by The Construction Management Software Market is estimated to be valued at US$ 1.77 Bn or Billion in 2023 and is expected to exhibit a CAGR of 8.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Construction management software helps in streamlining project management activities during the entire construction process right from initial planning to completion of the project. The software enables centralized access to all project related documentation and helps track project costs, schedules, budgets and risks in real time.
Market key trends:
One of the major trend spurring the demand for construction management software is the ability of the software to integrate data from building information modeling (BIM), geographic information system (GIS), equipment and inventory tracking sensors, and third-party applications. This integration allows all project stakeholders to have the centralized access to project related data and information. For instance, integration with BIM enables automatically synchronizing changes in design and plans in real-time across the project. This centralized access improves collaboration between project team members and helps address issues faster. The data integration capability of construction management software is thus fueling its adoption across construction organizations.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as start-ups find it difficult to compete with the established players due to high costs associated with R&D. Bargaining power of buyers: The bargaining power of buyers is high as construction management software has many substitutes available and buyers can switch between vendors easily. Bargaining power of suppliers: The bargaining power of suppliers is low as there are many supplier options available for raw materials and components required for construction management software. Threat of new substitutes: The threat of new substitutes is high as there are many open-source and low-cost alternatives available that can be substituted. Competitive rivalry: High due to presence of many software vendors providing differentiated products.
SWOT Analysis
Strengths: The construction management software offer capabilities like project management, scheduling, cost control & billing which helps in efficient management of projects. Weaknesses: High upfront costs and implementation challenges. Opportunities: Growth in construction industry and increasing demand for advanced solutions. Threats: Cyber security threats and availability of open source alternatives.
Key Takeaways
The Global Construction Management Software Market Growth is expected to witness high growth, exhibiting CAGR of 8.2% over the forecast period, due to increasing digitalization and demand for enhanced project visibility. Regionally, North America dominated the construction management software market in 2023 with highest market share of over 35%, owing to rapid adoption of new technologies. The market in Asia Pacific is expected to exhibit fastest growth rate over the forecast period due to rising construction activities in countries like China and India.
Key players operating in the construction management software market are BENTLEY SYSTEMS, INCORPORATED, PlanGrid, Inc., Procore Technologies, Inc., Sage Group plc, Trimble Navigation Limited, 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, and Odoo S.A.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
