Construction Software Market 2019 Growth Analysis, Global Industry Analysis Size, Opportunities, Forecast To 2023


Posted November 26, 2019 by rahulwgr123

Software Market Research Report information: By Product by Application by Global Forecast Till 2023. The global construction software market is anticipated to reach USD 2715.6 million by 2023

 
Construction Software Market Overview

Market Research Future (MRFR) in its extensive report states that the global construction software market is set to advance at a moderate 8.8% CAGR over the forecast period (2017-2023). It can reach a valuation of USD 2715.6 Million by 2023. The financial visibility feature of the software helps in controlling expenses and estimating costs on projects. Reduction in design time also helps trigger the demand for construction software. The popularity of cloud-based construction management software and increasing investments in the construction sector have paved the way for market growth across the globe.

MRFR forecasts that by 2020, the cloud market will reach USD 270 billion, with public cloud growing at 44% growth rate. Mobility, cost saving, and reduced maintenance make cloud-based construction software highly attractive to global end users. Moreover, construction software companies in the market offer a wide range of solutions from managing contracts to subcontractor and supplier bids, cash flows and budgets. The report also asserts that nearly 87% of the construction contractors are projected to use cloud-based construction software to restructure the aging hardware costs and enhance their productivity and efficiency. However, high initial cost of software can restrain the market growth in the coming years.

Get Free Sample Report of Construction Software Market Research Report – Forecast to 2023 @ https://www.marketresearchfuture.com/sample_request/6189

Players Covered

Turtle Creek Software, iSqFt, Constellation Software Inc., Builder TREND, Comprotex Software Inc., BuilderMT, Trimble Inc., Procore Technologies, Oracle Corporation, and Sage Group PLC are notable players in the construction software market.

The report offers comprehensive profiles on these market players and assesses their current standing in the construction software market. Company history coupled with annual turnover, segmental share, SWOT analysis, growth strategies, new product launches, M&A activities, and latest R&D initiatives are outlined in the report.

Market Segmentation

As per the study, the Construction Software Market has been segmented by the elements of product and application.

In terms of product: Cloud-based, on-premise based, and web-based are the segments in the market. Wherein, the on-premise based segment is likely to endure lucrative during the forecast period, but the other side, the cloud-based segment can observe a high adoption due to flexibility and scalability features of cloud technology being installed in the software.

In terms of application: Building owners, independent construction managers, general contractors, and sub-contractors are the segments. Of these, the general contractor’s segment is expected to lead the market in support of the software which continues improving communication between various employees. Such an integration even exceeds to mobile applications, thus making the software smartphone friendly.

Regional Outlook

The analysis of global construction software market is also done among the foremost regions of North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW).

In the latest, North America acquires the largest market share for the construction software market and is expected that it will continue its leadership in the forecast period. The growth of the market in this region is mainly attributed to the high adoption rate of cloud technology. Also, the need to reduce design time and paperwork can provoke the demand for construction software in North America. Moreover, the US public sector is heavily investing in the construction industry, which is ready to create more opportunities for the software providers, thus thriving the market to grow at a rapid pace. Besides, rising number of long-term infrastructure plans in Canada have also contributed massively to the construction software market growth in the region.

According to the study, Asia Pacific is also probable to register the fastest growth in the construction software market during the forecast period attributed to the factors such as rapid development of public infrastructure and surged investment in smart city projects. With this, the key sectors that are utilizing construction software are infrastructure, transportation, healthcare, and (public) housing. The construction sector in Asia Pacific is supposed to thrive with the development of infrastructural projects, which includes electricity works, transportation projects, and water/sewerage plants.

In Europe region, the construction software market is also increasingly gaining traction in support of the organizations that are involved in architecture, engineering, and construction (AEC) sector along with owners of buildings like real estate managers. On the other side, the stringent government initiatives and surging cost-saving needs play a pivotal role in boosting the market growth in the region.

Get Complete Report of Construction Software Market Research Report – Forecast to 2023 @ https://www.marketresearchfuture.com/reports/construction-software-market-6189

Industry News

September 17th, 2019

eSUB Construction Software, a foremost field data collection and construction operations, proudly announced the release of a new User Interface (UI), the first phase in a series of upcoming platform enhancements. It is a modern architecture that delivers an improved User Experience (UX) that is mobile and flexible to support commercial trade contractors a daily.

July 15th, 2019

Jonas Construction Software added Certified Tracking Solutions to its increasing list of technology integration partners.

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At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.

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Last Updated November 26, 2019