Allied Market Research published a new report, titled, “Construction Management Software Market Growing at 10.2% CAGR Reach USD 23.9 Billion by 2031 Globally .” The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.
The global construction management software market size was valued at USD 9.3 billion in 2021, and is projected to reach USD 23.9 billion by 2031, growing at a CAGR of 10.2% from 2022 to 2031.
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Driving Factors Construction Management Software Market
Thriving construction sector and favorable government policies for promoting construction activities will embellish the expansion of the global construction management software market. Onset of new technologies such as artificial intelligence and the internet of things are expected to generate new growth for the market across the globe over the years to come.
Market Segmentation of Construction Management Software Market
The global construction management software market is segmented based on offering, deployment mode, building type, end user, application and region. By offering, the market is bifurcated into solution and service. By service type, the market is bifurcated into professional services, managed services. By professional services, the market is further divided into training & education, integration & deployment, and support & maintenance. By deployment model, the market is segmented into on-premises and cloud based. By building type, it is categorized into commercial buildings and residential buildings. By industry vertical, the market is divided into BFSI, healthcare, government, manufacturing, retail, and others. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key Players in Construction Management Software Market
The key players profiled in the construction management software market analysis are Autodesk, Inc, Construct Connect, Buildertrend, Bentley Systems, Inc., Oracle corporation, BrickControl.com, CMiC, BuildTools, e-Builder, Inc., Buildstar Technology, Odoo SA, Jonas Construction Software, Inc., Pland Grid, Inc., Sage group plc, Viewpoint, Inc., TRIMBLE, INC., and Systemates, Inc.
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In terms of building type, the commercial buildings segment contributed to the highest market share in 2021, accounting for nearly three-fourths of the global construction management software market share. Moreover, the same segment is set to make notable contributions toward the global market share in 2031. The growth of the segment over the forecast timeline can be credited to the extensive use of construction management software for constructing commercial buildings.
However, the residential buildings segment is predicted to register the fastest CAGR of 12.9% during the forecast timeline. The segmental growth over the forecast timeframe can be attributed to the rise in the digitization of small-scale construction firms and independent contractors in the construction sector.
In terms of application, the project management and scheduling segment contributed to the highest market share in 2021, accounting for nearly one-third of the global construction management software market share. Moreover, the same segment is set to make significant contributions toward the global market share in 2031. The growth of the segment over the forecast timeline can be credited to a huge demand for improving the quality of construction activities.
However, the safety and reporting segment is predicted to register the fastest CAGR of 12.9% during the forecast timeline. The segmental growth over the forecast timeframe can be attributed to rising safety requirements and strict safety and reporting guidelines drafted by various governments for the construction industry.
By Region, North America contributed notably toward the global construction management software market share in 2021, and is projected to continue its dominance during the forecast period. The region accounted for more than one-third of the global construction management software market share in 2021. The regional market growth over the projected timespan is owing to favorable government policies.
Nonetheless, the Asia-Pacific construction management software market is set to record the highest CAGR of 11.1% during 2022-2031. The growth of the market in the region over the forecast timespan can be credited to the growing digital transformation of the construction sector in the sub-continent.
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Covid-19 Scenario:
● The COVID-19 pandemic had a favorable impact on the growth of the global construction management software market, owing to the large-scale use of remote management and monitoring software during the lockdown.
● Moreover, the construction management software helped the construction firms in overcoming daunting challenges such as lower revenue margins, lesser productivity, and a decline in research activities.
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