Construction Management Software Market Expected to Reach $23.9 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Construction Management Software Market," The construction management software market size was valued at $9.3 billion in 2021, and is estimated to reach $23.9 billion by 2031, growing at a CAGR of 10.2% from 2022 to 2031.

Construction project management software can be deployed on PC or mobile (iOS or Android) devices and cloud-based software. Some of the benefits of construction management software include real-time communication and collaboration, effective resource planning, optimized budget management, document sharing and control, and others. Furthermore, growth in number of construction projects and need to improve construction productivity are boosting the growth of the global construction management software market. In addition, rise in number of supportive initiates from governments positively impacts the growth of the market. However, high installation and maintenance costs and lack of skilled operators are hampering the market growth. On the contrary, implementation of IoT and AI is expected to offer remunerative opportunities for expansion of the construction management software market forecast.

Depending on building type, residential buildings segment holds the largest share and is expected to grow at the highest rate during the forecast period. This is attributed due to emerging trends in building property management software that helps property managers, coiling, student housing, senior housing operators & institutional landlords grow their rental portfolio, manage operations & digitize their tenant journey end to end. For instance, the market players such as TheHouseMonk’s open API & exclusive selection of third-party integrations, have started offering property management software service to various construction companies to adopt tools & technology that benefits their regional needs.

Region wise, the construction management software market was dominated by North America in 2021 and is expected to retain its position during the forecast period, owing to the industries engagement in research and development projects to advance the technology used in construction operations, which integrates and automates work processes. However, Asia-Pacific is expected to witness significant growth during the forecast period, the expansion of the retail industry and the region's developing infrastructure are anticipated to be major drivers of construction management software industry expansion in this area.

COVID-19 problem is anticipated to accelerate the modernization trends that the construction sector has been seeing recently, including CMS. Recession-like conditions brought on by the epidemic have compelled businesses all around the world to drastically and quickly move their operations to digital platforms. For instance, The U.S. Census Bureau and the Bureau of Economic Analysis both emphasize how quickly the U.S. construction market has recovered in a press release from May 4th, 2021. In February 2021, the nation's exports increased by $12.4 billion to $200 billion. Imports totaled $274.5 billion in February 2021, up by $16.4 billion.

KEY FINDINGS OF THE STUDY

• By deployment mode, on premises segment accounted for the largest construction management software market share in 2021.
• Region wise, North America generated highest revenue in 2021.
• Depending on building type, residential buildings generated the highest revenue in 2021.

The key players profiled in the construction management software market analysis are Autodesk, Inc, Construct Connect, Buildertrend, Bentley Systems, Inc., Oracle corporation, BrickControl.com, CMiC, BuildTools, e-Builder, Inc., Buildstar Technology, Odoo SA, Jonas Construction Software, Inc., Pland Grid, Inc., Sage group plc, Viewpoint, Inc., TRIMBLE, INC., and Systemates, Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the Construction Management Software Industryy.