Construction Management Software Market to Generate $23.9 Billion by 2031, States the Report by Allied Market Research

A lead analyst at AMR highlighted that the construction management software market in Asia-Pacific is anticipated to grow at the fastest CAGR during the forecast period.??

Allied Market Research published a research report on the construction management software market. The findings of the report state that the global market for construction management software generated $9.3 billion in 2021, and is projected to reach $23.9 billion by 2031, witnessing a CAGR of 10.2% from 2022 to 2031. The report offers valuable information on changing market dynamics, major segments, top investment pockets, and competitive scenarios for market players, investors, shareholders, and new entrants.?

“The service segment is expected to experience the fastest growth in the coming years, owing to the increase in adoption of construction management software by the construction sector. Moreover, to synchronize all construction operations, including procurement and data administration, most businesses have begun implementing construction management software services, which is expected to provide maximum growth during the forecasted period,” said Vineet Kumar, Manager, of ICT and Media at Allied Market Research.?

The rise in the number of construction projects, the requirement to improve construction productivity, and the surge in the number of supportive initiates from governments fuel the growth of the global construction management software market. On the other hand, high installation and maintenance costs and a lack of skilled operators hinder market growth. However, the implementation of IoT and AI is anticipated to provide remunerative opportunities during the forecast period.?

The report also offers a detailed scenario of the impact of the COVID-19 pandemic on the construction management software market globally. It is helpful for the market players, new entrants, and investors to determine strategies as per the current scenario and improvise relevant business models for the next few years. The outbreak of the COVID-19 pandemic had a positive impact on the global construction management software market, owing to a rising demand for remote management and monitoring tools during the period of lockdown, which in turn, contributed to the growth of the construction management software market during the pandemic period.?

The report offers detailed segmentation of the global construction management software market based on offering, deployment mode, building type, application, and region. These insights are helpful for new as well as existing market players to capitalize on the fastest-growing and largest revenue-generating segments to accomplish growth in the future.?

On the basis of offering, the solution segment garnered nearly two-thirds of the total market revenue in 2021 and is projected to maintain the lion’s share by 2031. However, the service segment would portray the fastest CAGR of 11.3% from 2022 to 2031.?

Based on deployment mode, the on-premise segment accounted for nearly three-fifths of the total market share in 2021 and is projected to rule the roost in terms of revenue by 2031. However, the cloud segment would manifest the fastest CAGR of 11.4% throughout the forecast timeframe.?

By region, the market across North America held the major share in 2021, contributing to more than one-third of the global construction management solution market. On the other hand, the Asia-Pacific region would display the fastest CAGR of 11.1% throughout the forecast period.?

Leading market players of the global construction management software market analyzed in the report include Buildertrend, Oracle Corporation, CMiC, e-Builder, Inc., TRIMBLE, INC., Pland Grid, Inc., Jonas Construction Software, Inc., Viewpoint, Inc., BrickControl.com, Odoo SA, Brunswick Corporation Autodesk, Inc., Bentley Systems, Inc., BuildTools, Buildstar Technology, Sage Group plc, and Systemates, Inc.?