The global construction software market is predicted to touch USD 2715.6 million at an 8.8% CAGR over the forecast period (2017-2023), states the new Market Research Future (MRFR) report. Construction software, simply put, is a collection of processes, information, and programs used for performing different tasks in building or assembling an infrastructure or structure to increase competitiveness, efficiency, and productivity. Tasks that were previously administered by the project architect, construction engineer, design engineer, and project manager can now be performed through construction software applications. The financial visibility feature of the construction software helps to control expense and estimate costs on projects. Construction software contains a list of programs that are used by architects, foremen, and real estate moguls for simplifying different processes in the construction industry.
The market is enduring an exacting period with its robust growth coming to an abrupt halt in light of the COVID-19 pandemic. MRFR report on market highlights the future prediction and the growth alternatives that can be created.
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The outbreak of the Coronavirus (COVID-19) has caused a lot of hardship across the world. People are struggling with the effects of the COVID-19 pandemic on their health, the economy, and society at large. The Coronavirus pandemic has crippled various industries, including the construction industry. Some of the public construction companies have managed to survive due to public sector construction work. However, these activities are expected to continue for only a short term since the lockdown is expected to continue across several countries. Public-sector construction is expected to halt due to disruptions in the supply chains caused by lack of material and shortage of subcontractors. Companies are terminating contracts to control their expenses. Due to this decline in the construction industry. There has been a significant impact on the construction software market. According to Associated General Contractors (AGC), around 40% of construction firms have had to lay off staff due to the Coronavirus (COVID-19) outbreak.
Regional Analysis
Based on the region, Construction Software Market Covid 19 report covers growth opportunities and the latest trends across the Asia Pacific (APAC), Europe, North America, and the Rest of the World (RoW). Of these, North America will dominate the market over the forecast period. This is owing to increasing adoption of cloud technology and need to reduce paperwork and design time. The US is the key contributor here. The public sector here is investing heavily in the construction industry, which is creating higher opportunities for software providers. Moreover, Canada is also contributing due to the growing number of long-term infrastructure plans there.
The construction software market in the APAC region is predicted to grow at the fastest pace over the forecast period. This is owing to the quick development of public infrastructure, coupled with increased investment in smart city projects. Main sectors using construction software include housing, healthcare, transportation, and infrastructure. The construction sector in this region is predicted to flourish owing to the development of infrastructural projects such as water/sewerage plants, transportation projects, and electricity works. Besides, governments here are pushing the construction sector to adopt new technology and construction software.
The construction software market in Europe will have a notable growth over the forecast period owing to organizations being involved in construction, engineering, and architecture. Moreover, increasing cost-saving needs and strict government initiatives play an imperative role in pushing market growth in this region.
Key Players
Leading players profiled in the construction software market report include Comprotex Software Inc., Constellation Software Inc., Trimble Inc., Oracle Corporation, Sage Group PLC, Turtle Creek Software, iSqFt, Procore Technologies, Builder MT, and Builder TREND, among others. The key players have acquired certain strategies to maintain their foothold in the market, such as expansion, mergers and acquisitions, product innovations, and more.
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