Selbyville, Delaware, June 07, 2023 (GLOBE NEWSWIRE) --
The construction management software market valuation is expected to cross USD 10 billion by 2032, according to latest research report [NN1] by Global Market Insights, Inc.
The rising number of construction projects across the commercial and residential space will drive the industry growth. Construction management software helps in streamlining the project workflows, improving communication, enhancing productivity, and increasing overall efficiency of the construction projects. This software assists construction professionals to manage projects effectively whilst adopting the industrially changing dynamics. However, the dearth of skills needed for utilizing and managing the construction software tools may pose a barrier for the business development.
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Construction management software market from the residential building type segment will showcase 8% CAGR from 2023 to 2032. The growth can be attributed to the rising deployment of construction management software by a large number of residential construction companies. This software helps these companies in precise cost estimation, budget tracking, as well as financial management. The increasing adoption of mobile apps and web-based interfaces to let users update statuses, access project information, and communicate will further anchor the industry demand.
The construction management software market from project management and scheduling applications may surpass USD 3 billion by 2032. Construction management software offers real-time monitoring of project progress as it allows project managers in identifying bottlenecks, tracking key performance indicators, and taking timely corrective actions. It helps users in creating detailed project plans and schedules while defining dependencies, tasks, and milestones. Increasing need of tools for allocating resources, estimating timelines, and tracking progress will also favour the market growth.
Asia Pacific construction management software market is estimated to witness 10% growth rate till 2032. The increasing rate of urbanization has spurred the rising number of commercial and residential construction activities in the region. For instance, with an investment of $42.2 billion, commenced the construction of 64 major projects, covering high-end industries and infrastructure sectors. The surging count of government supported infrastructure development projects and the burgeoning awareness of construction management software will contribute to the regional industry expansion.
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Some of the major construction management software industry players include Oracle Corporation, Autodesk Inc., Procore Technologies, Sage Group plc, Bentley Systems, Inc., Trimble, Inc, Jonas Construction Software, E-Builder, Inc., and Cmic. These firms are working on innovation-based initiatives for scaling their revenues. For instance, Oracle, in July 2022, introduced Oracle Construction Intelligence Cloud Analytics that combines data from applications of Oracle Smart Construction Platform. This solution offers a comprehensive understanding of performance to owners and contractors throughout the operations.
Partial Table of Contents (ToC) of the report:
Chapter 2 Executive Summary
2.1 Construction management software market 360º synopsis, 2018 - 2032
2.2 Business trends
2.3 Regional trends
2.4 Deployment trends
2.5 Building type trends
2.6 Application trends
2.7 End-user trends
Chapter 3 Construction Management Software Market Insights
3.1 Impact on COVID-19
3.2 Russia- Ukraine war impact
3.3 Industry ecosystem analysis
3.4 Vendor matrix
3.5 Profit margin analysis
3.6 Technology & innovation landscape
3.7 Patent analysis
3.8 Key news and initiatives
3.9 Regulatory landscape
3.10 Impact forces
3.10.1 Growth drivers
3.10.1.1 Growing number of construction projects
3.10.1.2 Rapid digitization in construction industry
3.10.1.3 Rising need for real-time communication and collaboration
3.10.1.4 Growing popularity if cloud-based software
3.10.1.5 Smart city initiatives from government
3.10.2 Industry pitfalls & challenges
3.10.2.1 Shortage of skilled professionals
3.10.2.2 High cost of construction management software
3.11 Growth potential analysis
3.12 Porter’s analysis
3.13 PESTEL analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
