PUBLISHER: The Business Research Company | PRODUCT CODE: 1458638
PUBLISHER: The Business Research Company | PRODUCT CODE: 1458638
Construction management software represents a specialized category of project management software designed to optimize and streamline the coordination and execution of construction projects. This software serves as a centralized hub, facilitating collaboration and communication among project managers, contractors, architects, engineers, and other stakeholders involved in construction endeavors.
The primary components of construction management software consist of solutions and services. The solution component comprises specialized modules or features integrated into the software platform, strategically tailored to address specific requirements and functionalities inherent to construction project management. These solutions are deployed in both on-premise and cloud-based modes, catering to various building types such as commercial and residential structures. The applications offered encompass project management and scheduling, safety and reporting, project design, field service management, cost accounting, and others. The end users of this software are categorized into architects and designers, construction managers, and other stakeholders involved in construction processes.
The construction management software research report is one of a series of new reports from The Business Research Company that provides construction management software market statistics, including the construction management software industry's global market size, regional shares, competitors with an Construction management software market share, detailed construction management software market segments, market trends and opportunities, and any further data you may need to thrive in the construction management software industry. This construction management software market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The construction management software market size has grown rapidly in recent years. It will grow from $9.51 billion in 2023 to $10.56 billion in 2024 at a compound annual growth rate (CAGR) of 11.%.The expansion observed during the historic period can be credited to the increased prevalence of mobile technology, a notable shift towards cloud computing, compliance with regulatory requirements, a heightened emphasis on project cost management, and a growing demand for real-time communication.
The construction management software market size is expected to see strong growth in the next few years. It will grow to $15.17 billion in 2028 at a compound annual growth rate (CAGR) of 9.4%. The anticipated growth in the forecast period is linked to factors such as the adoption of regulatory compliance tools, the implementation of predictive maintenance for equipment, the utilization of improved collaboration platforms, the increasing demand for modular construction software, and advancements in cybersecurity. Key trends expected in the forecast period encompass improvements in user experience, the integration of artificial intelligence (AI) for project insights, the prevalence of real-time collaboration platforms, the incorporation of sustainable construction features, and the prioritization of mobile-first solutions.
The surge in demand for digitalization within the construction sector is poised to drive growth in the construction management software market in the forthcoming years. Digitalization in construction encompasses the widespread adoption and integration of digital technologies and processes across the entire construction lifecycle. This transformational shift plays a pivotal role in construction management software, as leveraging digital tools and processes enables construction firms to realize substantial enhancements in efficiency, cost management, risk mitigation, quality assurance, and safety protocols, ultimately leading to more successful project outcomes. As per data from the Royal Institution of Chartered Surveyors (RICS) in July 2023, approximately 40% of respondents reported an increase in the utilization of digital technologies for critical project aspects, compared to 37% in Q4 2021. Consequently, the escalating demand for digitalization within the construction industry propels the expansion of the construction management software market.
Prominent players operating in the construction management software sector are strategically prioritizing the integration of advanced technologies, such as building information modeling (BIM), to gain a competitive edge. BIM software in construction refers to digital tools facilitating the creation, management, and collaboration on 3D models embedded with building information throughout the project lifecycle. For instance, in July 2023, Cemex, a Mexico-based building materials company, unveiled a dedicated plug-in for building information modeling (BIM) REVIT software, aimed at enhancing construction project design and management. This innovative tool empowers architects and engineers to seamlessly select optimal Cemex products, with a focus on innovation and sustainability. Tailored for professionals across residential, commercial, industrial, or infrastructure projects, Cemex's BIM software streamlines concrete product searches based on properties, facilitates comparisons using essential characteristics, and provides insights into embodied carbon values. Users benefit from detailed material information, including physical and mechanical performance metrics, with an emphasis on recommending sustainable solutions from Cemex's Vertua range.
In January 2023, Hexagon AB, a leading industrial technology company headquartered in Sweden, completed the acquisition of Projectmates for an undisclosed sum. This strategic move is intended to bolster Hexagon AB's offerings by providing project owners with a user-friendly and configurable construction project management software platform. Projectmates, based in the United States, specializes in SaaS-based enterprise construction project management software, aligning closely with Hexagon AB's objectives in delivering innovative solutions to the construction industry.
Major companies operating in the construction management software market report are Oracle Corporation, SAP SE, Kiewit Corporation, Hilti Corporation, Roper Technologies Inc., Trimble Inc., Autodesk Construction Cloud (ACC), Nemetschek SE, Procore Technologies Inc., Hyland Software Inc., Odoo SA, Viewpoint, Constellation Homebuilder Systems, CMiC, Aconex, Chetu Inc., Systemates Inc., Buildertrend Solutions Inc., Prolog, Bluebeam Revu, Computer Methods International Corp., Jonas Enterprise Construction Software, Penta Technologies Inc., Cosential, Constructware
North America was the largest region in the construction management software market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the construction management software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the construction management software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
The construction management software market includes revenues earned by entities by providing Implementation and training services, consulting and advisory services, maintenance and support. The market value includes the value of related goods sold by the service provider or included within the service offering. The construction management software market also includes sales of desktop computers, laptops, tablets, and smartphones. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Construction Management Software Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on construction management software market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for construction management software? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The construction management software market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.