iCrowd Newswire – Aug 10, 2020
The Global Construction Software Market is estimated to grow at a CAGR of 10.8% during the forecast period 2020-2026. As per the detailed market study, the global construction software market was valued $1.4 billion in the year 2018 and is anticipated to reach $3.0 billion by the end of the year 2026.
Construction software enable vector-based representation in 3D formats for various construction projects such as roads, railways and buildings. It is a digital solution to capture, manage, and present building information models and offer flexibility to change or modify building design during the project lifecycle. It offers a simulation of the original physical construction on smart devices such as wearables, smartphones and tablets.
The global construction software industry is driven by various growth factors such as increase in demand for efficiency and accuracy in the construction industry, rising adoption of cloud-deployed construction software and ongoing number of the mergers and acquisitions in the construction industry and IT industry. Whereas, technical difficulties on various scales in the construction industry majorly hinders the market growth over the future period. Integration of building information modelling (BIM) in sustainable architecture and increasing investments in the construction sector act as major opportunities for the market players operating in the global construction software marketplace.
Segmentation Overview of the Global Construction Software Market
The global construction software industry is categorized on the basis of various market segments that include function, end-user and deployment. These major market segments are further categorized into various sub-segments to study the market in detail.
The Function Segment of the Global Construction Software Market is Sub-Segmented into:
- Safety & Reporting
- Project Management & Scheduling
- Project Design
- Field Service Management
- Cost Accounting
- Construction Estimation
- On across Bid Management
The End-User Segment of the Global Construction Software Market is Sub-Segmented into:
- Engineers & Architects
- Construction Managers
- Builders & Contractors
The Deployment Segment of the Global Construction Software Market is Sub-Segmented into:
Regional Overview of the Global Construction Software Market
The North America construction software market dominated the global marketplace with highest market share in the year 2018 and is anticipated to register a growth at a CAGR of ~10% during the forecast period 2019-2025. The regional market dominance is attributed to increasing popularity of cloud-based construction management software in the region. However, the Asia-Pacific construction software market is estimated to grow at significant growth rate with a CAGR of ~11%.
Key Players Insights of the Global Construction Software Market
PlanGrid, Inc., BuilderTREND Solutions, Inc., Max Solutions Limited, Trimble Inc., Buildtools Inc., UDA Technologies., Oracle Corporation, Bentley Systems, Inc., Constellation Software Inc., Roper Technologies, Heavy Construction Systems Specialists, Autodesk, Inc., Sage Group PLC, Procore Technologies, Co-construct and Jonas Construction Software Inc. are some major players included in the global construction software market. Companies are adopting various competitive strategies to acquire majority of the market share with strong foothold.
On February 2018, Acquisition: Trimble acquired e-Builder, a privately-held SaaS-based construction program management solution provider to boost industry transformation.
On December 2017, Acquisition: Oracle acquired Aconex, a Melbourne-based cloud software provider for $1.2 billion with a goal to create a comprehensive cloud offering to manage all aspects of construction projects.
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