Global Construction Software Market: Synopsis
The detailed report published by Market Research Future (MRFR) projects that the global construction software market is marked to exhibit notable expansion at a CAGR of 8.8% during the forecast period of 2017-2023 and reach the market valuation of USD 2715.6 Mn by the end of 2023. Rapid infrastructural development, especially in the urban areas of various regions, has induced high demand for optimization of all the processes in the construction industry. Construction software market 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.
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Global Construction Software Market: Key Players
The prime players profiled by MRFR that are operating in the global construction software market are Turtle Creek Software, iSqFt, Builder TREND, Constellation Software Inc., Comprotex Software Inc., BuilderMT, Trimble Inc., Procore Technologies, Oracle Corporation, and Sage Group PLC.
Global Construction Software Market: Segmental Analysis
The global Construction Software Market has been segmented on the basis of product and application. Based on product, the global construction software market has been segmented into cloud-based, on-premise based, and web-based. The on-premise based segment is forecasted to project notable growth in the global construction software market during the assessment period, whereas, the cloud-based segment is marked to exhibit high growth potential in the global construction software market during the assessment period. Based on application, the global construction software market has been segmented into building owners, independent construction managers, general contractors, and sub-contractors. The general contractors segment commands the dominant share of the global construction software market during the review period.
Global Construction Software Market: Regional Analysis
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.
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Global Construction Software Market: Industry Updates
In January 2019, Built On Vision, a company providing cloud-based project management and controls software, has announced the launch of a new upgrade to the software which allows automatic translation of schedules from any language to the desired language.
In January 2019, Renoworks Software Inc. has launched Renoworks FastTrack, a platform that provides design, 3D visualizations, and accurate measurements for remodeling industry and home construction.
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