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Construction Design Software Market Report 2024 - Construction Design Software Market Trends And Forecast
Construction Design Software Market
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According to The Business Research Company's, The construction design software market size has grown strongly in recent years. It will grow from $9.68 billion in 2023 to $10.57 billion in 2024 at a compound annual growth rate (CAGR) of 9.1%. The growth in the historic period can be attributed to manual drafting and design limitations, adoption of computer-aided design (cad) software, growth of the architecture, engineering, and construction (aec) industry, complexity of modern construction projects, demand for precision and accuracy in design.
The construction design software market size is expected to see strong growth in the next few years. It will grow to $14.47 billion in 2028 at a compound annual growth rate (CAGR) of 8.2%. The growth in the forecast period can be attributed to evolution of building information modeling (bim), improvement in hardware capabilities for design software, integration of design software with project management tools, development of mobile design applications, customization and personalization of design solutions, emphasis on user-friendly and intuitive design interfaces. Major trends in the forecast period include advances in 3d modeling and visualization technology, integration of artificial intelligence for design optimization, growth of virtual reality (vr) and augmented reality (ar) in design, advances in generative design and parametric modeling, integration of real-time data and analytics in design processes, adoption of machine learning for predictive design insights, collaboration between design software providers and sustainability experts.
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Market Drivers and Trends:
Increasing demand for construction activities is expected to propel the growth of the construction design software market going forward. The construction combines various elements to create a structure for a specific location, using a detailed design and plan. Construction companies utilize design software for 3D modeling, design collaboration, cost estimation, and schedule management to improve their projects' efficiency. For instance, in June 2021, according to the Stats NZ Tauranga Aotearoa, a New Zealand-based government data agency, building activities increased by 3.7% in March 2021. Further, in 2021, residential activities rose 4.3% compared to 2020. Additionally, according to US Census Bureau, the value of construction activities increased from $1,626.4 billion in 2021 to $1,792.9 billion in 2022, with a growth rate of 10.2%. Therefore, an increasing demand for construction activities is driving the growth of the construction design software market.
Technological advancements are a key trend gaining popularity in the construction design software market. Major companies operating in the construction design software market are adopting new technologies to sustain their position in the market. For instance, in September 2021, Vectorworks Inc., a US-based software company, launched the latest version of the Vectorworks 2022 product line, offering next-generation performance and feature-rich upgrades that enable designers to develop without boundaries. The next-generation technology, 3D and building information modeling (BIM) workflows, interoperability, landscape and GIS, and entertainment design workflows are all improved in the Vectorworks 2022 product line. Additionally, the stair tool has been enhanced to allow for direct editing, which makes building complicated objects easier. A consistent interface, stronger visual signals, a new search option, and an updated formula bar with a new set of functions are all features of updates to the worksheet database and data manager that make it simpler to create focused reports, schedules, and material takeoffs.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
Oracle Corporation, Schneider Electric Industries SAS, SAP SE, Dassault Systemes S.A, Autodesk Inc., Trimble Inc, Sage Group Plc., PTC Inc., Xero Ltd, Bentley Systems Inc., Procore Technologies Inc., Odoo SA, RIB Software SE, Graphisoft SE, CMiC, Fieldwire, Vectorworks Inc., Buildertrend, Constellation HomeBuilder Systems, e-Builder Inc., Rhino, Chief Architect Inc., Act-3D B.V., Lumion, Adeaca Corp, Contractor Foreman.
Construction Design Software Market 2024 Key Insights:
• The construction design software market size is expected to see strong growth in the next few years. It will grow to $14.47 billion in 2028 at a compound annual growth rate (CAGR) of 8.2%.
• Surging Construction Demand Propels Growth In Construction Design Software Market
• Tech Advancements Drive Evolution In Construction Design Software Market
• Asia Pacific was the largest region in the construction design software market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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