Insights on the Construction Software Global Market to 2027 - Featuring Sage Group, Oracle and Autodesk Among Others - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Global Construction Software Market, By Component, By Modules, By Project Type, By End-Users, Estimation & Forecast, 2017 - 2027" report has been added to ResearchAndMarkets.com's offering.

The global construction software market held a market value of USD 1,641.5 Million in 2020 and is forecasted to reach USD 2,701.7 Million by the year 2027. The market is expected to register a CAGR of 7.4% during the forecast period.

Companies Mentioned

• Sage Group PLC
• Oracle Corporation
• Autodesk, Inc.
• Roper Technologies, Inc.
• Trimble Inc.
• Constellation Software Inc.
• BIMobject AB
• RIB Software SE
• Comprotex Software Inc.
• Procore Technologies Inc.
• BuilderMT, LLC.
• PlanGrid

Construction software is a collection of processes, information, and programs used for performing a variety of tasks for assembling or building of an infrastructure or a structure. This is used for increasing the efficiency, competitiveness, and productivity. The market is estimated to be driven by the increase in construction spending and project complexity.

Despite the driving factors the high deployment & maintenance cost and cybersecurity & data protection risks are expected to hinder the market growth. During the COVID-19 pandemic, many companies witnessed high demand for construction software and also customer support from these companies for no or low additional cost, for construction of emergency healthcare facilities, which did not impact the market growth much.

Growth Influencers:

Rise in construction spending

Construction spending indicates the amount of spending for new construction. It includes cost of architectural & engineering work, cost of materials & labor, overhead costs (sales, marketing, and management), interest on loans, and contractor's profits. Government initiatives for investments in bridges, roads, green spaces, water, universal broadband, and electricity is also anticipated to boost the market growth. For instance, in 2020, the Biden government planned to spend USD 2.4 trillion on energy and infrastructure for achieving net-zero emissions by 2050.

Segments Overview:

The global construction software market is segmented into component, modules, project type, and end-users.

By Component

• Solution/Platform
• On-Premise
• Cloud
• Services
• Professional
• Managed

The solution/platform segment is estimated to account for the largest market share of around 63% owing to its high demand. The services segment is expected to grow at the fastest CAGR of 9.3% owing to slowly increasing adoption of professional as well as managed services.

By Modules

• Contract Management
• Procure Management
• Finance Management
• Inventory Management
• Real Estate Management
• Labor Management
• Customer Management
• Others

The finance management segment is anticipated to account for the largest market share of about 19% owing to growing adoption of construction software for finance management purposes. The customer management segment is expected to witness the fastest growth rate of 9.4% owing to the rising focus of major market players in the segment.

By Project Type

• Residential
• Commercial
• Industrial
• Others

The industrial segment is estimated to hold the largest market share of about 31% owing to growing adoption of construction software for in the sector. The residential segment is estimated to grow at the fastest rate of 10.4% owing to rising investments in smart cities.

By End-Users

• Creative Agencies
• Architects
• Consultants
• Engineers
• Builders
• Contractors
• Owners
• Interior Designer
• Home Remodelers
• Others

The contractors segment is anticipated to hold the largest market share owing to growing adoption of the construction software by contractors for easing their tasks. The contractors segment is anticipated to hold the largest market share owing to growing adoption of the construction software by contractors for easing their tasks. The engineers segment is estimated to surpass a market value of USD 290 million by 2024.

Regional Overview

On a regional basis, the global construction software market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America.

The North America region held the largest market share of about 31% owing to increasing adoption of technologically advanced solutions in the market and growing construction industry the United States as well as Canada. The Asia Pacific region held the second largest market share owing to the rising investments by major players in the region.

For more information about this report visit https://www.researchandmarkets.com/r/iy1r27