Construction Software Market Is Poised To Reach USD 5.22 Billion, Growing at a 9.7% CAGR by 2030 - Report by Market Research Future (MRFR)

Construction Software Market Demand for Efficient Project Management Solutions Drives Market

New York, New York, UNITED STATES

New York, US, Sept. 28, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Construction Software Market Research Report: By Product, Application - Forecast till 2030”, the market is anticipated to acquire a valuation of approximately USD 5.22 Billion by the end of 2030. The reports further predict the market to flourish at a robust CAGR of over 9.7% during the assessment timeframe.

Construction Software Market Overview:

The construction software market is expected to garner rapid traction across the globe. The growing trend of using data-driven, integrated processes and systems to efficiently manage construction projects would drive market growth.

The global construction industry is undergoing tremendous transformations. Construction companies increasingly need different solutions with tracking capabilities to manage multiple projects at a time. They also need prioritized software that provides reporting tools, file sharing, and real-time updates with financial planning features, third-party accounting systems, and efficient project documentation. 

Leading players in the construction software market are-

  • Oracle Corporation
  • Trimble Inc
  • Sage Group PLC
  • Constellation Software Inc.
  • Comprotex Software Inc.
  • BuilderTREND
  • BuilderMT
  • iSqFt (ConstructConnect)
  • Procore Technologies Inc.
  • Turtle Creek Software

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Construction management solutions can increase productivity and improve workflow, allowing project scheduling, workforce alignment, and assigning of resources & equipment for a project while managing to monitor budgets, schedules, and strategies. However, one of the most unique and valuable aspects of construction solutions is that they can simplify various building processes and highlight the top-rated project management needs.

Construction management solutions are hugely popular among construction firms, which is a key trend influencing the adoption of construction software. Resultantly, construction firms are increasingly adopting various software solutions to improve the productivity and efficiency of their projects. Besides, the rising demand for improved productivity & efficiency and improved quality & integration in construction projects drive the construction software market. 

Construction Software Market Report Scope:

Report MetricDetails
Revenue forecast in 2030USD 5.22 Billion
Growth RateCAGR of 9.7 % from 2022 to 2030
Base Year2021
Study Period2022-2030
Key Market OpportunitiesGrowing investment to offer lucrative opportunities to market players
Key Market DriversGrowing demand for efficiency and accuracy in the construction industry

Increasing adoption of cloud-deployed construction software

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Industry Trends

The spurring rise in construction industries worldwide is projected to influence market gains in the next few years. Construction firms nowadays are looking for comprehensive solutions that can increase their project efficiency by improving various business operations. Also, growing numbers of construction management platform providers impact the market shares positively. 

Construction companies need project scheduling and tracking capabilities to assign workers, resources, and equipment for a project while managing to monitor budgets, schedules, and strategies. Implementing construction software can enhance analyzing capabilities of contractors, allowing for optimal project schedules and resource mix. Additionally, these construction solutions can automatically generate corrective schedules if the project falls behind or suffers delays.

The rising demand for improved productivity & efficiency and improved quality & integration in construction projects would boost the market size. Besides, the increasing uptake of various construction software and technological advances are expected to impact market shares positively. The spurring rise in construction industries in developing regions such as Asia Pacific, South America, and the Middle East & Africa escalates market growth.

Construction Software Market Segments

The construction software market is segmented into products, applications, and regions. The product segment comprises cloud, on-premise, and web-based. The application segment comprises general contractors, building owners, independent construction managers, sub-contractors, and others.

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Construction Software Market Regional Analysis

North America leads the global construction software market. Construction companies in this region perceive tremendous pressure to maintain strong margins and on-time project delivery. On the other hand, increasing competition, skills shortages, and low productivity are other factors creating significant market opportunities. Besides, the increasing popularity of cloud-based construction management software impacts market revenues positively. 

Substantial investments in developing new platforms and improving the existing ones influence market value. Additionally, the presence of several key software providers in the region acts as a major growth propeller. The US accounts for a significant share in the regional market owing to the growing investments in the construction sector. North America is likely to continue with its leading position throughout the assessment period.

Europe is another promising market for construction software platforms. The growing awareness of the benefits that construction solutions can provide and increasing spending on construction project management solutions drive the market demand. Also, technological advances, the growing availability of the latest technologies, and the early adoption of advanced construction solutions impact market growth positively. 

The construction software market is brisk in the Asia Pacific region. The increasing adoption of various construction services and solutions among growing numbers of construction companies propels regional market growth. With large technological advances and new product launches, Japan, China, and India account for substantial shares in the APAC construction software market.

Competitive Landscape 

The highly competitive construction software market appears fragmented, with several well-established players forming a competitive landscape. These players initiate strategic approaches such as partnerships, mergers & acquisitions, collaborations, expansions, and product & technology launches. They also invest heavily in R&D, global expansion, advanced technologies, and product launches to gain a larger competitive edge. 

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Leading construction software providers focus on developing a powerful technology with integration capabilities that can help construction companies effectively manage their field employees and operations. They provide modular software solutions that can be integrated into the user’s primary ERP system software. Construction software companies streamline their operation to create a strong platform to build their future construction software investments. 

For instance, on Sep. 21, 2022, Alice Technologies, a San Francisco-based contech firm, announced a partnership with Shimizu, a Japanese construction giant, using a freshly acquired $30 million Series B funding round. Under the partnership, Alice will implement its Optioneering software on Shimizu’s overseas projects, allowing the contractor to utilize data and compare its construction plans during different phases.

Alice also has recently landed partnerships with other massive firms such as Takenaka Corporation, an Osaka-based contractor, and Bouygues Travaux Publics, a French civil works firm, in June 2022, implementing its optioneering software products on their job sites to be used during bidding, preconstruction, and more.

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