Construction Software Market is projected to reach US$ 3,549 Million by 2030, owing to rise in construction spending of large-scale project management and project complexity | CAGR: 8.3%: Astute Analytica
NEW DELHI, Feb. 8, 2022 /PRNewswire/ -- The Global Construction Software Market was valued at US$ 1,753.0 Million in 2021 and is forecasted to reach US$ 3,549 Million by 2030. The market is expected to register a CAGR of 8.3% during the forecast period. The growth of the market is majorly driven by the growing demand in both public and private construction projects and increase in demand of construction projects with high complexity. Construction software is the collection of information, processes and programs used to perform various aspects such as project planning, decision making support, information sharing and project management support. It is used by AEC (Architecture, Engineering and Construction), real estate companies and construction firms in order to reduce the time, minimize the cost and helps to control and reduce the waste related with all the processes.
Factors such as cloud-based software, automated process, expansion of product output and growth in technological platforms will enhance the growth of the construction software market during the forecast period of 2022-2030. On the other hand, high deployment of construction software, maintenance cost, cyber security and data protection risks are the key concern involved in the construction software market.
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Market Segmentation
Software segment dominates the Construction Software Market for the forecast period
Based on component type, the segment is bifurcated into software and services type. The software segment has the highest market share due to increasing adoption of construction software in the construction and real estate industry. The software segment enhances the performance of construction projects such as residential, industrial, commercial and institutional. Moreover, the services segment is anticipated to grow at faster rate as compared to software market due to growth in adoption of consulting services in order to make resilient supply chain.
Customer management segment is estimated to grow at the fastest CAGR
On the basis of different category of management services, the customer management segment is estimated to grow at the fastest growth rate. The significant growth is attributed to increasing utilization of technology that helps the customers and clients to visualize the design and manage the work efficiently. In terms of share analysis, the finance management segment holds the significant amount of share in the total market share.
Residential segment is estimated to grow at the fastest growth rate during the forecast period
Based on project type segment, the global construction software market is categorized into residential, commercial, industrial and other categories. Increase in disposable income and increasing demand of housing around the world are the reasons for significant growth in the residential project type. In terms of market share, the commercial segment holds the highest share among all the other types of project owing to increased stability in commercial segment.
Contractors hold the highest market share in the year 2021
The end-user segment is categorized on the basis of various verticals that use construction software for one or another task. The contractors segment contributed to the largest market for the construction software market due to day-to-day oversight of a construction site in order to look after resource allotment, material planning and equipment which are necessary for the construction of the project.
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Asia Pacific is anticipated to grow at the fastest growth rate during the forecast period
Asia Pacific construction software industry fast growth is attributed to major contribution from emerging economies like India, China and South Korea. Asia Pacific will be expected to witness the highest growth rate during the forecast period. The increasing number of construction projects in India and China with the supportive role of government in initiating the huge construction projects will create a pathway in the growth of the construction software market. Due to the high volume of construction projects in the North America especially in Canada and the US have resulted in dominance in the marketplace.
Competitive Landscape
Global Construction Software Market is highly competitive in order to increase their presence in the marketplace. Some of the key players operating in the global market include Sage Group PLC, Oracle Corporation, Autodesk, Inc, Roper Technologies Inc, Trimble Inc, Constellation Software Inc, BIMobject AB, RIB Software SE, Comprotex Software Inc, Procore Technologies Inc, BuilderMT LLC, PlanGrid Inc, Heavy Construction Systems Specialists, Jonas Construction Software Inc and ECI Software Solutions Inc.
Company Profile
Sage Group PLC is a British multinational software company, and it is the world's third largest resource planning software supplier. The key focus areas of the company are mainly in construction, real estate, healthcare, transportation, manufacturing, accountancy, and automotive distribution. The growth strategy of Sage is that it regularly updates and monitors data in order to get different aspects of growth within markets. Strong and stable customer base and wide range overseas subsidiaries are the strategic outlook of the company.
Oracle Corporation is an American multinational computer technology corporation which designs, manufactures, and sells both software and hardware products. The company's strategy is to make emerging technologies prevalent across its cloud offerings. Cloud services bring the highest percentage of business in terms of revenue.
Autodesk, Inc. is a multinational software corporation that develops software products and services for the architecture, engineering, construction, manufacturing, media, education, and entertainment industries. Strong distribution network, high level of customer satisfaction with strong brand portfolio and highly skilled workforce are the strengths of the company.
Roper Technologies, Inc. is an American diversified industrial company that produces engineered products for global niche markets. In terms of geographical revenue segmentation, Europe holds the highest percentage of revenue by providing engineered products, software, and services for critical customer processes.
Trimble Inc. is a California based hardware, software and services technology company that sells products and services to construction, agriculture, transportation, telecommunication, railways, and mobile resource management industries. Buildings and infrastructure segment holds the largest percentage share in terms of business revenue segmentation.
Segmentation Overview
Global Construction Software Market is segmented based on components, modules, project type, end users and region. The industry trends in global marketplace are sub-divided into different categories in order to get a holistic view of the construction software market.
Following are the different segments of the Global Construction Software Market:
- By Component Type Segment of the Global Construction Software Market is Sub-Segmented into:
- Software
- On-Premises
- Cloud
- Services
- Professional
- Managed
- By Modules Segment of the Global Construction Software Market is Sub- Segmented into:
- Contract Management
- Procure Management
- Finance Management
- Inventory Management
- Real Estate Management
- Labor Management
- Customer Management
- Others
- By Project Type Segment of the Global Construction Software Market is Sub-Segmented into:
- Residential
- Commercial
- Industrial
- Others
- By End Users Type Segment of the Global Construction Software Market is Sub-Segmented into:
- Creative Agencies
- Architects
- Consultants
- Engineers
- Builders
- Contractors
- Owners
- Interior Designer
- Home Remodelers
- Others
- By Region Type Segment of the Global Construction Software Market is Sub-Segmented into:
- North America
- U.S.
- Canada
- Mexico
- Europe
- Western Europe
- Turkey
- Bulgaria
- U.K.
- Germany
- France
- Spain
- Italy
- Rest of Western Europe
- Eastern Europe
- Russia
- Poland
- Rest of Eastern Europe
- Asia Pacific
- China
- India
- Japan
- Australia & New Zealand
- ASEAN
- Rest of Asia Pacific
- South America
- Argentina
- Brazil
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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About Astute Analytica
Astute Analytica is a global analytics and advisory company which has built a solid reputation in a short period, thanks to the tangible outcomes we have delivered to our clients. We pride ourselves in generating unparalleled, in depth and uncannily accurate estimates and projections for our very demanding clients spread across different verticals. We have a long list of satisfied and repeat clients from a wide spectrum including technology, healthcare, chemicals, semiconductors, FMCG, and many more. These happy customers come to us from all across the Globe. They are able to make well calibrated decisions and leverage highly lucrative opportunities while surmounting the fierce challenges all because we analyze for them the complex business environment, segment wise existing and emerging possibilities, technology formations, growth estimates, and even the strategic choices available. In short, a complete package. All this is possible because we have a highly qualified, competent, and experienced team of professionals comprising of business analysts, economists, consultants, and technology experts. In our list of priorities, you-our patron-come at the top. You can be sure of best cost-effective, value-added package from us, should you decide to engage with us.
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