Press release
Rising Construction Activities Fuel Growth In Construction Software Market: Key Factor Driving The Growth In The Construction Software Market
Construction Software
What Is the Expected Construction Software Market Size During the Forecast Period?
The construction software market will grow from $4.06 billion in 2024 to $4.59 billion in 2025, with a CAGR of 12.9%. Growth is driven by labor shortages in the construction industry, increasing regulatory requirements, the complexity of large-scale projects, more stakeholders involved, and the widespread use of mobile and tablet devices.
The construction software market is projected to grow to $7.35 billion by 2029, with a CAGR of 12.5%. Factors contributing to this growth include the focus on sustainable construction, rising demand for project management tools, growing adoption of building information modeling (BIM), digital transformation in construction, and integration with other enterprise systems. Key trends include innovations in construction technology, the shift to cloud computing, AI and machine learning integration, and enhanced collaboration tools.
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What Are the High-Growth Segments in the Construction Software Market?
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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What Key Drivers Are Expected to Influence Future Construction Software Market Growth?
The increase in construction projects is expected to promote the growth of the construction software market. The growing demand for infrastructure development, urbanization, and renovation projects is driving the increase in construction projects worldwide. Construction software enhances project management, communication, scheduling, and resource allocation, leading to greater efficiency. For instance, the Northern Ireland Statistics and Research Agency reported a 6.5% expansion in the construction industry from 2022 to 2023, with the housing sector growing by 11.1%. This increase in construction projects is propelling the growth of the construction software market.
Which Companies Hold the Largest Share Across Different Construction Software Market Segments?
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 Trends Are Expected to Dominate the Construction Software Market in the Next 5 Years?
In the construction software market, companies are creating intuitive building construction software to improve project management. For instance, in April 2023, Topcon Positioning Systems launched Digital Layout, a user-friendly software to help contractors adopt digital layout workflows, enhancing efficiency and accuracy in building projects.
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What Are the Emerging Geographies for The Construction Software Market Growth?
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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Construction Software Market?
2. What is the CAGR expected in the Construction Software Market?
3. What Are the Key Innovations Transforming the Construction Software Industry?
4. Which Region Is Leading the Construction Software Market?
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