SAN FRANCISCO, Oct. 20, 2021 /PRNewswire/ -- The global construction and design software market size is expected to reach USD 18.18 billion by 2028, expanding at a CAGR of 7.7% from 2021 to 2028, according to a new study by Grand View Research, Inc. The growing demand for effective tool management in the construction industry is triggering the adoption of construction and design software and consequently acting as a driving factor for market growth. 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 accuracy and speed across businesses in the construction industry. The aforementioned factors are considered as the major drivers that are likely to create the need to adopt construction and design software across businesses. As construction and design software requires high capital investments, it makes SMEs difficult to afford their business lines, which is expected to restrain the market growth.
Key Insights & Findings:
In terms of function, the project management and scheduling segment dominated the market in 2020 and is expected to retain its dominance over the forecast period. The segment growth can be attributed to the increased projectification of work and higher demand for disciplines such as product and project management globally
In terms of deployment, the cloud segment is anticipated to expand at the highest CAGR of 9.3% over the forecast period. Cloud-based solutions allow businesses to access data across connected devices at any point, which increases the scope for customization and enables the implementation of analytical tools across multiple business channels
In terms of end use, the architects and builders' segment is expected to expand at a promising CAGR from 2021 to 2028. This growth can be attributed to the increasing demand for design skills to maximize the project's potential and growing concern for necessary consents such as listed building, planning, and building regulation approvals. Moreover, architects & builders provide designs tailored to the customer's budgets, help reduce cost by providing thorough construction information, and ensure on-time delivery of projects
In terms of region, Asia Pacific is anticipated to emerge as the fastest-growing regional market due to the rapid growth of economies vis-à-vis infrastructural and industrial projects. Most Asian countries such as China, Japan, India, and Singapore require a substantial amount of spending directed toward infrastructure development, which is expected to accelerate the demand for construction and design software across the Asia Pacific.
Read 120 page market research report, "Construction And Design Software Market Size, Share & Trends Analysis Report By Function (Cost Accounting, Project Management & Scheduling), By Deployment, By End Use, By Region, And Segment Forecasts, 2021 - 2028", by Grand View Research
Growing preference for better interior design and decoration among customers and end-use industries is one of the primary factors driving the market growth. Rising government initiatives for promoting construction and real estate globally and the growing need for higher productivity are anticipated to further fuel the demand over the forecast period. Increased investment in advanced technologies is driving competition among market players, thereby leading to the development of new design software, such as DataCAD, AutoCAD, SketchUp, and Revit, with improved technology and enhanced capabilities.
The global market for construction and design software is also fueled by growth factors such as the rising adoption of cloud-deployed construction software, increasing demand for higher accuracy and efficiency in the construction industry, and the ongoing number of M&A in the construction and IT industry. For instance, in February 2018, Trimble, an advanced location-based solutions provider, acquired e-Builder, a privately held SaaS-based construction program management solution provider, to boost industry transformation. Moreover, the integration of BIM in sustainable architecture and increasing investments in the construction sector are major opportunities for the market players operating in the market.
Grand View Research has segmented the global construction and design software market based on function, deployment, end use, and region:
Construction and Design Software Function Outlook (Revenue, USD Million, 2018 - 2028)
Construction and Design Software Deployment Outlook (Revenue, USD Million, 2018 - 2028)
Construction and Design Software End-use Outlook (Revenue, USD Million, 2018 - 2028)
Construction and Design Software Regional Outlook (Revenue, USD Million, 2018 - 2028)
List of Key Players in the Construction and Design Software Market
Constellation Software Inc.
Sage Group plc
RIB Software SE.
Browse through Grand View Research's coverage of the Global IT Services & Applications Industry:
Architectural Services Market – The global architectural services market size was estimated at USD 333.14 billion in 2020 and is expected to expand at a CAGR of 4.7% from 2021 to 2028. The demand for services including consultations is expected to be on the rise, subsequently favoring the market growth.
Geographic Information System Market – The global Geographic Information System market size was valued at USD 5.52 billion in 2016 and is expected to witness considerable growth over the forecast period. The geographic information system (GIS) Industry is majorly driven by infrastructural developments.
Smart Cities Market – The global smart cities market size was valued at USD 98.15 billion in 2020 and is expected to expand at a CAGR of 29.3% from 2021 to 2028.The need for sustainable infrastructure due to increasing population and urbanization has become a prime driver.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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