Pune, July 08, 2024 (GLOBE NEWSWIRE) -- Construction Management Software Market Analysis:
“As per the SNS Insider Research, The Construction Management Software Market size was valued at US$ 11.09 billion in 2023 and is predicted to grow at US$ 27.01 billion by 2032 with an increasing compound annual growth rate (CAGR) of 10.4% Over the Forecast Period 2024-2032.”
The construction management software market is booming, driven by the increased use of cloud-based solutions.
It is estimated that in 2023, the largest proportion of the market share was cloud-based segment contributing to more than half. This domination can be attributed to the flexibility and accessibility provided by cloud-based software. Teams can easily access project data and collaborate from any location thus enabling better communication and project management, especially in today’s remote working scenario. Additionally, development activities are rapidly increasing around the globe which has resulted in high demand for construction management software.
Governments globally are putting much money into infrastructure works hence there is a great need for effective project management tools to be used in these kinds of situations. For instance, the Bipartisan Infrastructure Law passed by the United States Congress this year provides $1.2 trillion to infrastructure improvement throughout America. These construction projects’ rise calls for strong soft wares that will help companies streamline their processes while budgeting and ensuring successful project operations respectively. These trends show that technology has been embraced by a growing construction industry looking for better ways to improve efficiency and collaboration.
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Major Players Analysis Listed in this Report are:
The key players are Jonas Construction Software Inc., ConstructConnect, HomeBuilder Systems, Trimble Inc., Procore Technologies, Inc., Intuit Inc., Systemates, Inc., Sage Group plc, MITEK INC., Autodesk Inc., Oracle, Buildertrend, Smartsheet Inc., UDA Technologies, Branch Metrics, monday.com, Wrike, Inc., EZOfficeInventory, Finalcad SARL, Constellation CMiC, RIB CCS, V Plan, CoConstruct, STACK Construction Technologies, Tilos Americas, INSPECTIVITY PTY LTD., ClockShark, LLC, Epicor Software and Other Players
The construction business is getting more intricate and spread out geographically, as such its success will increasingly depend on construction management software.
The construction management software market is rising primarily due to technological advancement and the growing demand for efficiency. A leading development in this field is the growing popularity of cloud-based solutions which according to SNS Insider will see 78% of all construction companies migrating their applications to the cloud by 2032. This enables enhanced accessibility, real-time collaboration, and data security.
Challenges:
Nearly 42% of construction companies have reported experiencing cyberattacks in the previous year, highlighting the worry over cybersecurity concerns in the modern world.
Additionally, smooth software platform integration may be hampered by the absence of industry-wide data standards.
Construction Management Software Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | US$ 11.09 Bn |
| Market Size by 2032 | US$ 27.01 Bn |
| CAGR | CAGR of 10.4% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia, Rest of Latin America) |
| Market Restraints |
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Untapped Opportunity Analysis:
The intervention like the ‘Smart Cities Mission’ and increased infrastructure spending by the Indian government.
This presents a significant opportunity for Construction Management Software (CMS) vendors. This has been revealed in a MoSPI report that states there has been a 12% increase in public sector construction projects between 2020 and 2021 (MoSPI, 2023). However, according to CPWD’s 2022 report, inefficient material management and project scheduling account for delays in 28% of construction projects. These measures are inefficient because they lead to cost overruns. Another NICMAR report also unveiled that on average Indian construction projects had incurred cost overruns amounting to 18% by 2025.
Key External Factors:
The United States Department of Commerce 2023 report has revealed that federal funds for infrastructure are 27% higher. This upswing in public construction spending calls for efficient project management, creating a need for software solutions. Moreover, a 2023 Dodge Construction Outlook report indicates that the increase in adoption of Building Information Modeling (BIM) is by 58%, which results in an increasing demand for integrated construction management software. BIM usage requires software packages that enable collaboration and data sharing among different parties involved in a construction project. Therefore, it can be concluded that the need for strong and flexible construction management software solutions will continue to grow in the near future.
Segmentation Analysis: Highlighting the share and growth opportunities.
Cloud-based solutions lead with about 60% due to factors such as cost-effectiveness, scalability, and remote accessibility. This goes hand-in-hand with the rise of mobile technologies being used on construction sites. Project management and scheduling are the most demanded applications at approximately 20% market share, according to segmentation analysis. In this way it dominates because it enables workflows to be streamlined; resources to be allocated well and projects to be completed on time too. Moreover, incorporation into BIM is another important trend accounting for around 40% of constructions.
Construction Management Software Market Key Segmentation:
By Offering
- Solution
- Service
By Building Type
- Commercial Buildings
- Residential Buildings
By Deployment Mode
- On-Premise
- Cloud
By Application
- Project Management and Scheduling
- Safety and Reporting
- Project Design
- Field Service Management
- Cost Accounting
- Others
By End-user
- Architects and Designers
- Construction Managers
- Others
North America is a leader in the CMS market, driven by infrastructure development and its industry technological growth.
However, Asia-Pacific may be a future global growth engine. In this regard, government interventions are important in these areas. For instance, India’s "Digital India" campaign targets 100% digitization of all government services, thereby enhancing digital project management tools for construction companies. Likewise, China’s "Made in China 2025" program places more emphasis on technological innovations in building as well as software usage speedup.
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Key Takeaways:
From Advanced Digital Construction Management Systems Program, A government announcement says that around 80% of the growth is attributed to this according to a Free Trade Agreement analysis in 2023.
This complies with the industry’s quest for better effectiveness; such as construction management software which helps in managing projects, and allocates resources, schedules tasks and controls costs of completing a project.
Additionally, project coordination can result into more than 50% less errors in regards to project reworking – it was observed by some scholars.
The outcome is significant savings on cost and reduced duration of time spent on execution of these projects leading to win-win situations for both businesses and governments as they strive towards an efficient productive building sector, hence investing in construction management software.
Table of Contents- Major Key Points
1. Introduction
2. Industry Flowchart
3. Research Methodology
4. Market Dynamics
5. Porter’s 5 Forces Model
6. Pest Analysis
7. Construction Management Software Market Segmentation, By Offering
8. Construction Management Software Market Segmentation, By Building Type
9. Construction Management Software Market Segmentation, By Deployment Mode
10. Construction Management Software Market Segmentation, By Application
11. Construction Management Software Market Segmentation, By End-User
12. Regional Analysis
13. Company Profiles
14. Competitive Landscape
15. Use Case and Best Practices
16. Conclusion
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