Pune, India, June 27, 2019 (GLOBE NEWSWIRE) -- Construction software contain an array of solutions which are used in the management of the business. Real estate developers and builders rely on them to reduce overhead costs and planning purposes. The software can be used in the preplanning stage for estimating material costs, aid in communication, managing budgets, and assists in decision making. The global construction software market report on Wise Guy Reports (WGR) highlights pertinent trends and opportunities within.
Market Outlook
According to Wise Guy Reports (WGR), global construction software market size is touted to touch USD 2715.6 million by 2023. It can expand at 8.8% CAGR from 2017 to 2023 (forecast period). Rise of infrastructural projects in commercial and residential sectors is one of the primary drivers of the market. Subsidies and incentives provided by the government may lead to high investments culminating in economic growth and employment.
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Growth Factors
Smart Cities - Nations across the world have decided to implement technology for basic management of cities. Smart cities are being planned at a nascent stage with major countries such as Brazil, India, and China allocating budgets in their financial plans. The Smart Cities mission formulated by the Indian government requires tier-I cities to modernize their infrastructure to tackle the growing population and hazy traffic. Construction software can alleviate most of these problems by estimating building costs and predicting risks.
Tax Relief - Real estate companies have received incentives and subsidies for the construction of houses for low-income households. Development of public infrastructure via public-private partnerships (PPP) is bound to attract interest as well as due to commitments by organizations as part of their corporate social responsibility (CSR) programs. Construction software can be used to estimate exact costs while assessing tax incentives.
Segmentation
The global construction software market is segmented by product and application.
By product, it is segmented into web-based, cloud-based, and on-premise. The on-premise segment is expected to be extremely profitable over the forecast period. On the other hand, the cloud-based segment can display returns at 10.5% CAGR during the forecast timespan due to scalability and flexibility of cloud. The cloud version of construction software can save hardware costs and floor space and improve efficiency of operations.
By application, it is segmented into general contractors, sub-contractors, independent construction managers, and building owners. Independent construction managers can register a CAGR of 10.6% during the assessment period. This can give them an undue advantage over real estate giants by reducing their overall costs and presenting an affordable budget to their clients with the help of construction software. General contractors can register 8.1% CAGR throughout the assessment period to maintain the largest market share till 2023.
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Regional
Geographically, the global construction software market spans across North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW).
North America will continue to be the most profitable region for the market till 2023 due to the economic growth enjoyed by various countries and their inclination towards adopting software. Adoption of cloud can lead to the market accumulating revenues at 10% CAGR during the assessment period.
Europe was valued at USD 460.2 million in 2017. The region can register 8.1% CAGR over the forecast period due to government initiatives mandating the use of construction software for expediting the construction process of buildings.
Competitive Outlook
Prime electric vehicle manufacturers include Toyota Turtle Creek Software (US), Comprotex Software Inc. (US), Sage Group PLC (UK), Procore Technologies Inc. (US), Constellation Software Inc. (Canada), Trimble Inc. (US), BuilderTREND (US), Oracle Corporation (US), BuilderMT (US), iSqFt (ConstructConnect) (US), and others.
Industry Update
Join has decided to raise USD 4 million in funding with the help of partners, Building Ventures and Signalfire, for creating software responsible for managing commercial construction. The platform is designed as a sounding board for architects, suppliers, designers, tradespeople, contractors, and owners to remove any bottlenecks at the planning stage. It has visualization tools coupled with budget planners to ensure project completion within the estimated budget.
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