Why Invest in USD 23.9 Billion Construction Management Software Market Reach by 2031

Allied Market Research published a new report, titled, " Why Invest in USD 23.9 Billion Construction Management Software Market Reach by 2031." The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter's Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.

Thriving construction sector and favorable government policies for promoting construction activities will embellish the expansion of the global construction management software market. The onset of new technologies such as artificial intelligence and the internet of things are expected to generate new growth for the market across the globe over the years to come.

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The global construction management software market size was valued at USD 9.3 billion in 2021, and is projected to reach USD 23.9 billion by 2031, growing at a CAGR of 10.2% from 2022 to 2031.

The global construction management software market is segmented based on offering, deployment mode, building type, end user, application and region. By offering, the market is bifurcated into solution and service. By service type, the market is bifurcated into professional services, managed services. By professional services, the market is further divided into training & education, integration & deployment, and support & maintenance. By deployment model, the market is segmented into on-premises and cloud based. By building type, it is categorized into commercial buildings and residential buildings. By industry vertical, the market is divided into BFSI, healthcare, government, manufacturing, retail, and others. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

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Covid-19 scenario:

● The COVID-19 pandemic had a favorable impact on the growth of the global construction management software market, owing to the large-scale use of remote management and monitoring software during the lockdown.

● Moreover, the construction management software helped the construction firms in overcoming daunting challenges such as lower revenue margins, lesser productivity, and a decline in research activities.

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Based on the offering, the solution segment is set to contribute to the highest market share in 2021, accounting for nearly two-thirds of the global construction management software market share. Furthermore, the segment is projected to contribute majorly toward the global market share during the forecast period. The growth of the segment over the assessment period is attributed to the massive requirement of the construction sector for improving construction workloads. However, service segment will record the fastest CAGR of 11.3% from 2022 to 2031. The growth of the segment over the forecast timeframe can be due to the extensive use of construction management software in giant enterprises.

On basis of deployment mode, the on-premise segment contributed to the largest market share in 2021, accounting for nearly three-fifths of the global construction management software market share. Furthermore, the same segment is anticipated to dominate the growth of the global market over the forecast period. The growth of the segment over the assessment period is subject to strong online security provided by on-premise construction management solutions to the construction management software. However, the cloud segment is predicted to record the highest CAGR of 11.4% over the forecast period. The growth of the segment over the forecast timeline can be credited to deployment ease and scalability provided by cloud-based construction management tools to construction management software.

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By Region, North America contributed notably toward the global construction management software market share in 2021, and is projected to continue its dominance during the forecast period. The region accounted for more than one-third of the global construction management software market share in 2021. The regional market growth over the projected timespan is owing to favorable government policies. Nonetheless, the Asia-Pacific construction management software market is set to record the highest CAGR of 11.1% during 2022-2031. The growth of the market in the region over the forecast timespan can be credited to the growing digital transformation of the construction sector in the sub-continent.

The key players profiled in the construction management software market analysis are Autodesk, Inc, Construct Connect, Buildertrend, Bentley Systems, Inc., Oracle corporation, BrickControl.com, CMiC, BuildTools, e-Builder, Inc., Buildstar Technology, Odoo SA, Jonas Construction Software, Inc., Pland Grid, Inc., Sage group plc, Viewpoint, Inc., TRIMBLE, INC., and Systemates, Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the construction management software industry.

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