Construction Software Market Overview
The construction software market is expected to grow from USD 3.1 billion in 2022 to USD 7.5 billion by 2032, at a CAGR of 9.4% during the forecast period (2023-2032). The growth of the market is driven by the increasing demand for automation and efficiency in the construction industry, the growing adoption of cloud-based solutions, and the rising need for compliance with government regulations.
Key Companies
Some of the key players in the construction software market include:
- Autodesk
- Oracle
- IBM
- Bentley Systems
- Trimble
- SAP
- Sage
- Aconex
- Procore
- eSUB
- PlanGrid
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Market Segmentation
The construction software market is segmented by type, application, end-user, and region.
- By type, the market is segmented into construction management software, estimating and bidding software, project scheduling software, and others.
- By application, the market is segmented into commercial construction, residential construction, infrastructure construction, and others.
- By end-user, the market is segmented into contractors, owners, and consultants.
- By region, the market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
Top Impacting Factors
The following are some of the top impacting factors of the construction software market:
- Increasing demand for automation and efficiency in the construction industry
- Growing adoption of cloud-based solutions
- Rising need for compliance with government regulations
- Increasing complexity of construction projects
- Growing need for collaboration and communication among stakeholders
- Rising investment in research and development
Key Strategies
The key players in the construction software market are adopting various strategies to gain a competitive edge, such as:
- Mergers and acquisitions
- Partnerships and collaborations
- Product innovation
- Expansion into new markets
- Offering customized solutions
Regional Insights
North America is expected to dominate the construction software market during the forecast period, followed by Europe and Asia Pacific. The dominance of North America is attributed to the presence of a large number of construction companies in the region, the increasing demand for automation and efficiency in the construction industry, and the growing adoption of cloud-based solutions.
Industry Latest News
- In June 2023, Autodesk acquired PlanGrid, a provider of construction management software.
- In May 2023, Oracle acquired Tetra Tech, a provider of engineering and construction software.
- In April 2023, Bentley Systems acquired Synchro Software, a provider of 4D construction simulation software.
- In March 2023, Trimble acquired Procore, a provider of construction management software.
- In February 2023, SAP acquired Tauwerk, a provider of construction management software.
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