July 24, 2020
According to the research report titled ‘Global Construction Project Management Software Market Size study, By Type (Installed-PC Software, Installed-Mobile Software, Cloud-based Software) By Application (General Contractors, Building Owners, Independent Construction Managers, Sub-Contractors) and Regional Forecasts 2020-2027’, available with Market Study Report LLC, global construction project management software market was accounted for USD 1.4 billion in 2019 and is expected to grow with a CAGR of 12.43% over 2020-2027.
Booming construction sector worldwide is responsible for the widespread adoption of construction project management software, thereby driving the market growth. Increasing construction activities in emerging countries offer lucrative growth opportunities for global construction project management software market. As per Statista, worldwide construction expenditure was USD 11.4 trillion in 2018 and is poised to reach USD 14 trillion by the year 2025.
Notably, construction project management software is a tool for project management that is designed especially for construction companies and professionals. It enables the construction companies in securing construction process. It also improves accountability, efficiency, and ensures smooth processing.
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Lower penetration of construction project management software in emerging economies is expected to restrain the market growth over the forecast period. Furthermore, high cost of construction management software makes it difficult for the small construction firms to afford it, thereby posing a challenge for market scenario.
With respect to type, the market is divided into installed-mobile software, installed-PC software, and cloud-based software. Based on application spectrum, the industry is segmented into building owners, general contractors, sub-contractors, and independent construction managers.
Considering the regional overview, global construction project management software market is categorized into Europe, North America, Latin America, Asia Pacific, and rest of the world. In 2019, North America held the largest market share and is anticipated to witness highest CAGR over 2020-2027, owing to high rate of infrastructure development in the United States. Furthermore, rise of business & leisure travel which led to an increase in housing construction activities along with strong presence of major suppliers in the region will drive the growth of North America construction project management software market.
Major players operating in global construction project management software industry are Buildertrend, Procore, Finalcad, Aconex Ltd., Jonas, Co-construct, RedTeam Software LLC, Microsoft, MyCollab, Odoo S.A, and Oracle.