Construction Project Management Software Market to Witness Significant Growth Owing to Early Adoption of Novel Technologies | Radiant Insights, Inc

Construction Project Management Software Market to Witness Significant Growth Owing to Early Adoption of Novel Technologies | Radiant Insights, Inc

PR Newswire

SAN FRANCISCO, March 3, 2020

SAN FRANCISCO, March 3, 2020 /PRNewswire/ -- The global Construction Project Management Software Market size is expected to enlarge by 2022. Construction sector has undergone huge transformation in the past few years and embraces new strategies and policies on technological front with several objectives. Digital transformation empowers construction sector to expand and scale resources to achieve resource optimization.

Construction delays occur due to several reasons caused by various entities that affects construction schedule therein resulting in claims. Time-based construction claims relays a consequential effect on construction projects. Hence, construction management is a widely accepted concept that encompass various components right from ownership to delivery. Major components covered within the scope of construction project management includes planning, scheduling, implementation and assessment, quality control, liasoning and organizing. Therefore, a formation of important links take place between consumer expectations and project completion. Hence, construction management software forms a part of powerful strategies adhering to success metrics both for implementing companies and managing consumer expectations.

The construction project management software market is driven by shift in approach for budgeting and estimation activities. Automation and software is likely to takeover in construction sector to reduce human dependence and facilitate in planning resources. Therefore, construction project management mainly relies on a functional and centralized database that helps in gaining speed and traction to reach projects objective within a dedicated schedule. Moreover, technological approach for resource management contributed significantly in market development. It is also predicted that the construction sector might expand by 8-9% annually in the near future which in turn impels the market to adopt software products for project management in the long term.

On contrary, the construction project management software might experience challenges such as high investment costs, lack of digital competency, standardization and authenticity issues, dearth of skilled technicians and routine maintenance for software. However, creation of employment, demand for a skilled workforce and boosting a data culture in construction industry is anticipated to create novel opportunities in the near future.

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By product, the construction project management software market can be segmented as installed PC software, installed mobile software and cloud-based software. Cloud-based software is more likely to have the largest share in the product category due to its versatility and reliability. PC software is the second largest growing segment attributing to convenience of offline storing of confidential and sensitive records.

By application, the construction project management software market can be segmented as building owners, independent construction managers, general contractors and sub-contractors. Independent construction managers is more likely to gain a significant traction in the years to come attributing to high awareness and benefits. Software practices prove beneficial in terms of resource planning and management for contractor community thereby encouraging contractors to employ with project managements software.

By region, the construction project management software market is segmented as North America, South America, Europe, Asia Pacific, Middle-East and Africa. North America holds the largest share in the global scenario attributing to a developed technological infrastructure, high consumerism, favorable real-estate scenarios, and development of massive projects. Moreover, the regional markets are strongly influenced by the presence of third-party vendors, and data-centers with digital logistics support.

Europe is a second largest market followed by Asia Pacific attributing to high adoption of technology, use of state-of-the-art techniques and robust data culture. The scenario in Asia Pacific is slightly different than Europe in terms of technological approach, data collection and aggregation and distribution of digital resources. However, digital standardized system is gaining a steady traction for construction projects in Asia Pacific.

Some of the key players in the construction project management software market are Aconex Ltd, Oracle, Procore, Odoo S.A., CMiC, Sage, Viewpoint Inc., Jiansoft, Yonyou, Jinshisoft, MyCollab, Microsoft, Fieldwire, Co-Construct, RedTeam, eSUB and GLODON. Major players are adopting strategic collaborations and alliances to support business expansion and market position.

The global Construction Project Management Software market was valued at 1029.54 Million USD in 2017 and will reach 1652.58 Million USD by the end of 2022, growing at a CAGR of 9.93% during 2017-2022.

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Construction project management involves the planning, coordination, and control over the various tasks involved in construction projects. This could include different types of construction projects, like agricultural, residential, commercial, institutional, industrial, and heavy civil, and environmental.

Construction Project Management Software can be divided into three categories: Installed-PC type, Installed-Mobile type and Cloud Based type. Installed-PC type accounted for the highest proportion in revenue market, with a figure of 65.25% in 2017, followed by Cloud Based type, account for 27.11% and Installed-Mobile type account for 7.64%.

The market size share of global Construction Project Management Software in General Contractors use, Building Owners use, Independent Construction Managers use, Sub Contractors use and other applications have been stable year by year, at 45.01%, 25.82%, 8.46%, 11.33% and 9.39% respectively in 2017, and for several consecutive years, the amplitude was within one percent. This indicates that the segment of the Construction Project Management Software in the global market tends to be fixed without great changes. Among them, the Construction Project Management Software market has the most promising sales prospects in General Contractors use.

USA is one of the largest consumption countries of construction project management software in the world in the past few years and it will keep increasing in the next few years. USA market took up about 28% the global market in 2016, while Europe was 27%, and China is followed with the share about 19%. USA, Australia, Canada, UK and China are now the key developers of construction project management software. There are some vendors with poor quality products, and the Chinese market is still led by the local vendors by the share more than 50%. But the high-quality products are mainly supplied by overseas producers.

Aconex Ltd, Procore, Sage, Buildertrend, e-Builder, Oracle, Odoo S.A, Microsoft, GLODON and Jiansoft, etc. are the key suppliers in the global Construction project management software market. Top 10 took up about 52% of the global market in 2016. The top ten, which have leading technology and market position, are well-known suppliers around the world.

Market Segmentation:

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