Construction Software Market

The construction software market is expected to increase significantly. To suppress aging hardware costs and improve efficiency, contractors are transitioning towards cloud-host systems. Other benefits such as access to real-time data from any location via numerous mobile devices, promoting greater capabilities and tighter integration with other software used by contractors are fuelling construction software.

The global construction software market is expected to grow at 8.8% CAGR during the forecast period, 2017-2023. In 2017, the market was led by cloud-based with 31% share, followed by on-premise and web-based with shares of 42% and 27%, respectively. The rise in investments in developing and developed countries are expected to show significant growth in the construction market during the next ten years. With the growing construction sector, the opportunities for construction software market are on the rise.

The global construction software market has been segmented based on product, application, and region. Of all the applications, general contractors accounted for the largest market share of 32% in 2017, with a market value of USD 511 million, which is projected to grow at CAGR of 8.0% during the forecast period. Construction software enables the required improvements in multiple domains which helps to reduce the errors and clashes. This also provides the parameters for the engineers to evaluate the ongoing work with the predesigned structure and if anything is not correct then make the changes in real time. These benefits of construction software help to analyze the proposed project, simulate and enable improvement and innovative solutions.

· Increasing popularity of cloud-based construction management software

· Rising investments in the construction sector

Key Vendors

· Oracle Corporation.

· Trimble Inc.

· Constellation Software Inc.