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The study conducted by Astute Analytica foresees a tremendous growth in revenue of the Global Construction Software Market from US$ 1,753 Mn in 2021 to US$ 3,549 Mn by 2030. The market is estimated to register a CAGR of 8.3% during the forecast period 2022-2030. Construction management software is a project management platform which helps in planning, coordinating and control during the work to enhance the performance of construction projects such as residential, commercial, industrial, institutional, and environmental.
The growing impetus of the global construction software market is attributed to rise in construction spending and project complexity. Construction management software aids in activities from planning to execution of the project work, it designs framework, maximizes resource efficiency, develops communication and hierarchy planning, thereby enhancing the performance of construction projects. Furthermore, rise in construction spending due to rise in urbanization is creating demand for projects that support denser population centers, such as transportation, power, and sewage. Moreover, it is estimated that only 15% firms deliver projects on time and only 30% of firms currently deliver projects on budget. Therefore, to easily manage, boost the workflow and to ensure timely delivery of projects with real-time tracking technology, construction software plays a crucial role in the industry.
Pricing is a key point for many construction professionals when they compare software. High deployment and maintenance cost obstructs the growth of the construction software market. In addition, as the construction industry becomes more digitally connected, the cybersecurity of construction systems becomes a key concern for all professionals involved in the industry.
Cloud computing is the foundation of construction digital revolution. Cloud computing outsources the data processing and storage to more powerful machines that allows increased efficiency and less burden to manage data with less resources. The cloud removes hardware limitations, prevents data loss, and improves accessibility. In addition, the cloud-based software can be accessed from any location and at any place which makes it suitable for construction activities taking place around the world.
Impact of COVID-19
Top construction companies were already investing heavily in technology adoption even in pre-pandemic times. However, the pandemic has further forced many construction players during COVID-19 to digitize and use technology to ensure the safety of their workers and boost productivity, thereby positively impacting the Global Construction Software Market. This trend is estimated to continue in the future as well even in post COVID-19 times.
North America holds majority of the construction software market share in 2021
North America captured majority of the share in the global construction software market in 2021. Canada is the highest shareholder in North America and is projected to grow at the fastest CAGR during the forecast period. North America’s dominance is attributed to the high volume of construction projects in Canada and the US. In terms of end users, contractors lead the North America construction software market with a share of 17.3% in 2021.
Asia Pacific is estimated to have the fastest CAGR during the forecast period
Asia Pacific is projected to be the gamechanger with the highest CAGR during the forecast period. APAC construction software industry’s fast growth is attributed to emerging economies like India, China, and South Korea. The construction sector is growing at a very fast pace in these countries, owing to supportive role of government in initiating the huge construction projects, which creates a positive pathway for construction software. China leads the APAC construction software market. Based on project type, commercial projects hold the highest share in 2021.
Customer management segment of the modules holds the highest share in the South America Construction Software Market
South America construction software market is estimated to witness a significant CAGR during the forecast period. In terms of modules, the customer management segment has the highest share in 2021. The significant growth of customer management segment is attributed to increasing utilization of technology to manage customer relationships in the construction business, especially in the small-to-medium size businesses where customer word-of-mouth plays a key role in sourcing new businesses.
Saudi Arabia is projected to be the gamechanger in the Middle East Construction Software Market
Saudi Arabia is estimated to witness the fastest CAGR in the middle east construction software market during the forecast period, as Saudi Arabia is the largest construction industry in Middle East.
Services component has the fastest CAGR in the Africa Construction Software Market
In terms of component, software segments hold the major share in 2021, however, services segment is estimated to lead the Africa construction software market during the forecast period. This is due to the growth in adoption of consulting services among organizations to create and manage high-performing and resilient supply chains.
The key players in the global construction software market are Sage Group PLC, Oracle Corporation, Autodesk, Inc, Roper Technologies, Inc., Constellation Software Inc., Constellation Software Inc., RIB Software SE, Procore Technologies Inc., and Jonas Construction Software Inc. among others.
Segmentation Overview of the Global Construction Software Market
Construction software market is segmented based on component, modules, project type, end users, and region. These segments are further sub-divided to get a holist picture of the market.
Following are the different segments of the global construction software market:
By Component Segment of the Global Construction Software Market is sub-segmented into:
By Modules Segment of the Global Construction Software Market is sub-segmented into:
By Project Type Segment of the Global Construction Software Market is sub-segmented into:
By End Users Segment of the Global Construction Software Market is sub-segmented into:
By Region Segment of the Global Construction Software Market is sub-segmented into:
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