Pune, India, January 2019, MRFR Press Release/- Market Research Future has published a Cooked Research Report on the Global Construction Software Market.
Construction software helps in various aspects such as project planning and decision-making support, management support, and information sharing. Construction software reduces the time, minimizes the cost associated with management and helps to control and reduce the waste associated with all the processes. Apart from this, construction software helps the customers and clients to visualize the design, which enhances the capabilities of the understanding. A study shows that construction software helps to reduce the project time by 7% with higher productivity and efficiency.
According to Market Research Future analysis, the Global Construction Software Market reached USD 1780.1 Million in 2018 and has been estimated to be valued at USD 2715.6 Million by 2023, registering an 8.8 % CAGR during the forecast period 2019–2023.
Browse Full Report Details @ https://www.marketresearchfuture.com/reports/construction-software-market-6189
Some of the Prominent Players in the Global Construction Software Market are Sage Group PLC, Oracle Corporation, Trimble Inc., Constellation Software Inc., Comprotex Software Inc., BuilderTREND, BuilderMT, iSqFt (ConstructConnect), Procore Technologies Inc., and Turtle Creek Software.
MRFR Analysis offers a comprehensive understanding of market dynamics. The global construction software market has been analyzed across key geographies, namely North America, Europe, Asia-Pacific, and the rest of the world.
The Global Construction Software Market has been segmented on the basis of Product, Application, and Region. The global construction software market, by product, has been segmented into cloud, on-premise, and web-based.
The on-premise accounted for the larger market share of 41% in 2018, with a market value of USD 733.6 Million; it is expected to register a CAGR of 7.2% during the forecast period. One of the major advantages of on-premise deployment over the cloud is that it offers security solutions that prevent cyber-attacks and avoid security breaches. Although the cost of maintenance is very high in terms of on-premise deployment, yet many enterprises are preferring to use on-premise deployment.
The cloud-based product was valued at USD 631.3 million in 2018; it is projected to exhibit a higher CAGR of 10.5%. One of the growing trends in industry 4.0 is the adoption of the cloud in different industrial verticals. The cloud possesses the capability to run large applications without requiring owning a supercomputer or a data center. The cloud applications are powerful and scalable and possess flexible pricing to attract various enterprises to move to the cloud. Many of the large enterprises such as Oracle Corporation and Sage Group are offering construction software over the cloud. Using a cloud for deployment increases the performance and cost-efficiency of the system.
By application, the global construction software market has been segmented into general contractors, building owners, independent construction managers, and sub-contractors. The general contractor segment contributed to the largest market share in 2018 for the construction software market. A general contractor at construction site primary looks after day-to-day oversight of a construction site and responsible for material planning, resource allotment, and equipment which are necessary for the construction of the project. The independent construction managers segment is expected to register the highest CAGR of 10.6% during the forecast period. Construction software utilizes a 3D visual representation to plan, design, and collaborate during the construction lifecycle. The key feature of construction software is integration. It helps in connecting the subcontractors with the designers and provides an accurate visual representation for the subcontractor to validate costs and manage risk.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.