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.
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.
Related Press Release@ Construction And Design Software Market Report
Construction and Design Software
Market Report Highlights
- 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
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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Grand View Research, Inc
Phone: 1-415- 349-0058
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Email: sales@grandviewresearch.com
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