Global Construction Management Software Market to Hit $21.67 Billion by 2030, Registering a Robust 12.50% CAGR, Propelled by Rising Construction Activities Worldwide, States Kings Research
DUBAI, UAE, Dec. 18, 2023 /PRNewswire/ -- According to a recent Kings Research study, the global Construction Management Software Market size was recorded at USD 9.45 billion in 2022 and is estimated to grow to USD 21.67 billion by 2030, recording a strong CAGR of 12.50% over the forecast period of 2023-2030. The increase in construction projects worldwide has resulted in a notable upsurge in the need for construction management software solutions. These software platforms are essential for efficiently managing budgets, facilitating communication, aiding decision-making, estimating costs, and performing other vital functions within the construction industry.
Construction management software is a collection of digital resources created to enhance and simplify different components of the planning, execution, and monitoring phases of construction projects. These software applications support project scheduling, allocation of resources, management of documents, collaboration, and estimation of costs. The market for construction management software is expanding due to factors such as rapid urbanization, infrastructure development, and the increasing demand for effective project management tools.
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Furthermore, transitioning to cloud-based deployments provides improved scalability and accessibility, enabling construction companies to adapt to changing project requirements. Building information modeling (BIM) technology integration is changing how projects are designed and collaborated on, improving accuracy and eliminating errors. In the midst of these developments, the market scenario presents a depiction of a landscape characterized by fierce competition among major players, stimulating innovation and propelling the creation of feature-rich solutions suited to the various demands of the residential and commercial building industries.
Competitive Landscape
Key companies operating in the global construction management software market are focusing on acquisition as their primary strategy to expand their global reach. For instance, Sage inked a deal to take over cloud-based preconstruction and project management solutions provider Corecon, according to a May 2023 announcement. With this strategic acquisition, Sage was able to expand its clientele outside the financial services sector and firmly establish itself as a leading supplier of cloud-native technology to the construction sector.
Leading players operating in the global construction management software market include:
- Oracle
- Bentley Systems Inc.
- Sage Group plc
- Procore Technologies, Inc.
- Microsoft
- Trimble Inc.
- Autodesk, Inc.
- Intuit Inc.
- Nemetschek Group
- Jonas Construction Software Inc.
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Trending Now: Panasonic's Backing Strengthens Aldagram's Position in Construction Tech
May 16, 2023: Japanese construction tech startup Aldagram secured strategic backing from Panasonic, aiming to expand across Asia and the Middle East. With these funds, Aldagram planned to focus on India, Thailand, the Philippines, Malaysia, and other countries.
This follows Aldagram's $20 million Series A in 2022, enhancing its cloud-based project management platform, KANNA, targeting the construction, real estate, and manufacturing sectors, and bringing a digital transformation to the traditionally analog industry. Panasonic's construction business, active in India, Turkey, and Vietnam, has been partnering with Aldagram since 2022.
The global Construction Management Software Market is segmented as:
By Deployment
- On-premises
- Cloud-based
Increasing Deployment of Cloud-based Solutions to Foster Construction Management Software Market Development
Based on deployment, the cloud-based segment accounted for the largest market share in 2022, primarily due to its flexibility, scalability, and accessibility. This type of deployment caters to the ever-changing requirements of construction companies by providing instant access to project data and tools from anywhere, enabling effortless collaboration among teams located in different geographical areas.
The increasing prevalence of remote work and the demand for secure and conveniently accessible project data further contributed to the continued dominance of cloud-based solutions. These solutions alleviate the responsibility of maintaining on-site infrastructure, decrease IT expenses, and allow construction companies to concentrate on essential projects.
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By Application
- Project Management and Scheduling
- Safety and Reporting
- Project Design
- Field Service Management
- Cost Accounting and Construction Estimation
- Others
Effective Project Management and Scheduling to Ensure Successful Construction Projects to Boost Sales
In terms of application, the project management and scheduling segment dominated the global construction management software market in 2022 due to its vital role in ensuring successful construction endeavors. The effective management and scheduling of projects are essential for achieving desired outcomes. Through project management solutions, construction teams are empowered to visualize project timelines, allocate resources effectively, and make real-time adjustments to plans, ultimately leading to improved project results.
This segment emerged as the leader in the global construction management software market by facilitating efficient resource allocation, progress tracking, and adherence to timelines. The growth of the segment is based on its essential function in tackling one of the most significant difficulties encountered by professionals in the construction industry, namely, ensuring that projects are finished within the designated timeframe and budgetary constraints.
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Rising Adoption of Innovative Technologies in the Construction Industry to Promote Construction Management Software Market Progress
The construction industry is currently witnessing a significant increase in its operations, characterized by a rising number of ambitious ventures aimed at transforming modern infrastructure. Amid this upswing, there is a critical requirement to improve productivity across the construction industry. With projects growing larger and more intricate, it has become crucial to streamline processes and optimize the efficient use of resources. Construction management experts are increasingly embracing innovative technologies and methods to effectively address this challenge.
The construction industry is actively incorporating various technologies and strategies to enhance project efficiency, quality, and sustainability. These include advanced project scheduling, real-time communication tools, and the utilization of building information modeling (BIM) for accurate project visualization. This collective endeavor aims to streamline project timelines while maintaining high standards of productivity. As a result, the construction sector is undergoing significant transformation, enabling the creation of more impactful and economically viable projects that cater to the evolving urban landscapes of today.
North America to Lead Market Due to Advanced Technological Infrastructure
North America led the global construction management software market in 2022 owing to its advanced technological infrastructure, growing construction endeavors, and early implementation of digital solutions. The region's construction sector takes advantage of a proactive stance toward integrating cutting-edge software tools, which facilitates streamlined project management and effective allocation of resources. North America's position in the industry has been strengthened due to the existence of well-established market participants and a strong research and development environment.
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Key Points from TOC:
1 Introduction of the Global Construction Management Software Market
1.1 Market Definition
1.2 Market Segmentation
1.3 Research Timelines
1.4 Limitations
1.5 Assumptions
2 Executive Summary
3 Research Methodology
3.1 Data Collection
3.1.1 Secondary Sources
3.1.2 Primary Sources
3.1.3 Research Flow
3.2 Subject Matter Expert Advice
3.3 Quality Check
3.4 Final Review
3.5 Bottom-Up Approach
3.6 Top-down Approach
4 Global Construction Management Software Market Outlook
4.1 Market Evolution
4.2 Overview
4.3 Market Dynamics
4.3.1 Drivers
4.3.2 Restraints
4.3.3 Opportunities
4.3.4 Challenges
4.4 Pricing Analysis
4.5 Porter's Five Forces Analysis
4.6 Value Chain Analysis
4.7 Macroeconomic Analysis
5 Impact of Russia-Ukraine War
6 Global Construction Management Software Market, By Offering
7 Global Construction Management Software Market, By Deployment
8 Global Construction Management Software Market, By Building Type
9 Global Construction Management Software Market, By Application
10 Global Construction Management Software Market, By Geography
11 North America
12 Europe
13 Asia Pacific
14 Middle East & Africa
15 Latin America
16 Global Construction Management Software Market Competitive Landscape
16.1 Overview
16.2 Key Developments
16.3 Key Strategic Developments
16.4 Company Market Ranking
16.5 Regional Footprint
16.6 Industry Footprint
17 Company Profiles
17.1 Oracle
17.1.1 Key Facts
17.1.2 Financial Overview
17.1.3 Product Benchmarking
17.1.4 Recent Developments
17.1.5 Winning Imperatives
17.1.6 Current Focus & Strategies
17.1.7 Threat from competition
17.1.8 SWOT Analysis
17.2 Bentley Systems Inc.
17.2.1 Key Facts
17.2.2 Financial Overview
17.2.3 Product Benchmarking
17.2.4 Recent Developments
17.2.5 Winning Imperatives
17.2.6 Current Focus & Strategies
17.2.7 Threat from competition
17.2.8 SWOT Analysis
17.3 Sage Group plc
17.3.1 Key Facts
17.3.2 Financial Overview
17.3.3 Product Benchmarking
17.3.4 Recent Developments
17.3.5 Winning Imperatives
17.3.6 Current Focus & Strategies
17.3.7 Threat from competition
17.3.8 SWOT Analysis
17.4 Procore Technologies, Inc.
17.4.1 Key Facts
17.4.2 Financial Overview
17.4.3 Product Benchmarking
17.4.4 Recent Developments
17.4.5 Winning Imperatives
17.4.6 Current Focus & Strategies
17.4.7 Threat from competition
17.4.8 SWOT Analysis
17.5 Microsoft
17.5.1 Key Facts
17.5.2 Financial Overview
17.5.3 Product Benchmarking
17.5.4 Recent Developments
17.5.5 Winning Imperatives
17.5.6 Current Focus & Strategies
17.5.7 Threat from competition
17.5.8 SWOT Analysis
Continued……
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