NEWARK, Del, June 15, 2022 (GLOBE NEWSWIRE) — The global site management software market is estimated at US$13.1 billion, while growing at a CAGR of 8.6% during the forecast period from 2022 to 2032, reports a recently published Future Market Insights study. The expansion of the market can be attributed to the growing demand for large-scale project management.
Rapid urbanization is estimated to be one of the major factors driving the market during the assessment period. As people migrate to cities, the construction market is expected to see a noticeable expansion over the forecast period. Also, smart cities and new housing trends supported by digital technologies are expected to increase the market size in the coming period.
For example, building information modeling (BIM) software like AutoCAD and Revit allow the user to test construction digitally. It is expected that such innovations will provide a significant boost to the industry over the evaluation period.
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Asia-Pacific is expected to witness the fastest growth over the forecast period, owing to the growing focus on smart manufacturing. The region has been recognized as one of the most notable markets for construction and design software due to the presence of developing economies such as China, Japan, and India. According to Invest India, the National Investment Promotion and Facilitation Agency of the Government of India, $5 billion in revenue was generated in 2020 from the construction equipment sector.
Market Research Highlights
By end-user, general contractor segment is expected to lead the market while growing at a CAGR of 8.5% during the forecast period
By product type, the cloud-based segment is expected to register a CAGR of 8.6% from 2022 to 2032
Market in UK to get a market value of US$536.4 million by 2032
The industry in China will register a CAGR of 7.9% during the forecast period
· The market in South Korea is expected to hold a value of US$470.8 million over the assessment period.
“Increasing urbanization and growing popularity of smart city projects are likely to offer significant opportunities, with developing countries such as India, China, and Japan contributing significantly to the market growth, considering the general development of their respective construction industries”, remarks an IMF analyst.
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The major market players are Heavy Construction Systems Specialists, Inc., Fieldwire, CoConstruct, esub construction software, and DataForma. Notable developments in the market are:
In February 2022, Trimble Inc., a California-based building and construction company, launched the Trimble Roadworks Paving Control platform for asphalt compactors to allow operators to monitor the compaction process of appropriate way.
· In March 2021, Trimble Inc. released the latest version of Tekla Structures 2021, a structural BIM software solution for structural engineering, steel fabrication management and constructible BIM. The software offers updated features and offers better usability with in-product guidance.
· In April 2022, eSUB Construction Software, a cloud-based management solution founded in San Diego, California, announced the latest iteration of its unique construction software. eSUB Cloud 2.0 aims to increase profitability and productivity by strengthening communication between the office and the field and providing an advanced user experience.
Key segments profiled in The construction management software market
Site Management Software Market by Product Type:
- PC site management software installed
- Mobile site management software installed
- Cloud-based site management software
Site Management Software Market by End User:
- Site management software for general contractors
- Site management software for building owners
- Site management software by independent construction managers
- Site management software by subcontractors
- Site management software by others
Site Management Software Market by Region:
- Site management software in North America
- Site management software in Europe
- Site management software in APAC
- Site management software in MEA
- Site management software in Latin America
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1.1. Global Market Outlook
1.2. Summary of statistics
1.3. Key Market Features and Attributes
1.4. Analysis and recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limits
3. Assessment of risks and market trends
3.1. Risk assessment
3.1.1. COVID-19 crisis and impact on demand for site management software
3.1.2. Comparative analysis of the impact of COVID-19 with the previous crisis
3.1.3. Impact on market value (US$ millions)
3.1.4. Assessment by key countries
3.1.5. Assessment by key market segments
3.1.6. Action points and recommendation for suppliers
3.2. Key trends impacting the market
3.3. Formulation and product development trends
4. Market Context and Basic Data Points
4.1. Global Protective Coatings Market (USD Million)
4.2. Site Management Software Market Opportunity Assessment (US$ Million)
4.2.1. Total market available
4.2.2. Usable addressable market
4.2.3. Usable accessible market
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