The global construction management software market to grow at a CAGR of 14.96% during the period 2016-2020.
The report covers the present scenario and the growth prospects of the global construction management software market for 2016-2020. The report considers the revenue generated from the sales of construction management software and services. The revenue from services is earned from the fee charged for consulting in design methodology, and support and deployment. The revenue from maintenance is earned from the periodic fee associated with software updates.
A trend which has contributed to market growth tremendously is the demand for construction management software in the APAC region. The increase in growth of the construction market in China and Japan will contribute to the growth of the global construction management software market during the forecast period.
China finds the adoption of BIM for the construction of new buildings cost effective. Autodesk building information modeling solution was used for the construction of Shanghai Tower by Shanghai Tower Construction & Development. The adoption enabled the company to establish an effective and efficient communication platform between different design teams, reducing error and saving cost and time.
According to the report, a key growth driver is the rise in demand for CMS in the utilities sector. Complex construction projects related to the oil and gas industry have significantly proved the need for the construction management software because the software offers a complete idea and preview of the final concrete structure and gives a cost estimate for the project. The software is widely used for the maintenance of oil and gas plants.
Further, the report states that one challenge that could hamper market growth is the high cost of the software.