Construction Management Software Market Astonishing Growth with 8.2% CAGR during Forecast period 2021-2028

 

Construction Management Software Market

In the Construction Industry, Construction Management Software aids in project planning and scheduling. This is accomplished by sequencing the construction project's operations and making effective use of the schedules generated by a work breakdown structure. Construction software management features and functions include specifying a project's objectives and plans, which include scope delineation, budgeting, scheduling, setting performance requirements, and selecting project participants. Construction management software aids in the monitoring of the cost-control system in order to achieve an estimated profit on projects and to track the predicted results.

Construction project management software enables features that monitor various stages of a project, such as procurement of design services and contractors, contract methods, and construction contract process management, to manage construction projects from their inception. During the forecast period, the construction management software market is expected to grow significantly (2021–2028). Rising cloud-based software popularity, increased product output, increased application of lean management in construction management, increased automated processes, and the need for regular follow-ups are some of the factors that will drive the construction management software market during the forecast period.

The Global Construction Management Software Market was valued at US$ 1.4 Bn in 2020 and is expected to reach US$ 2.6 Bn by 2028 at a CAGR of 8.2% between 2021 and 2028.

Increasing research activities and business expansions, on the other hand, will create new opportunities for the growth of the construction management software market during the forecast period. The main factor impeding the growth of the construction management software market is a lack of awareness about construction management software, as well as a shortage of skilled labour.

Construction Management Software Market Segments-

·        By Deployment: Cloud-based and On-premise

·        By End User: Builders & Contractors, Construction Managers, and Engineers & Architects

·        By Region: North America, Europe, Latin America, Asia Pacific, and Middle East & Africa

North America is expected to dominate the construction management software market during the forecast period, while the Asia Pacific region is expected to grow at the fastest rate between 2021 and 2028. The expected dominance of North America in the market can be attributed to the region's high volume of construction projects, whereas Asia Pacific's increasing growth rate can be attributed to the increasing number of construction projects in China and India.

The oil and gas industry is expected to drive significant growth in demand for construction management software. This is because the software improves transparency in brownfield, onshore, and shale-based construction projects. The software also aids in the monitoring of oil and gas plant development as well as deep water oil and gas projects.

Top Players involved are- 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, Odoo S.A.

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