Global Construction Management Software Market Analysis, Revenue Opportunity, Market Share, Competitive Analysis, And Forecast 2022-2030

Publish Date: Mar 2024
Report ID: ICT-250
Base Year: 2023
Report Format: PDF, Excel
Report Pages: 198
Region: Global

Increasing cost pressure, surge in IT spending to bolster the global market

Globally, builders, construction companies, and contractors face cost pressures to execute better and plan projects. Construction management software is an IT solution that increases productivity significantly. The strong performance of the construction technology ecosystem to propel the demand for construction management software in the coming period. The construction industry spends the least money on IT solutions – this has been cited as one of the critical challenges in adopting construction management software. Digital penetration of the construction sector remains relatively low compared to other industries, including finance and telecom. Moreover, the rise of specialist workflow automation tools and the availability of mobile-first applications are expected to provide thrust to the market.

Huge growth opportunities for the construction management software market, supported by disruptive digital technologies

The construction management software market is expected to grow at a considerable rate of more than 15% during the forecast period of 2022-2028, mainly driven by a rise in IT spending by construction organizations. Construction management software support for the construction organizations and contractors in a wide range of activities, including project management, financials, people management, storing documents, activity management, machinery, reservations, etc. Globally, management software for the construction industry is becoming a promising solution and attracting more capital from investors. As a result, many start-ups have developed innovative and niche solutions in the construction management software market. Moreover, the companies operating in the market are operating with a margin of 20% to 40%.

Growing investments and resumption of pending projects in Europe, the US, and the MEA to strengthen the market

The construction industry observed remarkable resilience during 2020-21 due to the outbreak of COVID-19. The global construction industry was estimated at US$ 10.7 trillion in 2020, and RationalStat expects this to reach a value of US$15.2 trillion, registering a growth of more than 42%. The usage of construction management software is dependent on the growth of the regional construction market. Globally, North America and Europe dominate the global construction management software market with a share of more than 50% in 2021, followed by the Asia Pacific, the Middle East & Africa. Overdue infrastructural projects in the US, Europe, and the Middle East & Africa are set to offer significant growth in the construction management software market. Construction companies are moving towards electronic tendering, thus supporting the need for construction management software. Germany, Italy, and the UK are already leading the market due to the prevalence of electronic tendering for large projects. China and India are the most prolific market for construction software companies.

Market structure and Competitive Landscape

The global construction management software market has a lot of players across the world, including global as well as regional. The global construction management software market is highly fragmented, with leading companies accounting for a meager share. Some of the prominent players that contribute significantly to the global construction management software market include Procore Technologies, Inc., RIB Software SE (Schneider Electric), Bentley Systems, Inc., Contractor Foreman, BPA Solutions, Fortive, Trimble Inc. (Viewpoint), Oracle, Archdesk, Nexvia, Builderhead, Nemetschek Group, Capmo GmbH, RedTeam, among others.

Industry consolidation has recently been observed in the construction management software market. It has been observed that global players are on a spree to merge small and domestic companies.

Players involved in the global construction management software market adopt various strategies to increase the market share and gain a competitive edge over competitors. New product and software launches, mergers, and acquisitions are some of the strategies followed by the market players. Some of the key developments in the global construction management software market include,

  • In May 2019, the San Diego-based software developer eSub Construction Software raised US$ 12 million in financing for its project management platform for contractors.
  • In 2018, Fortive, a diversified industrial group, acquired Gordian, a construction software company, from Warburg Pincus and Education Growth Partners for approximately US$ 775 million in cash.

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