Press release
Major Market Shift in Construction Software Industry: Key Player Solutions Revolutionizing Building Construction Software Market
Construction Software Market Size
In recent times, the construction software market has seen a swift expansion in its size. It is projected to enlarge from a value of $4.06 billion in 2024 to $4.59 billion in 2025, exhibiting a Compound Annual Growth Rate (CAGR) of 12.9%. The expansion during the historic phase is due to factors such as labor scarcities in the construction field leading companies to resort to software, escalated regulatory necessities, as the scale and complexity of construction projects have been amplified. Additionally, the increase in stakeholders, as well as the pervasive use of mobile phones and tablets, contribute to this growth.
The building software market is anticipated to experience a swift expansion in the forthcoming years, reaching an expected value of $7.35 billion in 2029. This represents a Compound Annual Growth Rate (CAGR) of 12.5%. This surge during the forecast period is primarily due to an emphasis on eco-friendly construction methods, increased need for project management tools, augmented adoption of Building Information Modeling (BIM), digitization in construction, and the requirement for uninterrupted integration with other corporate systems. Noteworthy trends during the predicted period comprise advancements in construction technology, a shift towards cloud-based computing, incorporation of AI and machine learning, improved collaboration instruments, and integration with IoT gadgets.
What Are the Primary Growth Drivers for the Construction Software Market?
The surge in construction projects is anticipated to fuel the growth of the construction software market in the future. Construction projects, which encompass the conceptualization, execution, and oversight of infrastructure developments or building structures, are on the rise due to the burgeoning demand for infrastructure development, urbanization, and renovation projects worldwide. Construction software is used by construction firms to enhance project management efficiency, improve communication, streamline scheduling, and refine resource allocation, which ultimately helps to cut costs and increases operational efficiency. For example, the Northern Ireland Statistics and Research Agency, a public authority based in Ireland, published a quarterly construction review in June 2023. It showed that from the first quarter of 2022 to the first quarter of 2023, the overall construction industry saw a growth of 6.5%, with an 11.1% rise in the housing construction sector and a 3.7% increase in the infrastructure subsector. Consequently, the surge in construction projects is bolstering the growth of the construction software market.
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Which Businesses Are at the Forefront of Construction Software Market Development?
Major companies operating in the construction software market are Microsoft Corporation, Oracle Corporation, Intuit Inc., Autodesk Inc., Constellation Software Inc., Trimble Inc., Sage Group plc, Bentley Systems Inc., Nemetschek Group, Jonas Construction Software Inc., Procore Technologies Inc., ConstructConnect Inc., Buildertrend Solutions Inc., Computer Methods International Corp. (CMiC), InEight Inc., Heavy Construction Systems Specialists Inc. (HCSS), STACK Construction Technologies Inc., Fieldwire, Bridgit Inc., Plexxis Software Inc., CoConstruct LLC, Corecon Technologies Inc., Esticom Inc.
What Are the Latest Innovations in the Construction Software Market?
The primary firms in the construction software market are focusing on the creation of innovative solutions such as user-friendly construction software in order to improve efficiency and productivity in the construction sector. Such software provides intuitive interfaces and features for the design, planning, and management of construction jobs, optimizing the workflow for architects, engineers, and contractors. As an example, in April 2023, Topcon Positioning Systems Inc., a U.S. company specializing in precision positioning technology solutions, introduced Digital Layout. This intuitive construction software is engineered to assist more contractors in adopting digital layout workflows, enhancing precision, efficiency, and productivity. The software has been meticulously crafted to offer a unique edge in the fast-paced construction sector, catering to an array of professionals including general contractors, concrete contractors, MEP contractors, steel erectors, fire suppression companies among others. It seamlessly integrates with 2D, 3D, and BIM workflows, and operates effectively on Microsoft Windows and Android systems.
How Is the Construction Software Market Segmented?
The construction software market covered in this report is segmented -
1) By Type: Project Management, Account Or Financial Management, Quality And Safety, Field Productivity, Other Types
2) By Deployment Mode: Cloud, On-Premise
3) By Organization Size: Large Enterprise, Small And Medium Enterprises
4) By Application: General Contractors, Building Owners, Architects And Engineers, Sub-Contactors, Specialty Contractors
Subsegments:
1) By Project Management: Scheduling Software, Collaboration Tools, Project Tracking And Reporting
2) By Account Or Financial Management: Budgeting And Forecasting Software, Billing And Invoicing Software, Financial Reporting And Analytics
3) By Quality And Safety: Safety Management Software, Quality Control And Compliance Software, Risk Management Software
4) By Field Productivity: Mobile Workforce Management Software, Time Tracking And Labor Management Software, Equipment Management Software
5) By Other Types: Estimating And Bidding Software, Building Information Modeling (BIM) Software, Procurement And Supply Chain Management Software
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Where Is the Construction Software Market Growth Most Prominent?
North America was the largest region in the construction software market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the construction software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
What Is Covered In The Construction Software Global Market Report?
- Market Size Analysis: Analyze the Construction Software Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Construction Software Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Construction Software Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Construction Software Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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