Construction Software Market 2018 Competitive Landscape, Strategies, Segmentation, Growth Emerging Trends, Sales Revenue, Opportunity Assessment and Regional Forecast to 2023

Construction Software Market Research Report information: By Product, by Application by Global Forecasts. Construction Software Market to Exhibit an 8.8% CAGR Over the Forecast Period (2018-2023). The global construction software market is due to reach USD 2715.6 Mn by the end

Pune, India - January 8, 2019 /MarketersMedia/ —

Market Highlights:

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 Market 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.

Government norms across multiple countries have boosted the growth of the global construction software market further. Singapore has mandated the use of construction software in both private and public sector for all building projects larger than 16, 404.2 square feet. The UK government has also integrated level two construction software for public projects.

Relaxed regulations, rapid urbanization, and infrastructural projects in the developing nations present lucrative growth prospects for the global construction software market. High adoption of cloud computing in the construction industry is also expected to trigger the demand for construction software. Construction software is compatible with cloud technology and is available in customized packages to meet the requirements of various businesses.

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Conversely, the growth of the global construction software market is likely to be dampened by high costs associated with construction software and high initial investment. Small businesses might not be able to afford the upfront or recurring license fees for the features of construction software. Lack of skilled professionals and interoperability issues also remain vital challenges.

Competitive Landscape

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.

Segmentation

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.

Regional Analysis

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 market for construction software 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.

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Industry Updates
• In November 2018, Autodesk, an American multinational company which makes software services for the architecture, engineering, construction, manufacturing, media, and other industries, announced the acquisition of construction software firm PlanGrid. The deal is sealed for USD 875 Mn and would help Autodesk expand its presence in the construction industry.

• In December 2018, a construction software firm, COINS collaborated with the Lighthouse Construction Industry Charity to build a new construction industry helpline application. The free application aims to address the mental issues of construction workers, provide information, guidance, and advice on stress, depression, anger, anxiety, and suicidal thoughts.

About Market Research Future:

At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.

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