Pune, India, April 18, 2019 (GLOBE NEWSWIRE) -- A new research report on the construction software market has come up compiled by Market Research Future Report, and it features a succinct analysis on the latest market trends. The global construction software market is set to propel and moderate 8.8% CAGR over the forecast period (2017-2023). It is also predicted that the market will reach a valuation Of USD 2715.6 million by 2023. The popularity of cloud-based construction management is high in recent times and is also increasing investments in the construction software market sector. This is paving incredible ways for market growth across the globe.
Technology is rapidly changing in every industry concerning how things are being done and making the finished product better. But in an industry like construction where everything is dependent on human efforts with effective preexisting systems in place, it can be highly predictable to know how the software would assist in benefits to the industry. There is software for everything from accounting and expense tracking, fleeting product tracking, field service, and project management. With all the advancements in the construction industry, it's essential that any construction software has a mobile platform to document things. Using construction software that has a mobile app allows for workers to create field notes, documentation and more. The software has the added advantage for allowing project information, planning, coordination, and control over the various tasks involved in multiple construction projects. Also, the management can view new and original documents to the project, can check for approval on change orders and much more.
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The construction software provides a platform where subcontractors and designers are composed to plan and design in tandem with an accurate 3D visual representation to validate costs easily and manage risks. Therefore, the increasing investments in the construction sector owing to lax regulations and rapid urbanization are the prime factors that are expected to drive the construction software market growth with a positive note. The construction software market has gone through a sea change after the introduction of cloud-based technology. Market Research Future Reports forecasts that by 2020, the construction software market will exceed USD 270 billion marks as it has revolutionized this sector by lowering costs and increasing flexibility. Besides, the software also offers a one-point solution which has become the choicest platform for contractors in the construction industry. As the MRFR report, it states that 87% of the contractors are now ready to drive forward by integrating cloud-based software to their system and have introduced extensive opportunities for the years to come in construction software market.
Construction software is an invaluable tool for any construction enterprise which is on the verge to grow with its business terms. With all the different applications available, the construction software market has been comprehensively valued and segmented on the basis of product and application.
Product-wise segmentation of the construction software market comprises of cloud-based, web-based and on-premise-based elements. Among these, on-premise based element has generated the maximum market revenue, which is now expected to continue during the forecast period. However, the initiatives held by various developers in implementing cloud-based technologies can eventually boost its profits in the future down the line.
Application-wise segmentation of Construction Software Market comprises of general contractors, building owners, independent construction managers, and sub-contractors. Among these, general contractors have recorded for the largest market share since 2017 and are making valuable in the present time as well. Whereas, independent construction managers segment is probably to capture a significant percentage of the market during the forecast period.
Global Construction Software Market rises above expectations globally, new data shows in construction Industry
The regional evaluation and progress report in the global construction software market has gathered from the regions of North America, Europe, Asia Pacific (APAC) and Rest-of-the-World (RoW). North America will play an important role which cannot be ignored. The market here is leading heaps and bounds and is expected to remain the same in the foreseeable future. Thus, the region is on the verge to experience a boom owing to various developed industries and their aim to adopt the latest technologies. Also, the robust infrastructure of cloud-based technology is also one of the key factors that are fueling the market of construction software to grow exponentially. According to MRFR, the North America market can experience a CAGR of 10% during the assessment period. Next comes Europe, where government initiatives to assimilate and implement construction software in the architecture, engineering, and construction industry. These have impacted the market considerably and have set an example by integrating level two construction software for public projects with an aim to universalize them.
The Asia Pacific region, the construction software market seems to be at a bright spot with public infrastructural projects and increased investment in smart city projects. These are expected to pave the way for rapid market development in this region. The Asia Pacific region is expected to bolster with the fastest CAGR during the forecast period owing to Government initiatives that are also commendably influencing the market. In Singapore, the government is encouraging the incorporation of construction software both in private and public sectors and has made the implementation mandatory for all building projects larger than 16,404.2 square feet.
Some of the key market players are Oracle Corporation, Sage Group PLC, Constellation Software Inc., Trimble Inc., Comprotex Software Inc., and Builder TREND, Turtle Creek Software, iSqFt, Constellation Software Inc., Builder TREND, Comprotex Software Inc., BuilderMT, Trimble Inc., Procore Technologies, Oracle Corporation, and Sage Group PLC.
April 5, 2019: BIM company, Trimble came into action by donating both hardware and software solutions to Colorado's top construction education program. On March 27th, Trimble announced that they gave a gift to Colorado State University's Department of Construction Management. The department focused on the technological and managerial aspects of construction work, where the undergraduate program is being currently the only program in Colorado accredited by the American Council for Construction Education.
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