SAN FRANCISCO, 20 October 2021 / PRNewswire / – The World construction and design software market size is expected to reach $ 18.18 billion by 2028, with a CAGR of 7.7% from 2021 to 2028, according to a new study from Grand View Research, Inc. The increasing demand for efficient tool management in the construction industry is triggering the adoption of construction and design software and hence acts as a driving factor in the growth of the market. The development of digital capabilities such as IoT, geographic information systems (GIS), building information modeling (BIM), and recent improvements in drones and unmanned aerial vehicle (UAV) technology can improve the accuracy and speed of companies in the construction industry. The aforementioned factors are considered to be the main drivers that can create the need to adopt construction and design software in all businesses. Since construction and design software requires high capital investment, it is difficult for SMEs to afford their business, which is expected to hold back the growth of the market.
Main lessons and findings:
- In terms of function, the project management and planning segment dominated the market in 2020 and is expected to maintain its dominance during the forecast period. The growth of the segment can be attributed to the increased projection of labor and increased demand from disciplines such as product and project management on a global scale.
- In terms of deployment, the cloud segment is expected to grow at the highest CAGR of 9.3% during the forecast period. Cloud-based solutions allow businesses to access data on connected devices at any time, increasing possibilities for personalization and enabling implementation of analytics tools across multiple business channels.
- In terms of end use, the architects and builders segment is expected to grow at a promising CAGR from 2021 to 2028. This growth can be attributed to the growing demand for design skills to maximize the potential of the project and the growing concern for necessary consents such as approvals of listed buildings, planning and building regulations. Additionally, architects and builders deliver designs to fit client budgets, help keep costs down by providing comprehensive construction information, and ensure projects are delivered on time.
- In terms of region, Asia Pacific is expected to become the fastest growing regional market due to rapidly growing economies vis-à-vis infrastructure and industrial projects. Most Asian countries like China, Japan, India, and Singapore require a substantial amount of spending on infrastructure development, which is expected to accelerate the demand for construction and design software across the Asia Pacific.
Read the 120-page market research report, “Construction and Design Software Market Size, Share and Trend Analysis Report by Function (Cost Accounting, Project Management and Planning), Deployment, End Use, Region and Segment Forecast , 2021-2028“, by Grand View Research
Growing preference for better interior design and decoration among customers and end-use industries is one of the major factors driving the growth of the market. Growing government initiatives to promote construction and real estate globally and the growing need for higher productivity are expected to further fuel demand over the forecast period. The increased investment in advanced technologies stimulates competition among market players, thus leading to the development of new design software, such as DataCAD, AutoCAD, SketchUp and Revit, with improved technology and capabilities.
The global construction and design software market is also fueled by growth factors such as the increasing adoption of cloud-deployed construction software, the growing demand for increased precision and efficiency in the construction industry and the continued number of mergers and acquisitions in the construction and IT sector. . For example, in February 2018, Trimble, a provider of advanced geolocation solutions, has acquired e-Builder, a private provider of SaaS-based construction program management solutions, to drive industry transformation. In addition, the integration of BIM into sustainable architecture and increased investment in the construction sector are major opportunities for market players operating in the market.
Grand View Research has segmented the global construction and design software market on the basis of function, deployment, end use, and region:
- Construction and Design Software Function Outlook (Revenue, USD Million, 2018 – 2028)
- Security and reporting
- Project management and planning
- Project design
- Field service management
- Cost accounting
- Construction estimate
- On the whole of the auction management
- Construction and Design Software Deployment Outlook (Revenue, USD Million, 2018 – 2028)
- Construction and Design Software End Use Outlook (Revenue, USD Million, 2018 – 2028)
- Architects & Builders
- Regional Construction and Design Software Outlook (Revenue, USD Million, 2018 – 2028)
- North America
- Asia Pacific
- Latin America
List of key players in the construction and design software market
- Autodesk Inc.
- Oracle Corporation
- Trimble Inc.
- Constellation Software Inc.
- Vectorworks, Inc.
- Sage Group plc
- BENTLEY SYSTEMS
- RIB SE software.
Browse Grand View Research’s coverage on Global IT services and applications industry:
- Architectural Services Market – The size of the global architectural services market has been estimated to be $ 333.14 billion in 2020 and is expected to increase at a CAGR of 4.7% from 2021 to 2028. The demand for services including consulting is expected to increase, subsequently supporting the market growth.
- Geographic Information Systems Market – The global Geographic Information System market size has been estimated to be $ 5.52 billion in 2016 and is expected to experience considerable growth over the forecast period. The geographic information systems (GIS) industry is primarily driven by infrastructural developments.
- Smart cities market – The global smart city market size has been estimated to be $ 98.15 billion in 2020 and is expected to increase at a CAGR of 29.3% from 2021 to 2028. The need for sustainable infrastructure due to increasing population and urbanization has become a main driver.
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About Grand View Search
Grand View Research, a United States-based market research and consulting company, provides syndicated and personalized research reports and consulting services. Checked in California and headquartered at San Francisco, the company has more than 425 analysts and consultants, adding more than 1,200 market research reports to its extensive database each year. These reports provide in-depth analysis of 46 industries in 25 major countries around the world. Using an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and assess opportunities as they arise.
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