastest growing segment over the forecast period. Various software giants have showcased a considerable interest in independent construction managers which has driven the segment.
Regionally, the global construction software market is spread across North America, Europe, Asia Pacific (APAC), and the Rest of the World (RoW). North America accounts for the maximum share of the market and is likely to retain its lead over the forecast period. The high adoption rate of cloud technology in the region, massive investment in the construction sector is expected to create more opportunities for construction software market in the region. Besides, a rise in a number of long-term infrastructure projects in Canada has contributed majorly to the growth of the construction software market in North America.
APAC Construction Software Market is poised to exhibit the fastest growth rate over the forecast period. The rapid progress of the construction sector owing to public infrastructure projects and high government funding for infrastructural projects, electricity works, water/sewage plans, and others boost the growth of the construction software market in APAC. Also, the governments in the region are encouraging the adoption of new technology in the construction sector.
The Europe market is driven by organizations involved in architecture, engineering, and construction. The governments in Europe have mandated the use of construction software on infrastructure projects throughout Europe which propels the growth of the market.
The Gulf nations present a significant opportunity for growth with a strong construction economy which is embracing digitization progressively. In addition, various events in Dubai uncover growth prospects.
Builder TREND, iSqFt, Trimble Inc., Sage Group PLC, Comprotex Software Inc., Oracle Corporation, Procore Technologies, BuilderMT, Constellation Software Inc., and Turtle Creek Software are the key players in the global construction software market.
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