In a recent published report, Kenneth Research has updated the market report for Construction Software Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Construction Software Market products.
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Kenneth Research, in its repository of market research reports, have recently added a report on Construction Software Market which emphasizes on the latest trends, key opportunities, drivers, and the challenges associated with the growth of the market during the forecast period, i.e., 2021 2030. The Construction Software Market is anticipated to grow primarily on account of the growing trade of ICT goods and services worldwide.
According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019. Additionally, exports of ICT services increased from 5.61% of service exports (BoP) in 2001 to 10.37% of service exports (BoP) in 2017. On the other hand, growing awareness amongst individuals for using the internet is also anticipated to contribute to the market growth. For instance, the total number of individuals using the internet grew from 8% of total population in 2001 to 49% of total population in 2017.
Moreover, backed by the increasing demand for high-speed internet amongst the individuals, organizations operating in the field of telecom are increasingly working on deploying 5G network technology, as this technology provides internet access at very high speeds. By 2025, it is estimated that as many as 1.2 billion of total internet connections will account to 5G. Further, one-third of the world is projected to be covered with 5G connectivity by the end of 2030.
The report covers the forecast and analysis of the Construction Software Market on a global and regional level. The study provides historical data from 2015 to 2019 along with a forecast from 2019-2026 based on revenue (USD Million). In 2018, the worldwide GDP stood at USD 84,740.3 Billion as compared to the GDP of USD 80,144.5 Billion in 2017, marked a growth of 5.73% in 2018 over previous year according to the data quoted by International Monetary Fund. This is likely to impel the growth of Construction Software Market over the period 2019-2026.
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Construction software comprises a list of programs used by foremen, architects, and real estate moguls to simplify various processes in the construction industry. The programs that fit within the umbrella of construction software assist personnel in attaining a general outline of the building, estimating costs of raw materials, and increasing productivity and efficiency.
Increasing investments in the construction sector owing to a relaxing of regulations and rapid urbanisation are factors expected to drive the construction software market growth. Compatibility of cloud technology with the software coupled with its potential to build customised packages to store and manage data is seen as a huge plus for the market. Perceived negatives are a lack of skilled professionals and higher costs pertaining to hardware and software may pose a challenge to market growth.
Technology is rapidly changing in every industry concerning how things are being done and making the finished product better. But in an industry like construction where everything is dependent on human efforts with effective preexisting systems in place, it can be highly predictable to know how the software would assist in benefits to the industry. There is software for everything from accounting and expense tracking, fleeting product tracking, field service, and project management. With all the advancements in the construction industry, it’s essential that any construction software has a mobile platform to document things. Using construction software that has a mobile app allows for workers to create field notes, documentation and more. The software has the added advantage for allowing project information, planning, coordination, and control over the various tasks involved in multiple construction projects. Also, the management can view new and original documents to the project, can check for approval on change orders and much more.
There is an increase in the demand for large-scale project management and large-scale construction project management solutions. This is encouraging the organizations to increasingly adopt construction management software as it helps in maintaining a regular follow-up and managing resources by automating the process. This automation of operations not only boosts productivity by minimizing the response time but also increases connectivity so that organizations can handle project-related inquiries easily and effectively. Thus, the increasing requirement for large-scale project management is expected to drive market growth during the forecast period.
The construction industry witnessed significant growth in recent years. With the developed economies such as the US and the UK focusing on maintenance and restoration operations because of the aging infrastructure, the industry will continue to grow over the forecast period. Additionally, the growing investment by the governments of countries such as India, Saudi Arabia, and Qatar in the development of smart cities will also influence construction industry growth.
This report provides information on the production, sustainability, and prospects of several leading construction management software companies, including:
*Bentley Systems Inc.
*Buildertrend Solutions, Inc.
*Computer Methods International Corp.
*Procore Technologies Inc.
*Sage Group Plc
Construction Management Software Market is segmented as below:
*Builders and Contractors
*Engineers and Architects
By Regional Ananlysis
*Rest of Europe
*Rest of Asia-Pacific
*Rest of LATAM
Middle East & Africa
*Rest of MEA
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The Construction Software Market report examines competitive scenario by analyzing key players in the market. The company profiling of leading market players is included in this report with Porter’s five forces analysis and Value Chain analysis. Further, the strategies exercised by the companies for expansion of business through mergers, acquisitions, and other business development measures are discussed in the report. The financial parameters which are assessed include the sales, profits and the overall revenue generated by the key players of Market.
Key points covered in this report:
• The historical and current data is provided in the report based on which the future projections are made and the industry analysis is performed.
• The import and export details along with consumption value and production capability of every region is mentioned in the report.
• Porter’s five forces analysis, value chain analysis, SWOT analysis are some additional important parameters used for the analysis of market growth.
• The report provides the clients with the facts and figures about the market on the basis of evaluation of the industry through primary and secondary research methodologies.
About Kenneth Research:
Kenneth Research is a reselling agency which focuses on multi-client market research database. The primary goal of the agency is to help industry professionals including various individuals and organizations gain an extra edge of competitiveness and help them identify the market trends and scope. The quality reports provided by the agency aims to make decision making easier for industry professionals and take firm decisions which helps them to form strategies after complete assessment of the market. Some of the industries under focus include healthcare & pharmaceuticals, ICT & Telecom, automotive and transportation, energy and power, chemicals, FMCG, food and beverages, aerospace and defense and others. Kenneth Research also focuses on strategic business consultancy services and offers a single platform for the best industry market research reports.
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