Mar 30, 2020 (Heraldkeepers) -- Construction software aids in increasing the productivity and work efficiency by reducing the time required to carry out various processes like cost estimation, construction design, and management of raw materials and others. Increased adoption of cloud-based solutions due to their multiple benefits over traditional methods in building and construction industry and high demand for advanced technology to optimize the construction process are majorly propelling the growth of the global construction software market. However, low penetration of advanced technology in the underdeveloped countries and lack of skilled professionals to operate the software are restraining the growth of the global construction software market during the assessment period.
Leading Players Profiled in Construction Software Market Report Include:
Comprotex Software Inc., Constellation Software Inc., Trimble Inc., Oracle Corporation, Sage Group PLC, Turtle Creek Software, iSqFt, Procore Technologies, Builder MT, and Builder TREND, among others. The key players have acquired certain strategies to maintain their foothold in the market, such as expansion, mergers and acquisitions, product innovations, and more.
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The global construction software market is predicted to touch USD 2715.6 million at an 8.8% CAGR over the forecast period (2017-2023), states the new Market Research Future (MRFR) report.
Various factors are propelling the construction software market. These factors, as specified by the Market Research Future (MRFR) report, include growing investments made in the construction sector due to lax regulations, rapid urbanization, growing popularity of cloud-based construction management software, and compatibility of cloud technology with software that has the potential of building customized packages for storing and managing data.
On the contrary, high costs associated with software and hardware and lack of skilled professionals are factors that may hinder the construction software market over the forecast period.
The Market Research Future report provides a wide segmental analysis of the construction software market based on application and product.
Based on product, the construction software market is segmented into on-premise, web-based, and cloud-based. Of these, the on-premise segment will have the largest share in the market over the forecast period. Increasing need to improve business productivity, need for higher customization, and the urgent need for controlling data security in the organization are pushing market growth.
Based on application, the construction software market is segmented into sub-contractors, independent construction managers, building owners, and general contractors. Of these, the general contractors segment will dominate the market over the forecast period, followed by independent construction managers, which are estimated to grow at the fastest CAGR.
The global construction software market has been geographically segmented into four major regions such as Europe, North America, Asia Pacific (APAC), and the rest of the world. The North America region commands the major share of the global construction software market owing to the rapid technological advancement leading to the expansion of various industries, increasing demand for cloud-based solutions in order to optimize the infrastructural development in the urban areas, and high demand for advanced technology to reduce the time required for various back-end processes in the construction and building industry. The construction software market in the Asia Pacific region is projecting the fastest growth in the global construction software market owing to the rapid infrastructural development in residential and commercial sector as a result of increasing population and surge of rural population towards urban areas due to availability of employment in the emerging economies and increased incorporation of advanced technology in order to fasten the construction process in this region. Rapid adoption of advanced technology, increased investments for renovation of old properties and proliferation in construction sites due to industrialization are propelling the growth of the construction software market in the Europe region.
July 2019- Procore, a leading construction management software company, has acquired a startup, Honest Buildings.
Table of Content:
1 Executive Summary
2 Market Introduction
2.2 Scope of the Study
2.3 List of Assumptions
2.4 Market Structure