The global Construction Management Software Market is estimated to be valued at US$ 1.77 Bn in 2023 and is expected to exhibit a CAGR of 8.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Construction management software helps streamline and manage the construction process efficiently. It offers tools to manage schedules, budgets, contracts and documentation. The software allows tracking of on-site activities, project deadlines and budget through its collaborative platform. It offers mobility features for stakeholders to access project updates anytime and from anywhere. The software improves communication between various teams involved in a project through its centralized database. This improves productivity and reduces delays and cost overruns.
Market key trends:
The rising adoption of cloud-based construction management solutions is a key trend in the market. The cloud-based models help construction companies to access the software from remote locations using smartphones, tablets or laptops. The cloud deployment model eliminates upfront capital expenditure on software licenses and related IT infrastructure. It offers flexibility, scalability and higher collaboration through its remote access capabilities. The increasing popularity of Software-as-a-Service (SaaS) model among small and medium contractors is expected to support the adoption of cloud-based construction management solutions over the forecast period.
Porter’s Analysis
Threat of new entrants: Low capital requirements and lack of major entry barriers allow new players to enter the market easily. However, established players have strong brand recognition and client relationships.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of alternatives and price comparison. However, switching costs associated with change of software reduces bargaining power.
Bargaining power of suppliers: Few large players dominate the supply market resulting in high bargaining power of suppliers.
Threat of new substitutes: emergence of new construction management technologies like cloud and mobile applications poses threat of substitution.
Competitive rivalry: Intense competition exists among key players to increase market share through product differentiation and customer acquisition.
Key Takeaways
The Global Construction Management Software Market Growth is expected to witness high growth, exhibiting CAGR of 8.2% over the forecast period, due to increasing demand for advanced software solutions to streamline project management processes.
Regionally, the market in North America dominated the global construction management software market in 2022. However, Asia Pacific region is expected to witness fastest growth during the forecast period due to rapid urbanization and infrastructure development activities in the region.
Key players operating in the construction management software are BENTLEY SYSTEMS, INCORPORATED, PlanGrid, Inc., Procore Technologies, Inc., Sage Group plc, Trimble Navigation Limited, Viewpoint, Inc., Oracle, BrickControl.com, BuildStar Technologies, Inc., Buildtools Inc, CATCloud., e-Builder Inc., eSUB Inc., Jonas Construction Software Inc, Systemates, Inc., Autodesk Inc., Buildertrend, CMiC. These players are focusing on new product launches and partnerships to increasing their market share.
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