Wilmington, Delaware, Aug. 02, 2023 (GLOBE NEWSWIRE) -- “Construction Management Software Market” - a comprehensive market study by RationalStat assesses the global market based on type, end-user, purpose, project value, and region. A comprehensive report provides a detailed historical and future market size with trend analysis. The report underlines the market share analysis, production capacities by leading players, competition overview, strategic imperatives, annual sales figures, growth avenues, production overview, and competition assessment for the target players assessed in the global construction management software market study.
Market Overview and Dynamics: The need to increase productivity to fuel the market growth
The construction management software market is expected to grow at a CAGR of around 15% during the forecast period of 2023-2028. The rise in the need to analyze the requirements of construction projects and examine the internal and external factors affecting the same is expected to raise the demand for construction management software in the forthcoming years.
In addition, the government’s efforts to develop smart infrastructure across various countries are anticipated to further fuel the market growth. This will entail improved coordination of capabilities between employees involved in a construction project.
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Segmental Analysis
- On the basis of type, Cloud-based construction management software is expected to propel the market growth due to the enhancement in productivity by increasing communication between employees.
- On the basis of end users, the industrial sector including roads, railways, airports, etc. is expected to hold a significant share of the global construction management software owing to rapid urbanization and industrialization contributing to the demand for construction management software.
- Based on region, North America and Europe constitute around half of the global construction management software market and are expected to dominate the market in the forthcoming years due to the prevalence of electronic tendering in large infrastructural projects.
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Competition Analysis: Developed Economies to dominate the market in the upcoming years
The global construction management software market experiences moderate competition due to the presence of significant established companies in the market. The constant government initiatives and multiple ongoing research and development activities taking part in the integration and automation of work processes throughout construction activities will catalyze the growth of the global construction management software market.
Product innovations, launches, and partnerships are the identified industry trend in the global construction management software market. Significant consolidation is expected in the global market during the assessed period 2022-2028.
- In 2022, RedTeam Software, LLC, a leading construction management software provider, announced the acquisition of Paskr Inc.
- In 2021, Procore Technologies, Inc. acquired LabourChart to improve construction workforce management.
- In May 2019, the San Diego-based software developer eSub Construction Software raised US$ 12 million in financing for its project management platform for contractors.
- In 2018, Fortive, a diversified industrial group, acquired Gordian, a construction software company, from Warburg Pincus and Education Growth Partners for approximately US$ 775 million in cash.
Some of the leading players contributing significantly to the global construction management software include Procore Technologies, Inc., RIB Software SE (Schneider Electric), Bentley Systems, Inc., Contractor Foreman, BPA Solutions, Fortive, Trimble Inc. (Viewpoint), Oracle, Archdesk, Nexvia, Builderhead, Nemetschek Group, Capmo GmbH, RedTeam, among others.
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RationalStat has segmented the global construction management software market on the basis of type, end-user, purpose, project value, and region
- By Type
- Web Application
- Mobile Application
- Cloud or Server-based Application
- By End User
- Individual
- Consultants
- Sub-contractors
- Remodelers
- General Contractor/Builders
- Residential
- Single-family
- Multifamily
- Municipalities
- Commercial and Non-residential
- Hospitals
- Offices
- Other Public Spaces
- Industrial
- Infrastructure
- Roads
- Railways
- Continue
- Individual
- Leading Companies and Market Players
- Procore Technologies
- RIB Software SE (Schneider Electric)
- Bentley Systems
- Contractor Foreman
- BPA Solutions
- Fortive
- Trimble Inc. (Viewpoint)
- Oracle
- Archdesk
- Nexvia
- Nemetschek Group
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Key Questions Answered in the construction management software Report:
- What will be the market value of the global construction management software market by 2028?
- What is the market size of the global construction management software market?
- What are the market drivers of the global construction management software market?
- What are the key trends in the global construction management software market?
- Which is the leading region in the global construction management software market?
- What are the major companies operating in the global construction management software market?
- What are the market shares by key segments in the global construction management software market?
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Research Methodology
RationalStat has developed a state-of-the-art research methodology to crunch numbers and provide the best possible real-time insights to clients. We combine a varied range of industry experience, data analytics, and experts’ viewpoint to create a research methodology for market sizing and forecasting.
RationalStat combines a mix of secondary sources as well as primary research to assess the market size and develop a forecast. Key steps involved in accurately deriving the market numbers are:
- Defining the problem by understanding the type of market and data required by the client.
- Data gathering and collection through relevant paid databases, publicly available sources, company reports, annual reports, surveys, and interviews.
- Formulating a hypothesis to create market numbers, forecasts, influencing factors, and their relevance.
- Evaluating and analyzing the data by referring to data sources utilized and leveraged.
- Validating, interpreting, and finalizing the data by combining the details gathered from primary and secondary sources with the help of experienced analysts.
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About RationalStat LLC
RationalStat is an end-to-end US-based market intelligence and consulting company that provides comprehensive market research reports along with customized strategy and consulting studies. The company has sales offices in India, Mexico, and the US to support the middle east and diversified businesses. The company has over 80 consultants and industry experts, developing more than 850 market research and industry reports for its report store annually.
RationalStat has strategic partnerships with leading data analytics and consumer research companies to cater to the client’s needs. Additional services offered by the company include consumer research, country reports, risk reports, procurement intelligence, data analytics, and analytical dashboards.
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