Construction Management Software Market Expected to Grow US$2.6 Billion by End of 2028, According to Coherent Market Insights
SEATTLE, February 9, 2022 /PRNewswire/ — According to Consistent market informationThe Global construction management software market was rated at US$1.4 billion in 2020 and is expected to reach US$2.6 billion by 2028 to a 8.2% CAGR between 2021 and 2028.
Construction managers can benefit from using site management software. This software offers the ability to generate accurate construction schedule estimates for large and small projects. The software has the ability to help plan, organize, allocate and track various resource resources and then generate resource estimates in a timely manner. Through the use of this software, project managers will be able to ensure that construction schedule accuracy is achieved, project deadlines are met, costs are minimized, and resources used are of a use. optimal for the estimated budget. Thanks to precise management of the construction schedule, contractors will be able to meet their delivery deadlines and budgets.
Apart from construction management software, it is also advisable to use business process software integrated with construction management software. Together, these two programs improve each other in terms of efficiency, productivity, effectiveness, and the level of collaboration expected among team members. These business process software also allow project managers to make better use of all project resources making better use of time, energy and costs by streamlining processes. Similarly, these systems also allow business process managers to create reports containing both financial and non-financial information regarding the project.
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Market factors:
The launch of new products is expected to propel the growth of the global market construction management software market over the forecast period. For example, in March 2020Sage has launched Sage Intacct Construction, a new cloud-based financial management solution.
Moreover, the increasing adoption of construction management software is also expected to contribute to the growth of the market. For example, in November 2021BESIX Watpac, a multi-disciplinary construction company, has chosen Pegasus, an Avetta company, to manage workplace safety standards and workforce compliance on the Sydney Barangaroo Tube Station project.
Market opportunities
The increase in funding is expected to provide lucrative growth opportunities for players in the global construction management software market. For example, in November 2021Mosaic Building Group, a US-based construction technology start-up, raised $44 million in a Series B funding round led by Peak State Ventures, to automate the construction planning process.
Measures aimed at improving construction workforce management are also expected to provide lucrative growth opportunities for players in the global construction management software market. For example, in October 2021Procore Technologies, Inc. has acquired LaborChart, a provider of labor management software for trade contractors and self-employed general contractors.
Major players operating in the global construction management software market are focusing on adopting merger and acquisition strategies to expand their product portfolio. For example, in October 2020CoConstruct, the U.S. SaaS provider of project, financial and customer management software for the construction industry, has acquired CBUSA, a U.S.-based buying network of homebuilder groups, to complement its existing building.
Likewise, in March 2019TriBuild Inc., a SaaS provider for the construction industry, has acquired Radar Construction Software Inc., a cloud-based construction management software company.
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Competitive Landscape:
Key players operating in the global construction management software market include, Autodesk Inc., Buildertrend, Bentley Systems, Inc., BuildStar Technologies, Inc., Buildtools Inc., CATCloud., CMiC., ConstructConnect, e-Builder Inc., eSUB Inc., Jonas Construction Software Inc., Kahua, Inc. , Oracle, PlanGrid, Inc., Odoo SA, Procore Technologies, Inc., Sage Group plc, Systemates, Inc., Trimble Navigation Limited and Viewpoint Inc.
Key players operating in the global construction management software market are focusing on adopting partnership strategies to enhance their market share. For example, in November 2021, Kahua has partnered with VariQ Corporation, a provider of cybersecurity, DevSecOps, and cloud services for federal, state, and local governments. VariQ has joined the Kahua ecosystem as a certified solution provider to deliver solutions on the Kahua platform.
On the basis of deployment, the global construction management software market is segmented into:
On the basis of end-user, the global construction management software market is segmented into:
- Builders and contractors
- Site managers
- Engineers & Architects
On the basis of region, the global construction management software market is segmented into:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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