Construction Management Software Market to Accrue $23.9 Bn, Globally, by 2031 at 10.2% CAGR: Allied Market Research

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Oct 10, 2022, 09:00 ET

Thriving construction sector and favorable government policies for promoting construction activities will embellish the expansion of the global construction management software market.

PORTLAND, Ore., Oct. 10, 2022 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Construction Management Software Market by Offering (Solution and Service), by Deployment Mode (On-Premise and Cloud), by Building Type (Commercial Buildings and Residential Buildings), by End-User (Architects and Designers, Construction Managers, and Others), and By Application (Project Management and Scheduling, Safety and Reporting, Project Design, Field Service Management, Cost Accounting, and Others): Global Opportunity Analysis and Industry Forecast, 2021-2031." As per the report, the global processed fish industry was estimated at $9.3 billion in 2021, and is set to reach $23.9 billion by 2031, growing at a CAGR of 10.2% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios.

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Drivers, restraints, and opportunities

Thriving construction sector and favorable government policies for promoting construction activities will embellish the expansion of the global construction management software market. Nevertheless, huge deployment and maintenance charges and low availability of skilled workforce can hinder the growth of the global industry. However, the onset of new technologies such as artificial intelligence and the internet of things are expected to generate new growth for the market across the globe over the years to come.

Covid-19 scenario:

The COVID-19 pandemic had a favorable impact on the growth of the global construction management software market, owing to the large-scale use of remote management and monitoring software during the lockdown.
Moreover, the construction management software helped the construction firms in overcoming daunting challenges such as lower revenue margins, lesser productivity, and a decline in research activities.

The solution segment to dominate the global market in terms of revenue in 2031

Based on the offering, the solution segment is set to contribute to the highest market share in 2021, accounting for nearly two-thirds of the global construction management software market share. Furthermore, the segment is projected to contribute majorly toward the global market share during the forecast period. The growth of the segment over the assessment period is attributed to the massive requirement of the construction sector for improving construction workloads. However, service segment will record the fastest CAGR of 11.3% from 2022 to 2031. The growth of the segment over the forecast timeframe can be due to the extensive use of construction management software in giant enterprises.

The on-premise segment to hold the major market share over 2022-2031

On basis of deployment mode, the on-premise segment contributed to the largest market share in 2021, accounting for nearly three-fifths of the global construction management software market share. Furthermore, the same segment is anticipated to dominate the growth of the global market over the forecast period. The growth of the segment over the assessment period is subject to strong online security provided by on-premise construction management solutions to the construction management software. However, the cloud segment is predicted to record the highest CAGR of 11.4% over the forecast period. The growth of the segment over the forecast timeline can be credited to deployment ease and scalability provided by cloud-based construction management tools to construction management software.

The commercial buildings segment to lead the global market growth over the forecast period

In terms of building type, the commercial buildings segment contributed to the highest market share in 2021, accounting for nearly three-fourths of the global construction management software market share. Moreover, the same segment is set to make notable contributions toward the global market share in 2031. The growth of the segment over the forecast timeline can be credited to the extensive use of construction management software for constructing commercial buildings. However, the residential buildings segment is predicted to register the fastest CAGR of 12.9% during the forecast timeline. The segmental growth over the forecast timeframe can be attributed to the rise in the digitization of small-scale construction firms and independent contractors in the construction sector.

The project management and scheduling segment to dominate the global market by 2031

In terms of application, the project management and scheduling segment contributed to the highest market share in 2021, accounting for nearly one-third of the global construction management software market share. Moreover, the same segment is set to make significant contributions toward the global market share in 2031. The growth of the segment over the forecast timeline can be credited to a huge demand for improving the quality of construction activities. However, the safety and reporting segment is predicted to register the fastest CAGR of 12.9% during the forecast timeline. The segmental growth over the forecast timeframe can be attributed to rising safety requirements and strict safety and reporting guidelines drafted by various governments for the construction industry.

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North America to retain global market domination over 2022-2031

By Region, North America contributed notably toward the global construction management software market share in 2021, and is projected to continue its dominance during the forecast period. The region accounted for more than one-third of the global construction management software market share in 2021. The regional market growth over the projected timespan is owing to favorable government policies. Nonetheless, the Asia-Pacific construction management software market is set to record the highest CAGR of 11.1% during 2022-2031. The growth of the market in the region over the forecast timespan can be credited to the growing digital transformation of the construction sector in the sub-continent.

Major market players

Brunswick Corporation Autodesk, Inc.
Constructconnect, Inc.
Buildertrend
Bentley Systems, Inc.
Oracle Corporation
BrickControl.com
CMiC
BuildTools
e-Builder, Inc.
Buildstar Technology
Odoo SA
Jonas Construction Software, Inc.
Pland Grid, Inc.
Sage Group plc
Viewpoint, Inc.
TRIMBLE, INC.
Systemates, Inc.

The report analyzes these key players in the global construction management software market. These players have implemented key business strategies such as strategic expansion, new product launches, alliances, and joint ventures for enhancing market penetration and reinforcing their position in the industry. The report helps the target audience in determining the market performance, performance of each segment, product portfolio development in the market, and contributions made by each player to the market expansion.

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