The construction software is now on the high demand, which is taking the market to score high as the construction sector is evolving, thus experiencing an influx of new technologies. As Market Research Future suggests, the global construction software market is gaining major traction during the forecast period (2017-2023). The demand for construction software is high due to its listed programs that are mainly used by foremen, architects, and real estate moguls to simplify various processes in the construction industry.
Market Drivers & Trends
The market for construction software market is gaining popularity owing to the factors such as increasing productivity and efficiency in construction work. The primary factor influencing the market to grow is the increasing investments in the construction sector. The major market players are highly investing in the development of the construction software to ease the work at the construction site as providing general outline of the building, estimating costs of the raw materials and more. These features are attracting more and more builders to adopt and make use of the software for efficient work in their construction projects. These factors are impacting the market for construction software highly which is estimated to remain same or achieve more valuation during the forecast period.
On the other hand, rapid urbanization has also emerged as one of the major factors behind the construction software market growth. With this, the compatibility of cloud technology in the software coupled with the potential to build customized packages to store and manage data are posing as a plus point for the market to grow at a higher rate. After these, on the flip side, lack of skills professionals and high costs of software and hardware are the factors restricting the market for construction software to expand during the forecast period.
As per the study, the market for construction software has been segmented by the elements of product and application.
In terms of product: Cloud-based, on-premise based, and web-based are the segments in the market. Wherein, the on-premise based segment is likely to endure lucrative during the forecast period, but the other side, the cloud-based segment can observe a high adoption due to flexibility and scalability features of cloud technology being installed in the software.
In terms of application: Building owners, independent construction managers, general contractors, and sub-contractors are the segments. Of these, the general contractors segment is expected to lead the market in support of the software which continues improving communication between various employees. Such an integration even exceeds to mobile applications, thus making the software smartphone-friendly.
The analysis of Construction Software Market is also done among the foremost regions of North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW).
In the latest, North America acquires the largest market share for the construction software market and is expected that it will continue its leadership in the forecast period. The growth of the market in this region is mainly attributed to the high adoption rate of cloud technology. Also, the need to reduce design time and paperwork can provoke the demand for construction software in North America. Moreover, the US public sector is heavily investing in the construction industry, which is ready to create more opportunities for the software providers, thus thriving the market to grow at a rapid pace. Besides, rising number of long-term infrastructure plans in Canada have also contributed massively to the construction software market growth in the region.
According to the study, Asia Pacific is also probable to register the fastest growth in the construction software market during the forecast period attributed to the factors such as rapid development of public infrastructure and surged investment in smart city projects. With this, the key sectors that are utilizing construction software are infrastructure, transportation, healthcare, and (public) housing. The construction sector in Asia Pacific is supposed to thrive with the development of infrastructural projects, which includes electricity works, transportation projects, and water/sewerage plants.
In Europe region, the construction software market is also increasingly gaining traction in support of the organizations that are involved in architecture, engineering, and construction (AEC) sector along with owners of buildings like real estate managers. On the other side, the stringent government initiatives and surging cost-saving needs play a pivotal role in boosting the market growth in the region.
Oracle Corporation, Builder TREND, Comprotex Software Inc., BuilderMT, Trimble Inc., iSqFt, Constellation Software Inc., Procore Technologies, Turtle Creek Software, and Sage Group PLC are some of the notable players in the construction software market who are investing more and more in the market to make it worth in the future.
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