Yahoo Finance Construction Software Market will worth USD 3622.8 million by 2030 : GreyViews
Construction Software Market Size by Component Type (Services and Software), By Modules (Procure Management, Labor Management, Customer Management, Real Estate Management, Finance Management and Others), By End-User (Owners, Engineers, Home Remodelers, Contractors, Architects and Others), Regions, Segmentation, and forecast till 2030.
Pune India, Feb. 06, 2023 (GLOBE NEWSWIRE) -- The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and the Middle East and Africa. These are the key regions where the construction software market is operating and is predicted to expand soon. The manufacturers and suppliers involved in the construction software market are present across various countries in the above-mentioned regions.
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The report provides a detailed understanding of the market segments which have been formed by combining different prospects such as component type, modules, end-user, and regions. Apart from this, the key driving factors, restraints, potential growth opportunities and market challenges are also discussed in the below paragraphs.
The significant players operating in the global construction software market are Arkema S.A., Dura-Bond Industries, Tenaris, Wah Seong Corporation Berhad, The 3M Company, Winn & Coales Ltd, Shawcor Ltd., PPG Industries, Wasco Energy Group of Companies, BASF SE, L.B. Foster Company, Aegion Corporation, Eupec Pipecoatings Company Ltd., and Berry Plastics CPG. among others. To achieve a substantial market share in the worldwide construction software market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.
Construction softwares is widely used in various construction projects to keep a check on all the activities. A cloud-based technology adoption can add more value to construction software, resulting in a significant increase in long-term benefits, among which are construction professionals becoming aware of the technology and adopting it. A growing demand for digitalization in construction projects is driving the adoption of cloud-based technology, fueling the global construction software market to grow.In addition, over the forecast period, the demand for construction software is expected to bolster as more infrastructure projects are completed, lean management processes are integrated, financial visibility is improved, projects are managed effectively, and projects are completed on schedule. The construction management software helps to monitor the cost-control system to achieve an estimated profit on projects and to monitor the predicted results. By allowing features that allow users to monitor various phases of construction projects, such as procurement of design services and contractors, contract methods, and the management of the construction contract process, construction project management software can be used to manage construction projects from the beginning.
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Scope of Construction Software Market Report:
Report Metric | Information |
Study Period | 2022-2030 |
Base Year | 2022 |
Forecast Period | 2023-2030 |
Market Share Unit | USD Million |
Segments Covered | Component Type, Modules, End-User, and Regions. |
Regions Covered | North America, Europe, Asia-Pacific, South America, and Middle-East and Africa |
Major Players | Arkema S.A., Dura-Bond Industries, Tenaris, Wah Seong Corporation Berhad, The 3M Company, Winn & Coales Ltd, Shawcor Ltd., PPG Industries, Wasco Energy Group of Companies, BASF SE, L.B. Foster Company, Aegion Corporation, Eupec Pipecoatings Company Ltd., and Berry Plastics CPG. among others |
Segmentation Analysis
Software is expected to be the fastest-growing segment in 2022.
The component type segment includes services and software. The software segment is expected to witness the highest growth rate during the forecast period. A rising adoption of construction software in the real estate and construction industry has led to the largest market share for the software segment. In addition, consulting services will boost market growth as they are employed to make resilient supply chains in residential, industrial, commercial and institutional construction projects.
Customer management is expected to be the fastest-growing segment in 2022.
The modules segment includes procure management, labor management, customer management, real estate management, finance management and others. The customer management segment is expected to witness the highest growth rate during the forecast period. As a result, customer management is expected to grow at the fastest pace. This significant growth is primarily attributed to the increasing use of technology that assists customers and clients in visualizing designs and managing work efficiently. A significant share of the market is accounted for by the finance management segment, according to the share analysis.
Contracts are expected to be the fastest-growing segment in 2022.
The end-user segment includes owners, engineers, home remodelers, contractors, architects and others. The contractors segment is expected to witness the highest growth rate during the forecast period. In the end-user segment, a wide variety of verticals use construction software for one or more tasks. Since contractors oversee a construction site on a daily basis to ensure that resources are allocated correctly, materials are planned properly, and equipment is necessary for the project to be built, the contractors segment contributed the largest share to the construction software market.
Regional Analysis
The regional analysis provides a detailed perception of the key regions and the countries. Some of the key countries analyzed for the construction software market include the US, Canada, Mexico, Germany, France, the U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa, and Saudi Arabia.
The Asia Pacific region witnessed a major share. Construction software industry in Asia Pacific has seen rapid growth because emerging economies such as India, China and South Korea have contributed greatly to it. The forecast period will see the fastest growth in the region. With the increasing number of construction projects in India and China as well as government support in launching these huge construction projects, the construction software market is expected to grow.
Country Analysis
Germany
Germany's construction software market size was valued at USD 142.5 million in 2022 and is expected to reach USD 273.6 million by 2030, at a CAGR of 8.5% from 2023 to 2030.
Demand for construction project management solutions is fueled by the growing awareness of their benefits and increasing spending on them. Technological advances, the availability of the latest technologies, and the early adoption of advanced construction solutions positively influence market growth as well.
China
China’s construction software market size was valued at USD 190.7 million in 2022 and is expected to reach USD 374.43 million by 2030, at a CAGR of 8.8% from 2023 to 2030.
Building companies are increasingly embracing various construction solutions and services, driving regional market growth. Chinese construction software accounts for substantial shares in the APAC construction software market because of significant technological advances and new product launches.
India
India's construction software market size was valued at USD 146.6 million in 2022 and is expected to reach USD 285.7 million by 2030, at a CAGR of 8.7% from 2023 to 2030.
Building projects would benefit from increased productivity, efficiency, and quality & integration, resulting in a growing market size. Furthermore, the introduction of various construction software and technological advancements will have a positive impact on market share.
Covid-19 Impact
Covid-19 had a major impact on almost all industries, such as electronics, semiconductors, manufacturing, automobile, etc. However, several companies operating in the technology sector have seen increased revenue due to significant changes in consumer preferences toward technological services. In addition, the pandemic has led to significant growth in technology across developing and developed countries.
Furthermore, the growth of this market is mainly driven owing to the rising demand in the construction sector for efficient construction processes..
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