Construction software is a set of programs that enable the creation of vector-based representation in 3D formats for construction projects such as buildings, railways, and roads. It is a digital database solution used to capture, manage, and present building information models and provide flexibility to modify or change building design throughout the project lifecycle. Construction software is a kind of virtual construction facility that offers a simulation of the actual physical construction on a smart device such as a tablet, smartphone, or wearable.
The global construction software market is expected to reach a value of approximately USD 2715.6 million by 2023 at a CAGR of 8.8% from 2017 to 2023. The market has been divided into various segments based on product, application, and region.
By product, the global construction software market has been segmented into cloud-based, on-premise, and web-based. The cloud-based software segment is expected to be the fastest-growing during the forecast period at a CAGR of 10.5%. One of the rising trends in Industry 4.0 is the adoption of the cloud in different industrial verticals. The cloud is capable of running large applications without the need for a supercomputer or data center. The cloud applications are powerful and scalable and are flexibly priced to attract various enterprises. Several large enterprises such as Oracle
Corporation and Sage Group PLC offer construction software over the cloud as it enhances performance and cost efficiency of the system.
Based on application, the global construction software market has been classified as general contractors, building owners, independent construction managers, and sub-contractors. The independent construction managers segment is expected to grow at the fastest rate registering a CAGR of 10.6% during the forecast period. Construction software offers a 3D visual representation to plan, design, and collaborate during the construction lifecycle. The key feature of construction software is integration. It helps in connecting sub-contractors with designers and provides an accurate visual representation for the sub-contractor to validate costs and manage risks.
The key players in the global construction software market include Sage Group PLC (UK), Oracle Corporation (US), Trimble Inc. (US), Constellation Software Inc. (Canada), Comprotex Software Inc. (US), BuilderTREND (US), BuilderMT (US), iSqFt (ConstructConnect) (US), Procore Technologies Inc. (US), and Turtle Creek Software (US).
Global Construction Software Market Analysis & Forecast, 2017 to 2023
- To provide a detailed analysis of the market structure along with a forecast of the various segments and sub-segments of the global construction software market
- To provide insights into factors affecting market growth
- To analyze the global construction software market based on Porter’s Five Forces analysis
- To provide historical and forecast revenue of the market segments and sub-segments with respect to four main regions and countries?North America, Europe, Asia-Pacific, and the rest of the world
- To provide country-level analysis of the market with respect to the current market size and future perspective
- To provide country-level analysis of the market for a segment on the basis of product, application, and region
- To provide strategic profiling of key players in the market, comprehensively analyzing their core competencies, and drawing a competitive landscape for the market
- To track and analyze competitive developments such as joint ventures, strategic alliances, mergers & acquisitions, new product developments, and research and development in the global construction software market
- Software Developers
- End Users
- Technology Innovators
- Distribution Vendors
- The global construction software market is expected to reach USD 2715.6 million by 2023.
- By product, the cloud-based software segment led the market, generating the highest revenue of USD 509 million, in 2017 and is expected to register a 10.5% CAGR during the review period. The cloud-based software segment is also expected to account for the highest revenue by 2023.
- Based on application, the general contractors segment led the market with the highest revenue of USD 511 million in 2017; it is expected to register an 8.1% CAGR during the forecast period and be the largest market by 2023.
Regional and Country-Level Analysis
Geographically, North America dominated the global construction software market with a market share of USD 519.2 million in 2017; the regional market is projected to exhibit a CAGR of 10% during the forecast period. Europe is expected to be the fastest-growing regional market and was the second-largest market in 2017 valued at USD 460.2 million.
The report on the global construction software market also covers the following country-level markets