Construction Mgmt Software: $2.6 Billion by 2028

The global construction management software market was valued at US$ 1.4 Billion in 2020 and is expected to surpass US$ 2.6 Billion by 2028, registering a CAGR of 8.2% during the forecast period (2021-2028), published by Coherent Market Insights.

Aimed at making construction business processes easier, the construction management software, by definition is a project management tool designed specifically for construction professionals. This kind of software offers a range of benefits to members of the construction industry such as streamlining manual processes, which include communication, decision-making, and job scheduling, among others. For instance, JobProgress is an all-in-one, cloud-based software specifically built for contractors. It is a productivity platform that allows contractors to manage their business fromanywhere, any time. The contractor and their team can track, monitor, and measure a job site’s progress. It also comes with an app and an online dashboard.

Despite the growing popularity of construction management software among small and large scale builders, construction management software still remains a virtually untapped technology for many construction companies.

Global Construction Management Software Market – Impact of Coronavirus (Covid-19) Pandemic

With the COVID-19 pandemic lurking around, construction management software is likely to provide a 360-degree view of analysis in terms of import and fare control, flexibility chain, provincial government strategy, future impact on the business, among others. Hence, the reliance on such digital solutions has greatly increased. Project managers focus on evaluating the critical ways in which the pandemic affects their teams to mitigate the negative effects and plans to recover, even remotely. It is evident that enterprises are intending to harness digital channels that could provide proper planning an d scheduling, team collaboration, project budgeting, among others, and ultimately leading to supplement and further strengthen their relationships with their customers.

Key Trends and Analysis of the Global Construction Management Software Market:

  • North America is expected to dominate the construction management software market during the forecast period, owing to the high volume of construction projects in the region. Residential sector is considered as the primary driver of the booming construction industry growth in the region.
  • Asia Pacific region is expected to witness the highest growth rate during the forecast period, owing to the increasing number of construction projects in China and India. With huge number of ongoing construction project opportunities, India is the third largest contributor of economic growth across the globe. Moreover, the construction industry in India employs more than 40 million people and has a large pool of low-cost workers. Besides, various governmental flagship programs such as ‘Smart Cities’, ‘Housing for All’, ‘Make in India’, and ‘Atal Mission for Urban Rejuvenation and Transformation’ (AMRUT) are expected to drive growth of the market.
  • Oil and gas sector is expected to drive the market growth during the forecast period. This is owing to the fact that the construction management software helps in monitoring the oil and gas plants as well as the deep water oil and gas developments. Due to the complexity of operations, oil and gas companies require construction management software to optimize resources and track milestones for capital investments, expansion into new markets, and production activities. Oil and gas project management software can also be used to manage the risks associated with every type of project, and help in cost reduction, increased productivity, and better safety for employees. Project managers and their teams use this software to plan, implement, monitor, close, and evaluate oil and gas projects.
  • Major players operating in the global construction management software market 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., ConstructConnect, and Odoo S.A.

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