Construction Management Software Market to Grow US$ US$ 2.6 Bn by end of 2028, Says Coherent Market Insights

SEATTLE, Feb. 9, 2022 /PRNewswire/ -- According to Coherent Market Insights, The global construction management software market was valued at US$ 1.4 Bn in 2020 and is expected to reach US$ 2.6 Bn by 2028 at a CAGR of 8.2% between 2021 and 2028.

Construction managers can benefit from the use of construction management software. This software offers the ability to generate accurate construction schedule estimates for both big and small projects. The software has the capability to assist in planning, organize, allocate, and track various resource resources and then generate resource estimates in a timely manner. Through the use of this software, project managers will be able to ensure that construction schedule accuracy is achieved, project deadlines are met, costs are minimized, and that the resources utilized are of optimum use for the estimated budget. Through the accurate management of the construction schedule, project managers will be able to meet their delivery schedules and budgets.

In addition to the construction management software, it is also advisable to make use of business processes software that has been integrated with the construction management software. Together, these two programs enhance each other in terms of efficiency, productivity, effectiveness, and the level of collaboration expected between team members. These business processes software also enables project managers to make better use of all the project's resources by making better use of time, energy, and cost by streamlining processes. Likewise, these systems also enable business processes managers to create reports that include both financial as well as non-financial information regarding the project.

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Market Drivers:

Launch of new products is expected to propel growth of the global construction management software market over the forecast period. For instance, in March 2020, Sage launched Sage Intacct Construction, a new cloud financial management solution.

Moreover, increasing adoption of construction management software is also expected to aid in growth of the market. For instance, in November 2021, BESIX Watpac, a multi-disciplinary construction company, choose Pegasus, an Avetta company, to manage workplace safety standards and workforce compliance on the Sydney Metro Barangaroo Station project.

Market Opportunities

Increasing funding is expected to offer lucrative growth opportunities for players in the global construction management software market. For instance, in November 2021, Mosaic Building Group, a U.S.-based construction tech startup, raised US$ 44 million in a Series B funding round led by Peak State Ventures, to automate the construction planning process.

Steps to improve construction workforce management is also expected to offer lucrative growth opportunities for players in the global construction management software market. For instance, in October 2021, Procore Technologies, Inc. acquired LaborChart, a provider of workforce management software for specialty contractors and self-performing general contractors.

Market Trends

Major players operating in the global construction management software market are focused on adopting merger and acquisition strategies to expand their product portfolio. For instance, in October 2020, CoConstruct, the U.S.-based SaaS provider of project, financial, and client management software for the construction sector, acquired CBUSA, a US-based homebuilder group purchasing network, in order to complement its existing construction software.

Similarly, in March 2019, TriBuild Inc., a provider of SaaS for the construction industry, acquired Radar Construction Software Inc., a cloud-based construction management software firm.

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Competitive Landscape:

Major players operating in the global construction management software market include, Autodesk Inc., Buildertrend, Bentley Systems, Inc., BuildStar Technologies, Inc., Buildtools Inc., CATCloud., CMiC., ConstructConnect, e-Builder Inc., eSUB Inc., Jonas Construction Software Inc., Kahua, Inc., Oracle, PlanGrid, Inc., Odoo S.A., Procore Technologies, Inc., Sage Group plc, Systemates, Inc.,Trimble Navigation Limited, and Viewpoint Inc.

Major players operating in the global construction management software market are focused on adopting partnership strategies to enhance their market share. For instance, in November 2021, Kahua partnered with VariQ Corporation, a provider of cybersecurity, DevSecOps, and cloud services to federal, state, and local governments. VariQ joined the Kahua ecosystem as a certified solution provider to deliver solutions on the Kahua Platform.

Market Segmentation:

On the basis of deployment, the global construction management software market is segmented into:

• Cloud-based
• On-premise

On the basis of end user, the global construction management software market is segmented into:

• Builders & Contractors
• Construction Managers
• Engineers & Architects

On the basis of region, the global construction management software market is segmented into:

• North America
• Latin America
• Europe
• Asia Pacific
• Middle East & Africa

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SOURCE Coherent Market Insights