Dublin, April 05, 2023 (GLOBE NEWSWIRE) -- The "Global Construction Management Software Market Size, Share & Industry Trends Analysis Report By Component, By End User, By Deployment Mode, By Building Type,] By Application, By Regional Outlook and Forecast, 2022 - 2028" report has been added to ResearchAndMarkets.com's offering.
The Global Construction Management Software Market size is expected to reach $16.6 billion by 2028, rising at a market growth of 9.8% CAGR during the forecast period.
Market Growth Factors
Requirement to enhance construction productivity
The pandemic caused a considerable number of routine activities and businesses to shift their operations online and made it challenging to work on a building site. The construction industry is collaborative and requires quality and manufacturing control and proper understanding between the various stakeholders engaged in the project.
A construction project generally contains various components, including vendors, architects, contractors, engineers, and the workforce. For many years, tablets, drawings, and graphs were utilized to record the information exchange between the involved parties. These factors are expected to boost the construction management software market's growth.
Rising adoption of cloud-based solutions
The oil and gas industry are observing a prominent surge in demand for cloud-based construction management software. This is since these software assists in raising visibility and transparency in brownfield, onshore, and shale-based construction activities.
The software is also beneficial in tracking the development of oil & gas units and tracking oil & gas activities in deepwater. Hence, the constant increase in the adoption of cloud-based solutions especially in the oil & gas industry is expected to drive the growth of the construction management software market in the projected period.
Market Restraining Factor
High cost and hampered adoption due to pandemic.
This factor would be a barrier to the adoption of construction management software. Furthermore, construction software is known to be complex to handle and manage, discouraging numerous organizations from adopting this software. Furthermore, the pandemic has impacted the construction and infrastructure sectors and offered a more comprehensive range of challenges to the industry. There is also uncertainty about recovery from the pandemic, which has caused a decrease in investment in this technology. The high cost and hardship faced during the software are anticipated to hamper its adoption, thereby restricting the market growth.
Component Outlook
Based on component, the construction management software market is segmented into solution and services. In 2021, the solution segment dominated the construction management software market with the maximum revenue share. The growth is attributed to the high requirement for construction software to enhance construction workloads. This software provides a secure platform that allows users to manage project plans, budgets, phases, risks, and schedules. Also, it provides a collaborative atmosphere that simplifies coordination and communication, aligning all teams' goals to a shared vision. The mentioned benefits will surge the growth of the segment.
Deployment Mode Outlook
On the basis of deployment mode, the construction management software market is divided into on-premises and cloud. The on-premise segment witnessed the largest revenue share in the construction management software market in 2021. The growth is attributed to the control and flexibility offered by the on-premise deployment to customize the organization's system software and IT infrastructure and manage data. Also, on-premise servers provide construction firms with an internal network that is accessible at any time without the requirement of a proper internet connection. The control and flexibility joined with other benefits, will drive the segment's growth in the forecasted period.
Building Type Outlook
By building type, the construction management software market is classified into commercial building and residential building. In 2021, the commercial segment recorded a significant revenue share in the construction management software market in 2021. This is because of the rising usage of construction management software for commercial building construction. Also, the rising focus on sustainable development is increasing the preference for green commercial buildings among occupiers and developers both. Hence, the wider utilization of construction-based software and the increasing commercial buildings sector will drive the segment's growth.
End-user Outlook
Based on the end user, the construction management software market is bifurcated into architects & designers, construction managers and others. The construction manager segment acquired a remarkable growth rate in the construction management software market in 2021. This is because this software integrates costing, enterprise, and project accounting for live analysis and effective project management. Web-based enterprise management system gives industry-aligned information to construction companies. Construction managers utilize this software to drive efficiency in construction projects through close coordination of the numerous stakeholders involved in the project. Thereby, these characteristics are anticipated to boost the segment's expansion.
Application Outlook
By application, the construction management software market is classified into project management & scheduling, safety & reporting, project design, field service management, cost accounting and others. The project management & scheduling segment generated the highest revenue share in the construction management software market in 2021. This is due to the increasing requirement to control and manage project activities like allocating resources, tracking project progress, and reducing time delays. Such solutions allow the organization to gain momentum and traction to meet the project objectives within the given time frame. Hence, these features will drive market growth.
Regional Outlook
Region-wise, the construction management software market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The North America region held the highest revenue share in the construction management software market in 2021. The growth is attributed to the rising awareness and the government's focus on using construction management software. There is a large-scale adoption of digital systems in the infrastructure domain and BIM by engineers, builders, architects, and builders. Hence, the role of the government to increase the software's utilization due to its higher quality of construction projects joined with digitalization will surge the market growth in the region.
Recent Strategies Deployed in Construction Management Software Market
Partnerships, Collaborations and Agreements:
- Sep-2022: ConstructConnect came into partnership with Togal.AI, inc., a software company, for broadening the usage of artificial intelligence and machine learning in nonresidential preconstruction. Through this partnership, Construct Connect would be able to mitigate time taking activities carried out by estimators, allowing them to focus better on high-value tasks and projects for achieving accuracy in estimates and bids.
- Sep-2022: Bentley Systems came into partnership with Genesys International, an Indian mapping, survey, and geospatial service company. Through this partnership, 3D mapping would be developed for Indian cities enabling public agencies, service providers, and citizens to use services, and plan and execute projects. Moreover, they would be able to take better decisions and could improve their quality of life.
Product Launches and Product Expansions:
- Nov-2022: Bentley Systems, Incorporated launched SYNCHRO Cost and SYNCHRO Perform applications, the latest additions to its construction management solution-SYNCHRO. This launch broadens SYNCHRO's industry-leading 4D scheduling and project management solutions to involve more abilities to help contractors control their costs and effectively connect the tacking and planning of schedules and costs.
- Sep-2022: CMiC unveiled CONSTRUCT, an AI-enabled portfolio of solutions. It would boost CMiC teams to effectively manage project changes, material suppliers, and subcontractor tasks. Additionally, it would advance communications and collaboration, run smoothly the bidding processes, and enhance document management.
- Jul-2022: Oracle introduced Oracle Construction Intelligence Cloud Analytics. This solution would integrate data gathered from Oracle Smart Construction Platform applications to provide a comprehensive understanding of performance all over their operations.
- May-2022: Autodesk, Inc. enhanced adding capabilities to its Autodesk Construction Cloud, a powerful cloud-based construction management solution, with the addition of Autodesk Build-a field and project management software and Autodesk Takeoff that supports estimators in carrying out 2D and 3D quantification workflows from a common data environment to escalate speed and accuracy at the time of estimation process.
Acquisitions and Mergers:
- Nov-2022: Jonas Software completed the acquisition of Huntington Business Systems, a Time and Attendance Management Software provider. This acquisition would provide support to Jonas Software in the handling of complex payroll policies with customized solutions and working towards providing better customer support services to enable organizations to enhance and organize payroll processes.
Key Market Players
List of Companies Profiled in the Report:
- Oracle Corporation
- SAP SE
- Autodesk, Inc.
- Bentley Systems, Inc.
- Trimble, Inc.
- Constructconnect, Inc. (Roper Technologies, Inc.)
- Jonas Construction Software, Inc. (Constellation Software Inc.)
- Buildertrend
- Computer Methods International Corp.
- Odoo SA
Key Topics Covered:
Chapter 1. Market Scope & Methodology
Chapter 2. Market Overview
Chapter 3. Competition Analysis - Global
Chapter 4. Global Construction Management Software Market by Component
Chapter 5. Global Construction Management Software Market by End User
Chapter 6. Global Construction Management Software Market by Deployment Mode
Chapter 7. Global Construction Management Software Market by Building Type
Chapter 8. Global Construction Management Software Market by Application
Chapter 9. Global Construction Management Software Market by Region
Chapter 10. Company Profiles
Companies Mentioned
- Oracle Corporation
- SAP SE
- Autodesk, Inc.
- Bentley Systems, Inc.
- Trimble, Inc.
- Constructconnect, Inc. (Roper Technologies, Inc.)
- Jonas Construction Software, Inc. (Constellation Software Inc.)
- Buildertrend
- Computer Methods International Corp.
- Odoo SA
For more information about this report visit https://www.researchandmarkets.com/r/3wutxk
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