Dublin, Dec. 17, 2021 (GLOBE NEWSWIRE) -- The "Global Construction and Design Software Market By Deployment Type, By Function, By End User, By Regional Outlook, Industry Analysis Report and Forecast, 2021 - 2027" report has been added to ResearchAndMarkets.com's offering.
The Global Construction and Design Software Market size is expected to reach $15.5 billion by 2027, rising at a market growth of 6.5% CAGR during the forecast period. With the help of construction and design software, it becomes possible to increase the efficiency and accountability of construction businesses by simplifying their manual processes.
In addition, it assists with scheduling jobs and estimates, project management, job costing, cost control, punch listing, and evaluating risks related to construction projects. In addition, the demand for construction & design software is expected to witness bright prospects due to the rising infrastructure activities, timely completion of construction activities, integration with lean management processes, successful management, and financial visibility.
Additionally, the demand for construction and design software is expected to fuel due to the advent of next-generation technologies in the construction & design industry like Virtual Reality, Augmented Reality (AR), communication tools, drones, and business information modeling. The combination of these technologies supports health and safety in the construction sector, encouraging office personnel to fulfill social distancing norms. Conversely, the rise in trends of remote working is facilitating engineers and architectures to utilize the current construction software for the further development of their construction models.
Some of the major catalysts for the growth of the construction and design software market include an increase in the deployment rate of cloud-based construction software, demand for increased accuracy and efficiency in the construction sector, and the current M&A in the construction and IT industry.
Market Growth Factors:
The growing number of smart city initiatives
A smart city refers to a technologically advanced urban area that deploys several electronic methods, sensors, and voice activation methods to obtain particular data. Moreover, the smart city focuses on better engagement of its citizens for eco-friendly resource utilization, social and better relational capital while ensuring its quality and performance. Construction and design software helps in redefining the decision-making process in the construction of energy-efficient buildings and smart cities.
Increasing adoption of cloud-based solutions and demand for this software in the oil & gas sector
The key markets players operating in the global construction and design software market are increasingly deploying cloud-based solutions due to the flexibility and convenience offered by them. In addition, the cloud-based software can be accessed from any location and at any place which makes it suitable for construction activities taking place around the world. Jonas Construction Software provides cloud-based construction management software for land developers, general contractors, specialty contractors, and home builders.
Market Restraining Factor:
The dearth of skilled professionals
The installation and management of construction and design software require a high level of expertise. Many under-developed, as well as developing countries are facing a dearth of such skilled professionals. As a result, many construction companies with budgetary constraints are not willing to shift to construction and design software. In order to operate and manage this software, professionals need to have technical knowledge. However, people with technical expertise are easily available that could hamper the demand & adoption of this software during the forecasting period.
Deployment Type Outlook
Based on Deployment Type, the market is segmented into On-premise and Cloud. With on-premise deployment, companies can achieve higher flexibility and control to redesign the system software and IT infrastructure of companies and manage data. Due to some factors like surge in complexity for real-time collaboration among project stakeholders, massive upfront capital investments, low scalability, and higher storage needs, the major market players in the construction industry are less willing to adopt on-premise solutions.
Function Outlook
Based on Function, the market is segmented into Project Management & Scheduling, Construction Estimation, Safety & Reporting, Project Design, Field Service Management, On across Bid Management, Cost Accounting and Others. The project management and scheduling segment obtained the maximum revenue share of the construction and design software market in 2020. This is attributed to the rise in demand to control and manage project activities like assigning resources, monitoring project progress, and decreasing time delays.
End User Outlook
Based on End User, the market is segmented into Architects & Builders, Remodelers, Designers, and Others. With the help of BIM, builders and architects can enhance the design and construction of buildings. The surge in the number of infrastructural projects and the increased popularity of BIM as a tool helps remodelers, architects, and designers to plan, design, and manage building projects in an effective manner. These factors are collectively responsible for the growth of the segment.
Regional Outlook
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. In 2020, North America emerged as the dominating region in the global construction and design software market. Engineers, architects, designers, and builders are increasingly adopting digital systems in the infrastructure domain and BIM. The outbreak of the COVID-19 pandemic had a major impact on the consumer's sentiments and businesses in the region, resulting in declined growth of the construction industry. However, the pace of growth is expected to increase again from 2021 because of the massive infrastructure investments and the development of smart city initiatives.
The major strategies followed by the market participants are Product Launches. Based on the Analysis presented in the Cardinal matrix; Microsoft Corporation are the forerunners in the Construction and Design Software Market. Companies such as Oracle Corporation, SAP SE, Autodesk Inc., are some of the key innovators in the market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Constellation Software Inc., Vectorworks, Inc., Oracle Corporation, Microsoft Corporation, Autodesk, Inc., Trimble, Inc., Bentley Systems, Inc., SAP SE, RIB Software SE, and Sage Group plc.
Key Topics Covered:
Chapter 1. Market Scope & Methodology
Chapter 2. Market Overview
2.1 Introduction
2.1.1 Overview
2.1.1.1 Market Composition and Scenario
2.2 Key Factors Impacting the Market
2.2.1 Market Drivers
2.2.2 Market Restraints
Chapter 3. Competition Analysis - Global
3.1 Cardinal Matrix
3.2 Recent Industry Wide Strategic Developments
3.2.1 Partnerships, Collaborations and Agreements
3.2.2 Product Launches and Product Expansions
3.2.3 Acquisition, Mergers and Joint Venture
3.2.4 Geographical Expansions
3.3 Top Winning Strategies
3.3.1 Key Leading Strategies: Percentage Distribution (2017-2021)
3.3.2 Key Strategic Move: (Acquisitions and Mergers: 2017, Jun - 2021, Jun) Leading Players
Chapter 4. Global Construction and Design Software Market by Deployment Type
4.1 Global Construction and Design Software On-premise Market by Region
4.2 Global Construction and Design Software Cloud Market by Region
Chapter 5. Global Construction and Design Software Market by Function
5.1 Global Project Management & Scheduling Construction and Design Software Market by Region
5.2 Global Construction Estimation Construction and Design Software Market by Region
5.3 Global Safety & Reporting Construction and Design Software Market by Region
5.4 Global Project Design Construction and Design Software Market by Region
5.5 Global Field Service Management Construction and Design Software Market by Region
5.6 Global On across Bid Management Construction and Design Software Market by Region
5.7 Global Cost Accounting Construction and Design Software Market by Region
5.8 Global Other Function Construction and Design Software Market by Region
Chapter 6. Global Construction and Design Software Market by End User
6.1 Global Architects & Builders Construction and Design Software Market by Region
6.2 Global Remodelers Construction and Design Software Market by Region
6.3 Global Designers Construction and Design Software Market by Region
6.4 Global Others Construction and Design Software Market by Region
Chapter 7. Global Construction and Design Software Market by Region
Chapter 8. Company Profiles
8.1 Constellation Software Inc.
8.1.1 Company Overview
8.1.2 Financial Analysis
8.1.3 Regional Analysis
8.1.4 Research & Development Expenses
8.1.5 Recent strategies and developments:
