The global construction software market is expected to exhibit a strong 8.8% CAGR over the forecast period from 2019 to 2023, according to the latest research report from Market Research Future (MRFR). The global construction software market was valued at close to USD 1.8 billion in 2018 and is expected to rise to a valuation of USD 2.7 billion by 2023.
Leading Players in Global Construction Software Market Include:
Turtle Creek Software, Procore Technologies Inc., iSqFt (ConstructConnect), BuilderMT, BuilderTREND, Comprotex Software Inc., Constellation Software Inc., Trimble Inc., Oracle Corporation, and Sage Group plc.
Covid 19 Pandemic Crisis on Construction Software Market with Complete Table of Content and Free Sample at:
According to the report. The report presents detailed historical statistics concerning the global construction software market in order to back up the forecasts made in the report. Both primary and secondary information is used in the report to make the market’s movement as clear as it can be made for easy understanding by the readers. Major players operating in the global construction software market are also profiled in the report in order to give readers a clear overview of the global construction software market’s competitive landscape. The impact of the COVID-19 pandemic on the global construction software market is also assessed in the report.
Construction software refers to software solutions that allow builders to construct digital models of the construction project. The modelling is based on architectural plans made by the project’s architects and comprises a detailed model of the building and all components of the building. The model allows clients to view the overall construction as well as the state of individual components. Construction software allows builders to build stronger, longer lasting buildings thanks to the detailed analysis done in the modelling. This leads to higher quality of the construction projects. This is likely to remain a major driver for the global construction software market over the forecast period. Builders around the world have become more and more invested in offering high-quality construction products that live up to stringent safety standards and last a long time. This has led to a growing demand for advanced construction software that can offer detailed models taking into account all aspects of the construction. Growing government intervention in mandating high construction standards is also likely to be a major driver for the global construction software market over the forecast period.
The growing construction industry in developing regions is likely to be a major driver for the global construction software market. Thanks to growing urbanization, the construction industry has grown rapidly in developing regions such as Asia Pacific, the Middle East, and Latin America. This has led to higher profit margins for builders and contractors. This has allowed many construction companies in emerging regions to utilize advanced construction software solutions. This is likely to remain a major driver for the global construction software market over the forecast period.
The global construction software market is segmented on the basis of product, application, and region.
By product, the global construction software market is segmented into cloud, on-premise, and web-based. The cloud segment is likely to dominate the global construction software market over the forecast period due to the higher security and convenience provided by cloud solutions. Use of cloud resources allows companies to run large applications without using a supercomputer or data center. This makes cloud solutions powerful and scalable, as well as enabling flexible pricing to attract a wide range of clients.
By application, the global construction software market is segmented into general contractors, building owners, independent construction managers, and sub-contractors.
North America accounts for the largest share in the global construction software market. The regional market accounted for a 32% share in the global construction software market in 2018, with a valuation of USD 575.8 million. The North America market is likely to remain a key regional market over the forecast period, with the regional market expected to exhibit a 10% CAGR over the forecast period.
Table of Content:
1 Executive Summary
5 Market Dynamics
5.2.1 Government Norms
5.2.2 Increase In Productivity And Efficiency
5.2.3 Improved Quality And Integration
5.2.4 Drivers Impact Analysis
5.3.1 Increasing Popularity Of Cloud-Based Construction Management Software
5.3.2 Rising Investments In The Construction Sector
5.4.1 High Initial Cost Of Hardware And Software
5.4.2 Lack Of Skilled Professionals
6 Market Factor Analysis
6.1 Porter’s Five Forces Model
6.1.1 Threat Of New Entrants
6.1.2 Bargaining Power Of Suppliers
6.1.3 Bargaining Power Of Buyers
6.1.4 Threat Of Substitutes
6.1.5 Intensity Of Rivalry
7 Global Construction Software Market, By Product$ 1,650.00
7.1.2 On-Premise Based
7.1.3 Web Based
List of Figures:
FIGURE 1 GLOBAL CONSTRUCTION SOFTWARE MARKET: MARKET STRUCTURE
FIGURE 2 NORTH AMERICA MARKET SIZE & MARKET SHARE BY COUNTRY (2017 VS 2023)
FIGURE 3 EUROPE MARKET SIZE & MARKET SHARE BY COUNTRY (2017 VS 2023)
FIGURE 4 ASIA-PACIFIC & MARKET SHARE BY COUNTRY (2017 VS 2023)
FIGURE 5 REST OF THE WORLD MARKET SIZE & MARKET SHARE BY COUNTRY (2017 VS 2023)
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