What is Construction softwareMarket?
Construction software, a collection of programs, processes, and information, is a tool used by professionals to simplify projects related to construction. Construction software assists with a variety of tasks, including project preparation and decision-making, management, and knowledge sharing. Construction software saves time, lowers management costs, and assists in the monitoring and reduction of waste associated with all processes. Furthermore, building software aids customers and clients in visualizing the design. Aside from that, building software aids consumers and clients in visualizing designs, which improves comprehension skills. All these factors boosting the growth of the market.
Construction software Market Report Coverage
Report Coverage | Details |
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Study Timeframe | 2018 to 2028 |
Base Year | 2022 |
Market Size in 2022 | USD8.9 Billion |
High Growth Market | Asia Pacific |
Largest Market | North America |
Forecast Period 2022 to 2028 CAGR | 8.9% |
Growth Drivers | - Growing Investments in Infrastructure Development Globally
- The Advent of Smart Cities Projects across the World Especially in Emerging Economies such as India, China, Brazil
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Challenges & Pitfalls | - High and Upfront Recurring Cost of the Software
- Threat from Open-Source Construction Software
- Scarcity of Skilled Labour in Various Geographic Regions
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Opportunities
Increase in Real Estate Developments in the Middle East Region and Tremendous Growth of Smart Building Construction across the World
Restraints
- Threat from Low-Cost Service Providers
- Lack of Awareness and Low Adoption Rate in Underdeveloped and Developing Nations
The Players Covered in the Study are:
Procore Technologies, Inc (United States), Oracle Corporation (United States), UDA Technologies (United States), Viewpoint Inc. (A Trimble Inc. Company) (United States), Buildertrend (United States), CMiC (Canada), Sage Software (United States), Co-construct (United States), e-Builder Inc. (United States), Yonyou (China), Jonas Construction Software Inc. (Canada) and Dongying Jinshi Software Co., Ltd. (China)
Available Customization:
A list of players that can be included in the study on an immediate basis are Fieldwire (United States), GLODON Software (China), RedTeam (United States), eSUB Inc. (United States) and Pragmatic Techsoft Pvt. Ltd. (India).
Market Development Activities
In October 2020, Procore Technologies, Inc., a leading provider of construction management software, has acquired Esticom, a cloud-based estimating and takeoff solution and leader in preconstruction technology. This acquisition will add powerful estimating functionality to the Procore platform, complementing Procore's preconstruction offering by enabling greater accuracy in cost estimates.
In January 2019, UDA Technologies has released ConstructionSuite 10, the latest version of their award-winning construction management software suite. ConstructionSuite 10 introduces a brand-new, streamlined interface, along with many powerful upgrades to UDA’s industry-acclaimed project management tools.