Construction management software is a project management platform that assists organizations with processes like communication, budget management, job scheduling, and decision-making. Its objective is to make construction processes easier through automation.
New York, March 22, 2023 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Global Construction Management Software Market Size, Share & Industry Trends Analysis Report By Component, By End User, By Deployment Mode, By Building Type,] By Application, By Regional Outlook and Forecast, 2022 – 2028” – https://www.reportlinker.com/p06435162/?utm_source=GNW
It is a project management tool designed mainly for construction professionals.
This kind of software offers a range of benefits to construction industry members, easing up the processes that were earlier done manually. Companies are known to have a lot of benefits from utilizing construction management software. Construction management software aids in project scheduling and planning in the construction industry.
This is done by sequencing operations of the construction project and enabling effective usage of the schedules made through a work breakdown structure. The features and functions of construction software management include specifying a project’s target and plans, including delineation of scope, scheduling, budgeting, setting performance requirements, and selecting project participants.
The construction management software assists in monitoring the cost-control system to get an estimated project profit and to monitor the predicted results. Construction project management software gives features to manage construction projects starting from their inception by enabling components that monitor numerous project stages, including procurement of contract methods, design service & contractors, and management of the construction contract process.
COVID-19 Impact Analysis
COVID-19 has forced governments of various nations to impose lockdowns to stop the spread of the disease, significantly affecting the construction management software market. With the government restriction, construction work was halted, further affecting the market growth in the short run. COVID-19 caused a slight degeneration in the market development because of the termination of the functions of several construction places. However, due to the pandemic, numerous construction companies started to take virtual tours of the spaces for construction. This aided the stakeholders and investors in the construction sector to have a good view of the project for their interest which favored the growth of the construction management software market.
Market Growth Factors
The requirement to enhance the construction productivity
The pandemic caused a considerable number of routine activities and businesses to shift their operations online and made it challenging to work on a building site. The construction industry is collaborative and requires quality and manufacturing control and proper understanding between the various stakeholders engaged in the project. A construction project generally contains various components, including vendors, architects, contractors, engineers, and the workforce. For many years, tablets, drawings, and graphs were utilized to record the information exchange between the involved parties. These factors are expected to boost the construction management software market’s growth.
The rising adoption of cloud-based solutions
The oil and gas industry are observing a prominent surge in demand for cloud-based construction management software. This is due to the fact that these software assists in raising visibility and transparency in brownfield, onshore, and shale-based construction activities. The software is also beneficial in tracking the development of oil & gas units and tracking oil & gas activities in deepwater. Hence, the constant increase in the adoption of cloud-based solutions especially in the oil & gas industry is expected to drive the growth of the construction management software market in the projected period.
Market Restraining Factors
High cost and hampered adoption due to pandemic
This factor would be a barrier to the adoption of construction management software. Furthermore, construction software is known to be complex to handle and manage, discouraging numerous organizations from adopting this software. Furthermore, the pandemic has impacted the construction and infrastructure sectors and offered a more comprehensive range of challenges to the industry. There is also uncertainty about recovery from the pandemic, which has caused a decrease in investment in this technology. The high cost and hardship faced during the software are anticipated to hamper its adoption, thereby restricting the market growth.
Based on component, the construction management software market is segmented into solution and services. In 2021, the solution segment dominated the construction management software market with the maximum revenue share. The growth is attributed to the high requirement for construction software to enhance construction workloads. This software provides a secure platform that allows users to manage project plans, budgets, phases, risks, and schedules. Also, it provides a collaborative atmosphere that simplifies coordination and communication, aligning all teams’ goals to a shared vision. The mentioned benefits will surge the growth of the segment.
Deployment Mode Outlook
On the basis of deployment mode, the construction management software market is divided into on-premises and cloud. The on-premise segment witnessed the largest revenue share in the construction management software market in 2021. The growth is attributed to the control and flexibility offered by the on-premise deployment to customize the organization’s system software and IT infrastructure and manage data. Also, on-premise servers provide construction firms with an internal network that is accessible at any time without the requirement of a proper internet connection. The control and flexibility joined with other benefits, will drive the segment’s growth in the forecasted period.
Building Type Outlook
By building type, the construction management software market is classified into commercial building and residential building. In 2021, the commercial segment recorded a significant revenue share in the construction management software market in 2021. This is because of the rising usage of construction management software for commercial building construction. Also, the rising focus on sustainable development is increasing the preference for green commercial buildings among occupiers and developers both. Hence, the wider utilization of construction-based software and the increasing commercial buildings sector will drive the segment’s growth.
End User Outlook
Based on the end user, the construction management software market is bifurcated into architects & designers, construction managers and others. The construction manager segment acquired a remarkable growth rate in the construction management software market in 2021. This is because this software integrates costing, enterprise, and project accounting for live analysis and effective project management. Web-based enterprise management system gives industry-aligned information to construction companies. Construction managers utilize this software to drive efficiency in construction projects through close coordination of the numerous stakeholders involved in the project. Thereby, these characteristics are anticipated to boost the segment’s expansion.
By application, the construction management software market is classified into project management & scheduling, safety & reporting, project design, field service management, cost accounting and others. The project management & scheduling segment generated the highest revenue share in the construction management software market in 2021. This is due to the increasing requirement to control and manage project activities like allocating resources, tracking project progress, and reducing time delays. Such solutions allow the organization to gain momentum and traction to meet the project objectives within the given time frame. Hence, these features will drive market growth.
Region-wise, the construction management software market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The North America region held the highest revenue share in the construction management software market in 2021. The growth is attributed to the rising awareness and the government’s focus on using construction management software. There is a large-scale adoption of digital systems in the infrastructure domain and BIM by engineers, builders, architects, and builders. Hence, the role of the government to increase the software’s utilization due to its higher quality of construction projects joined with digitalization will surge the market growth in the region.
The major strategies followed by the market participants are Product Launches. Based on the Analysis presented in the Cardinal matrix; SAP SE and Oracle Corporation are the forerunners in the Construction Management Software Market. Companies such as Bentley Systems, Inc., Autodesk, Inc., and Constructconnect, Inc. (Roper Technologies, Inc.), are some of the key innovators in Construction Management Software Market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Oracle Corporation, SAP SE, Autodesk, Inc., Bentley Systems, Inc., Trimble, Inc., Constructconnect, Inc. (Roper Technologies, Inc.), Jonas Construction Software, Inc. (Constellation Software Inc.), Buildertrend, Computer Methods International Corp., and Odoo SA.
Recent Strategies Deployed in Construction Management Software Market
Partnerships, Collaborations & Agreements:
Sep-2022: ConstructConnect came into partnership with Togal.AI, inc., a software company, for broadening the usage of artificial intelligence and machine learning in nonresidential preconstruction. Through this partnership, ConstructConnect would be able to mitigate time taking activities carried out by estimators, allowing them to focus better on high-value tasks and projects for achieving accuracy in estimates and bids.
Sep-2022: Bentley Systems came into partnership with Genesys International, an Indian mapping, survey, and geospatial service company. Through this partnership, 3D mapping would be developed for Indian cities enabling public agencies, service providers, and citizens to use services, and plan and execute projects. Moreover, they would be able to take better decisions and could improve their quality of life.
Nov-2021: Jonas Construction Software Inc partnered with Procore Technologies, Inc., a construction management software provider. This would allow Jonas Construction Software’s customers specifically contractors to transform job-level details into actionable cost analysis reports at the time when they need them.
Jul-2021: CMiC signed a partnership with ServcoCanada, a provider of multi-discipline construction & maintenance trades and projects. With this partnership, ServcoCanada would facilitate CMiC in accounting and maintaining the record of projects and documents. Additionally, ServcoCanada would facilitate CMiC in advancing digital transformation.
Product Launches and Product Expansions:
Nov-2022: Bentley Systems, Incorporated launched SYNCHRO Cost and SYNCHRO Perform applications, the latest additions to its construction management solution-SYNCHRO. This launch broadens SYNCHRO’s industry-leading 4D scheduling and project management solutions to involve more abilities to help contractors control their costs and effectively connect the tacking and planning of schedules and costs.
Sep-2022: CMiC unveiled CONSTRUCT, an AI-enabled portfolio of solutions. It would boost CMiC teams to effectively manage project changes, material suppliers, and subcontractor tasks. Additionally, it would advance communications and collaboration, run smoothly the bidding processes, and enhance document management.
Jul-2022: Oracle introduced Oracle Construction Intelligence Cloud Analytics. This solution would integrate data gathered from Oracle Smart Construction Platform applications to provide a comprehensive understanding of performance all over their operations.
May-2022: Autodesk, Inc. enhanced adding capabilities to its Autodesk Construction Cloud, a powerful cloud-based construction management solution, with the addition of Autodesk Build-a field and project management software and Autodesk Takeoff that supports estimators in carrying out 2D and 3D quantification workflows from a common data environment to escalate speed and accuracy at the time of estimation process.
Sep-2021: ConstructConnect introduced Deltek Specpoint®, a cloud-based solution, which is an addition to the software and data offerings lineup. Deltek Specpoint® would allow architects, product manufacturers, and engineers to efficiently produce construction specifications all over the project lifecycle through collaboration.
Feb-2021: Autodesk, Inc. released Autodesk BuildTM, a new project and field management solution that is a part of Autodesk Construction Cloud®. This launch would allow construction teams to manage the project, cost, and quality by connecting data, workflows, and teams in a single highly configurable environment.
Mergers & Acquisition:
Nov-2022: Jonas Software completed the acquisition of Huntington Business Systems, a Time and Attendance Management Software provider. This acquisition would provide support to Jonas Software in the handling of complex payroll policies with customized solutions and working towards providing better customer support services to enable organizations to enhance and organize payroll processes.
Dec-2021: Autodesk, Inc. completed the acquisition of ProEst, a cloud-based estimating solution. With this acquisition, the preconstruction offerings of Autodesk Construction Cloud would be strengthened. Additionally, it would power construction teams in managing all of their critical preconstruction and workflows on a single platform.
Jun-2021: Bentley Systems completed the acquisition of Seequent Ltd., a 3D modeling software provider. This acquisition would broaden Bentley’s potential for infrastructure digital twins.
Feb-2021: Buildertrend acquired CoConstruct, a construction project management software provider. This acquisition would expand the Buildertrend business by supporting custom homebuilders, contractors, and remodelers in providing tools helpful in better coordination of projects, managing finance, and building communication with clients and crews.
Feb-2021: Bentley Systems took over E7 Pty Ltd, an Australia-based leader in field-based construction delivery software for heavy civil construction. Through this acquisition, Bentley’s comprehensive project delivery solution would be powered to offer help to civil contractors meet the budget and schedule requirements of infrastructure investment programs.
Scope of the Study
Market Segments covered in the Report:
By End User
• Architects & Designers
• Construction Managers
By Deployment Mode
By Building Type
• Residential Building
• Commercial Building
• Project Management & Scheduling
• Field Service Management
• Safety & Reporting
• Project Design
• Cost Accounting
• North America
o Rest of North America
o Rest of Europe
• Asia Pacific
o South Korea
o Rest of Asia Pacific
o Saudi Arabia
o South Africa
o Rest of LAMEA
• Oracle Corporation
• SAP SE
• Autodesk, Inc.
• Bentley Systems, Inc.
• Trimble, Inc.
• Constructconnect, Inc. (Roper Technologies, Inc.)
• Jonas Construction Software, Inc. (Constellation Software Inc.)
• Computer Methods International Corp.
• Odoo SA
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