The global construction software market is predicted to touch USD 2715.6 million at an 8.8% CAGR over the forecast period (2017-2023), states the new Market Research Future (MRFR) report.
The market is enduring an exacting period with its robust growth coming to an abrupt halt in light of the COVID-19 pandemic. MRFR report on market highlights the future prediction and the growth alternatives that can be created.
Based on the region, Construction Software Market Covid 19 report covers growth opportunities and the latest trends across the Asia Pacific (APAC), Europe, North America, and the Rest of the World (RoW). Of these, North America will dominate the market over the forecast period. This is owing to increasing adoption of cloud technology and need to reduce paperwork and design time. The US is the key contributor here. The public sector here is investing heavily in the construction industry, which is creating higher opportunities for software providers. Moreover, Canada is also contributing due to the growing number of long-term infrastructure plans there.
The construction software market in the APAC region is predicted to grow at the fastest pace over the forecast period. This is owing to the quick development of public infrastructure, coupled with increased investment in smart city projects. Main sectors using construction software include housing, healthcare, transportation, and infrastructure. The construction sector in this region is predicted to flourish owing to the development of infrastructural projects such as water/sewerage plants, transportation projects, and electricity works. Besides, governments here are pushing the construction sector to adopt new technology and construction software.
The construction software market in Europe will have a notable growth over the forecast period owing to organizations being involved in construction, engineering, and architecture. Moreover, increasing cost-saving needs and strict government initiatives play an imperative role in pushing market growth in this region.
Leading players profiled in the construction software market report include Comprotex Software Inc., Constellation Software Inc., Trimble Inc., Oracle Corporation, Sage Group PLC, Turtle Creek Software, iSqFt, Procore Technologies, Builder MT, and Builder TREND, among others. The key players have acquired certain strategies to maintain their foothold in the market, such as expansion, mergers and acquisitions, product innovations, and more.
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