CONSTRUCTION MANAGEMENT SOFTWARE MARKET ANALYSIS

Construction management software helps in project planning and scheduling in the construction industry. This is done by sequencing operations of the construction project and enabling effective use of the schedules created via a work breakdown structure. The features and functions of construction software management includes specifying a project’s objectives and plans, which include delineation of scope, budgeting, scheduling, setting performance requirements, and selecting project participants.

The construction management software helps to monitor the cost-control system to achieve an estimated profit on projects and to monitor the predicted results. Construction project management software provides features to manage construction projects starting from its inception, by enabling features that monitor various stages of a project including procurement of design service and contractors, contract methods, and management of the construction contract process.

The construction management software market is expected to witness significant growth during the forecast period (2021–2028). Rising popularity of cloud-based software, expansion of product output, increasing application of lean management in construction management, increasing automated processes, and the need for maintaining regular follow-ups are some of the factors that will enhance the growth of the construction management software market during the forecast period. On the other hand, increasing research activities and business expansions will further create new opportunities for the growth of construction management software market in the above mentioned forecast period.

The major factor restraining growth of the construction management software market is the lack of awareness regarding the about construction management software as well as the lack of skilled labor.

Global Construction Management Software Market - Impact of Coronavirus (Covid-19) Pandemic

The pandemic has triggered a new perspective in the construction management sector. The construction management software reduce the number of man-hours required to complete a project by eliminating factors such as overlapping of decisions, duplication of work, improper communication, etc. Construction management software encompasses all the possible pain points that a construction firm may face in the turbulent times of COVID-19 pandemic. The construction management software is an end-to-end digital solution that caters to the A-Z needs of a construction company by integrating all the required modules including tendering and estimation, HR & payroll, and others, thus making the operations streamlined, organized, and easy to execute.

North America is expected to hold dominant position in the construction management software market during the forecast period.

North America is expected to dominate the construction management software market in the forecast period, while the Asia Pacific region is expected to witness the highest growth rate during the forecast period of 2021–2028. North America’s expected dominance in the market could be attributed to the high volume of construction projects in the region, whereas Asia Pacific’s increasing growth rate can be attributed to the increasing number of construction projects in China and India.

Figure 1: Global Construction Management Software Market Share (%), By Region, 2020

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Oil and gas sector is expected to drive the market growth during the forecast period.

A notable rise in demand for construction management software is expected from the oil and gas sector. This is owing to the fact that the software helps to boost transparency in brownfield, onshore, and shale-based construction projects. The software also helps in monitoring the development in oil and gas plants as well as for monitoring deep water oil and gas projects.

Figure 2: Global Construction Management Software Market Value (US$ Bn) Analysis and Forecast, 2017 - 2028

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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.

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