Construction Project Management Software Market Playing a Pivotal Role in Construction Managers And Engineers Industry
Pune, Maharashtra, November 14, 2019 (Wired Release) Prudour Pvt. Ltd. The global construction project management software market was valued at US$ 1,233.7Mn in 2018 and is expected to reach US$ 2,250.8Mn by 2028 at a CAGR of 6.2%.
Construction management software is a project management tool specifically designed for construction professional and construction companies. It facilitates secure processing of the construction process for companies, to increase efficiency, accountability and provide smooth processing. This kind of software offers a range of benefits to members of the construction industry, streamlining processes that were done manually, which include communication, decision-making, and job scheduling, among others. Robust growth of the construction sector globally has given a significant boost to construction management software adoption. Construction management software enables firms to collaborate on projects from pcs, laptops, mobile devices, or any other internet-connected devices. This software helps professionals access project-related documents, contracts, drawings, etc. to streamline various processes related to construction activities. Construction management software can be installed on-premise or cloud by firms, as per their convenience. Currently, developed countries have a higher penetration of cloud-based construction management software, while emerging economies are in the process to make a major shift from on premise-based model to a cloud-based model.
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Robust growth of the construction sector globally has given a significant boost to construction management software adoption henceforth, augmenting the growth of construction project management software market globally. In addition to this, infused investments and keen focus of government on developing infrastructure, there is a surge of construction projects taking place simultaneously which impacts positively in growth of construction project management software market.
Furthermore, the versatility of met coke such as steam generation during dry coke quenching can be utilized to generate electricity in considerable amounts, are other factors expected to fuel the growth of the target market.
However, lower penetration of construction project management software in developing countries is expected to challenge the growth of the target market, in addition to which, high cost of construction management software decreases adoption by smaller construction firms, which might hinder the market growth. Nonetheless, an increasing number of construction projects specifically in emerging nations presents a great opportunity for construction project management software market to grow globally.
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Global construction project management software market is segmented on the basis of product type, deployment type, end use and region. On the basis of product type, the market is segmented into accounting integration, project management, contract management, estimating, incident reporting, residential/ commercial, equipment management and others. Contract management segment accounts for the majority share in the global construction project management software market, while project management segment is expected to register the highest growth rate over the forecast period. On the basis, deployment type market is segmented into cloud-based and on-premises, and on the basis of end users, the market is segmented into builders and contractors, construction managers and engineers and architects and builders and contractors account for a majority share in the global construction project management software market.