by The global Construction Management Software Market is estimated to be valued at US$ 1.77 Bn in 2023 and is expected to exhibit a CAGR of 8.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Construction management software helps construction companies and contractors manage schedules, budgets, submittals, communication, field workers, and other aspects of construction projects. It offers tools for project management, cost accounting, change order management, document control, risk assessment, and management of subcontractors, vendors and suppliers.
Market key trends:
One of the key trends in the construction management software market is the rising adoption of cloud-based deployment. Cloud-based construction software is easy to access from any location and allows real-time collaboration between project stakeholders. It eliminates the need for expensive on-premise hardware and reduces IT support and maintenance costs significantly. Cloud deployment also offers automatic data back-up and storage which is crucial for the construction industry where data security and safety is a top priority. The flexibility and scalability of cloud-based solutions have driven its increasing popularity among contractors and construction firms.
Segment Analysis
The global construction management software market is segmented into on-premise and cloud-based segments. The cloud-based segment currently dominates the market as it offers more flexibility, scalability and is cost-effective. It allows real-time collaboration and remote access from any device with an internet connection. With the growing adoption of cloud and mobile technologies, the cloud-based segment is expected to witness even higher growth over the forecast period.
Key Takeaways
The Global Construction Management Software Market Growth is expected to witness high growth, exhibiting CAGR of 8.2% over the forecast period, due to increasing demand for cost-effective solutions and time-efficient project delivery.
Regional analysis
North America dominates the global construction management software market currently owing to rapid infrastructure development projects in the region. Asia Pacific is expected to witness the fastest growth over the forecast period due to rising construction spending by governments in emerging economies like China and India to improve infrastructure facilities.
Key players
Key players operating in the construction management software market are BENTLEY SYSTEMS, INCORPORATED, PlanGrid, Inc., Procore Technologies, Inc., Sage Group plc, Trimble Navigation Limited, Viewpoint, Inc., Oracle, BrickControl.com, BuildStar Technologies, Inc., Buildtools Inc, CATCloud., e-Builder Inc., eSUB Inc., Jonas Construction Software Inc, Systemates, Inc., Autodesk Inc., Buildertrend, CMiC., ConstructConnect, Odoo S.A. The major players are focusing on enhancing their product and service offerings through partnerships and acquisitions to strengthen their market presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
