The rising digitalization of the construction industry will likely be the primary driver driving the market throughout the forecast period.
Covid-19 Impact & Market Status
The COVID-19 pandemic's issues, which include low productivity, impacted margins, and a drop in R&D investments, are forcing construction businesses to use construction management software more swiftly.
On-Premise Segment to form major portion of the market
Due to major investments made to buy and set up networked hardware, servers, and software to operate the system, the on premises sector of the construction management software market now maintains the greatest share in terms of deployment model. However, the cloud sector is anticipated to increase at the fastest rate over the forecast period because to the surge in small and mid-sized organisations' usage of cloud-based building information modelling systems.
North America dominates the world market for construction estimation software
Due to growing disposable income and the bulk of industry players operating there, North America is anticipated to dominate the market over the projection period. The complete estimation process for a building project is sped up and improved with the aid of construction estimation software. The software provides clients with an accurate project cost estimate, which boosts efficiency and the bidding process. These elements have a role in calculating the final cost of a building project and, consequently, the profit margin.
Asia Pacific to grow smoothly in the market
Over the projected period, the CAGR for the construction estimation software market in Asia Pacific is anticipated to increase at the quickest rate. The region is using construction estimating software more frequently, which is driving the industry forward. The market for construction estimating software is also anticipated to grow as a result of urbanisation trends, a rise in construction activity, and the low-cost cloud-based deployment option.
Recent advancements in the construction industry, like cloud computing, have markedly expanded demand for the market because construction estimating software can enhance the precision and pace of the entire estimation technique of a construction project, making it a suitable option among end users.
Due to rising urbanisation, an increase in construction activity, and the affordable choices provided by cloud-based deployment, the market for construction estimating software is anticipated to grow. Construction estimating software enables commercial construction companies to digitalize their preconstruction process, streamlining their operations, boosting efficiency, and producing more accurate estimates and better construction bidding. Increasing building investment is predicted to be one of the key long-term drivers of market sales throughout the course of the projected period.
Construction management software was predicted to command a $9.3 billion market in 2021. It is anticipated to be valued $21.9 billion by 2029, growing at a 9.9% CAGR over that time. Businesses can benefit from a platform for project management called construction management software in a variety of ways, including work scheduling, budgetary control, collaboration, and decision-making, to name a few. Its goal is to use automation to considerably simplify business operations in the construction sector.
By automating operations that were previously done manually, like job scheduling, decision-making, and communication, workers in the construction industry can benefit from a number of advantages. The global market for construction management software is expanding as a result of the need to boost construction productivity and the increasing frequency of construction projects.
Additionally, the expansion of the industry is favourably impacted by an increasing number of government efforts to assist firms. However, expensive installation and maintenance expenses as well as a lack of experienced operators are impeding the industry's progress. On the other hand, it is projected that throughout the projection period, IoT and Al will give profitable opportunities for market growth. In the next years, the market's expansion may be hampered by a lack of knowledge, inappropriate selection of construction estimating software, and a risk from accessible and free construction management software. Additionally, factors like increasing data security risks and the high installation costs of developing estimating software are expected to restrain the market's growth over the course of the projected year.
Another significant issue impeding the market's development is a lack of knowledge about the advantages of technologically advanced systems and their operational effectiveness.
Buildertrend, Bentley Systems, Autodesk, Construct Connect, Oracle Corporation, BuildTools, BrickControl.com, CMiC, e-Builder, Jonas Construction Software, Buildstar Technology, Odoo SA, Pland Grid, TRIMBLE, Sage group, Viewpoint, and Systemates, Inc. are the major companies profiled in the construction management software market analysis.
Latest Innovations in the Global Construction Project Estimating Software Market: A Snapshot
- Procore Technologies, Inc. announced a new integration with Building Transparency in April 2022 with the goal of enabling widespread and prompt action to reduce the contribution of the building sector to climate change. Users of Procore can now take use of the Embodied Carbon in Construction Calculator (EC3) thanks to the integration, which aims to promote sustainability in the world's construction sector.
- Corecon launched a new integration in January 2022 to take advantage of DocuSign eSignature within Corecon's cloud-based construction estimating project management which enabled enables Corecon subscribers to securely obtain and manage electronic signatures on construction papers as well as other project data in a single secure location.
Autodesk, Inc. has announced substantial new features throughout the Autodesk Construction Cloud as well as an expansion of its partner ecosystem in order to unify their workflows on a single platform. On the Autodesk Construction Cloud, project teams can now incorporate construction data from more than 200 partners to streamline construction management in a single location.
Construction Management Software Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2030||USD 28934 Million|
|Growth Rate||CAGR of 8.51 % during 2022-2030|
|Segment Covered||Deployment, Regions|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and Africa|
|Key Players Profiled||Autodesk Inc., Oracle Corp., Trimble Inc., Sage Group Plc, Bentley Systems Inc., Buildertrend Solutions, Inc., Computer Methods International Corp., ConstructConnect Inc., Odoo SA, Procore Technologies Inc.|
Key Segments of the Global Construction Project Estimating Software Market
Offering Overview, 2019-2029 (USD Billion)
Deployment Mode Overview, 2019-2029 (USD Billion)
Building Type Overview, 2019-2029 (USD Billion)
- Commercial Buildings
- Residential Buildings
End-user Overview, 2019-2029 (USD Billion)
- Architects and Designers
- Construction Managers
Application Overview, 2019-2029 (USD Billion)
- Project Management and Scheduling,
- Safety and Reporting
- Project Design
- Field Service Management
- Cost Accounting
Regional Overview, 2019-2029 (USD Billion)
- The U.S
- The UK
- Rest of Europe
The Asia Pacific
- Rest of Asia Pacific
- Rest of South America
The Middle East and South Africa