Market Trends of Construction Management Software Industry
This section covers the major market trends shaping the Construction Management Software Market according to our research experts:
Robust Demand for Cloud Construction Management Software
- The sector has seen tremendous migration to the cloud over the past five years, owing to the popularity of cloud-based construction management tools. It's become increasingly crucial to maintain the current technology as the shift to cloud-based work to improve transparency and productivity on job sites has only accelerated in recent years.
- In the previous year, the cloud category held the largest market share. Further, to increase productivity, the cloud-based solution enables outsourcing IT activities. It allows project managers to synchronize with several teams and communicate with them to get real-time data across all project sites. It has emerged as the most popular method of deploying building and design software, and it is anticipated that it will keep hold of that leadership during the projected period.
- Numerous prominent companies, like Autodesk, Microsoft, and Oracle Corporation, provide building and design software over the cloud. For example, Oracle has recently introduced Construction Intelligence Cloud Analytics, a tool for identifying issues, foreseeing hazards, and guiding future decisions.
- The advantages of cloud adoption would accelerate the sector's expansion in the future years. Employing data to simplify procedures improves the system's performance and cost-efficiency and fosters productivity. Also, the recent advancement of cloud-based tools is gaining supremacy because of their cost-related advantages.
- Construction industry personnel now have the freedom and efficiency in operating remotely from any location with an internet connection owing to the development of cloud-based construction software. Their smartphones could keep them updated, drastically lowering mistakes, misunderstandings, and time spent between the office and the field.
- There were around 17,000 software-as-a-service (SaaS) businesses in the United States last year. They have over 59 billion customers globally together. With 2,000 enterprises and 3 billion clients globally, the UK comes in second. SaaS is a method of software delivery that uses the cloud.
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North America Holding a Significant Market Share
- North America has consistently been a significant contributor to the worldwide construction management software market share in the last few years. It is still anticipated to maintain its leadership during the forecast period. The previous year, the area held more than one-third of the worldwide market share for construction management software.
- The growth of the construction management software market in the region can be attributed to the presence of many software management firms, the constant growth of infrastructural projects, and the high acceptance of software services.
- The construction sector, as well as the expansion of the North American economy, both benefit greatly from digitization. This would increase the use of software and applications to increase construction productivity, directly contributing to the expansion of the North American market for construction management software.
- Furthermore, the North American construction management software market benefits from governments' promoting technology utilization for higher-quality building projects. Due to the government's involvement in boosting technology usage for superior-quality construction, this country's progress is further accelerated. Earlier last year, the U.S. Congress approved the infrastructure investment bill offering government funding for various infrastructure projects, which is expected to boost demand for labor, tools, and supplies used in construction.
- The United States can be referred to as the global tech hub, and the introduction of cloud-based technology in construction management software adds excellent value to the process.
- As a result, the adoption of cloud-based technology is highly sought after due to increased demand for the digitization of construction projects. It is fuelling the expansion of the regional construction management software market.
- In the United States, private building spending increased in 2021, surpassing government construction spending almost three times. Regarding construction spending throughout the 50 United States, Texas and California came on top. The value of new construction in the United States is predicted to increase during the following years.
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