Global Construction Software Market Research Report: By Product (Cloud, On-Premise and Web-Based), Application (General Contractors, Building Owners, Independent Construction Managers and Sub-Contractors) - Forecast till 2027
Market Synopsis
As per the analysis by the Market Research Future Reports (MRFR), the worldwide construction software market is estimated to value USD 2715.6 Million by 2027, with a CAGR of 8.8% during the forecast period. The better efficiency and high productivity with refined quality and integration are the major factors driving the global construction software market 2020. Besides, construction software minimizes the cost related to management, takes lesser time, and helps to regulate the waste. Furthermore, the construction software enhances the understanding of a client by providing visuals to the clients. Hence, the demand for construction software is likely to increase in the forthcoming period.
Moreover, the fast technological development has also resulted in the quick adoption of the software. There has been a sudden rise in the usage of cloud in different industrial sectors. It can run heavy applications without the requirement of a supercomputer or a data centre. Various enterprises have adopted cloud-based devices for their benefit.
Due to the sudden outbreak of novel coronavirus, there has been an immense change in the market dynamics. Several regions have been affected due to the pandemic. We will provide COVID-19 impact analysis with the report.
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Covid-19 Impact
During the pandemic, the construction software companies have witnessed a high requirement for customer support and many companies are providing it at low or no additional cost. For instance, Procore Technologies, Inc. is providing free access to its Procore platform and related support services for emergency construction projects, which is expected to support the construction of COVID-19 relief facilities. Autodesk is offering free and extended access to its cloud products during the COVID-19 pandemic.
Market Segmentation
The global construction software market can be classified on the basis of product, application, and region.
On the basis of the product, the global construction software market can be classified into web-based and on premise. Cloud applications are estimated to expand considerably during the forecast period.
On the basis of application, the global construction software market can be segmented into sub-contractors, building owners, general contractors, and independent construction managers. Among all, the independent construction managers are estimated to record the highest CAGR during the forecast period.
On the basis of geography, the global construction software market can be classified into North America, Europe, Asia-Pacific, and the rest of the world.
Regional Analysis
The geographical analysis of North America, Europe, Asia-Pacific, and the rest of the world has been conducted. As per the analysis by MRFR, the North American region acquired the largest market share in 2018. The market is estimated to register a CAGR of 10% during the review period. North America is estimated to lead the global construction software company in terms of market share during the review period. The region has gained immense traction due to the growing popularity of cloud-based construction management software. Among all the countries present in the North American region, the US acquires the most significant market sharing due to the increasing investments in the construction industry. The second and third position is attained by Canada and Mexico, respectively. The second place is attained by the European region. The market is anticipated to record a CAGR of 7.5% during the review period. On the other hand, the Asia-Pacific region is estimated to record the maximum CAGR of 11.2% during the forecast period.
However, the outbreak of COVID-19 has brought significant changes in market dynamics. Several regions have been affected by the unforeseen pandemic.
Key Players
The significant players of the global construction software market are Turtle Creek Software Oracle Corporation, Sage Group PLC, Trimble Inc, Comprotex Software Inc., Constellation Software Inc., BuilderTREND, iSqFt (ConstructConnect), BuilderMT, and Procore Technologies Inc.
Market Dynamics
Drivers
The Global Construction Software Industry to witness several growth factors
The global construction software industry is powered by numerous growth factors, such as growing demand for efficiency and accuracy in the construction industry, increasing adoption of cloud-deployed construction software, and the ongoing number of mergers and acquisitions in the construction and IT industries.
Opportunities
Growing investment to offer lucrative opportunities to market players
Building Information Modeling (BIM) integration in sustainable architecture and growing investment in the construction sector are vital opportunities for market players operating in the global construction software market.
Restraints
Technical challenges to limit the market growth
Technical issues on various scales in the construction industry are a significant obstacle to the growth of the market over the future period.
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Global Construction Software Market Research Report: By Product (Cloud, On-Premise and Web-Based), Application (General Contractors, Building Owners, Independent Construction Managers and Sub-Contractors) - Forecast till 2023Market SynopsisAs per the analysis by the Market Research Future Reports (MRFR), the worldwide construction software market is estimated to value USD 2715.6 Million by 2023, with a CAGR of 8.8% during the forecast period.
The better efficiency and high productivity with refined quality and integration are the major factors driving the global construction software market 2020.
There has been a sudden rise in the usage of cloud in different industrial sectors.
Various enterprises have adopted cloud-based devices for their benefit.Due to the sudden outbreak of novel coronavirus, there has been an immense change in the market dynamics.
We will provide COVID-19 impact analysis with the report.Get a Free Sample @ https://www.marketresearchfuture.com/sample_request/6189Market SegmentationThe global construction software market can be classified on the basis of product, application, and region.On the basis of the product, the global construction software market can be classified into web-based and on premise.
Cloud applications are estimated to expand considerably during the forecast period.On the basis of application, the global construction software market can be segmented into sub-contractors, building owners, general contractors, and independent construction managers.
