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
|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|
Published: September 27, 2021
Grand View Research, Inc.
Content info: 120 Pages
Delivery time: 2-10 business days
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.