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"The market value of Global construction management software is estimated at US$ xx Mn in 2019. It is expected to grow at a CAGR of 9.1% during 2020-2028 to reach the market value of US$ 5620.8 Mn by the end of 2028."
Global construction management software is an application that enables clients to have a representation of original physical facilities in a digital manner. The software enables clients to manage materials, staff, jobs, identification of the risk involved in the construction activities, processes involved and cost minimization process are driving the market. Construction management software is operated through cloud-based, on-premise and web-based technologies. The software has a variety of application in the construction industry that drives the construction management software market at an appreciable level. There is a substantial amount of ease in construction activities due to its functions in allowing customers to collaborate and managers along with integrations of other systems. It is supporting the construction business to flourish at a rapid rate by its automation properties that correctly directs construction activities.
The analysis of construction activities could be accomplished efficiently by construction management software which is more advanced than the traditional model of managing them. The software enables companies to collaborate and manage the challenges involved in construction activities. Therefore there is a high demand for it in the construction industry.
Emerging Trends in the construction management software market are about to disrupt the current technologies.
Large establishments and start-ups in the construction industry are willing to work on new technologies that could significantly reduce their inputs and run automated. As per the study, it is found that many companies are also investing in these technologies. Technologies of disruptive nature in the construction management software industry are Drones, Automated equipment, AR/VR and 3D printing technologies. These trends are on the verge of introduction into the construction industry to ease construction activities and monitor. From the analysis, it is found that there is as high as 36% chance of new software technology adoption possibilities by the construction management software companies, especially by the large companies.
By product, on-premise segment is leading the construction management software market globally.
The market share of the on-premise construction management software is estimated to be 67.7%. Most of the organizations that utilize on-premise software in the construction industry are more likely to use mobile applications as well as the analysis. But this too is for a limited amount of work that is to manage data and process at the site of construction. Thus on-premise construction management software is considered a versatile means of managing the construction activities and processes, especially in the case of large construction projects. But even in the case of the construction management software, some challenges would be required for managing the software by expertise where every activity is tracked and monitored. This enables construction organizations to improve the quality of output given by the construction management software. Thus such factors are supporting the increase in the utilization of on-premise construction management software in the market.
North America is considered as one of the largest consumers of construction management software markets in the world.
During the forecast period, an estimated CAGR is 9.9% for 2020-2028 is found in this region for construction management software. Such growth in demand for construction management software technology is being at its maturity phase in this region. Because it has the highest amount of construction projects undertakings with heavy investments. Such investments in construction require sophisticated software that could eliminate risk and monitor activities for their benefit. Currently, North America is adopting latest technology enabling the construction management software market to gain its strong foothold in the market. Organizations developing the construction management software are focused on making required changes as per the country. Therefore it is favourable for the construction management software companies to flourish and take advantage of the opportunities present in this market.
Europe the second most happening market for construction management software:
Europe is estimated to reach a higher turnover by the end of 2028, with an expanding CAGR of 3.5% during the forecast period. Hence it is considered one of the good investment verticals among other industries in the European market. Organizations in this market involved in construction management software are upgrading their technologies with the latest features and specifications that could meet the end-user requirements. There are also alternative measures of entering this market with substitute offerings to the customers.
One of the best organizations offering construction management software worldwide is Autodesk, Inc., the organization is headquartered in California, the US. The industry is anticipated to propel with the introduction of innovative offerings that shall create competitive edge to the organizations offering these products.
There are other companies which are also competing with Autodesk, Inc., and are also willing to serve with disruptive technologies in the market. They are as follows: Bentlysystems, Inc., Buildertrend Solutions, Inc., Constructconnect, Inc., Computer Methods International Corp., Buildtools, Inc., ToolkitX, Skytop technologies ltd., ACCA software, ArCADiasoft.
Global construction management software key market segments:
End-user based segmentation:
- Builders & Contractors
- construction managers
- Engineers and architects