CONSTRUCTION MANAGEMENT SOFTWARE MARKET ANALYSIS

Construction Management Software Market Size and Trends

Global construction management software market is estimated to be valued at US$ 15.73 billion in 2024 and is expected to reach US$ 30.94 billion by 2031, exhibiting a compound annual growth rate (CAGR) of 10.1% from 2024 to 2031.

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Rising adoption of cloud-based construction management solutions and increasing investments in infrastructure development especially in developing countries can drive the market growth. Widespread usage of mobile apps for construction monitoring and rising demand for integrated construction project management software can offer substantial growth opportunities for vendors. Adoption of advanced technologies like artificial intelligence and internet of things in construction software can also drive the market growth. However, high upfront costs associated with implementation and maintenance of construction management solutions can hamper market growth.

Building Information Modelling

As construction industry moves towards more integrated processes and data sharing across projects, building information modelling (BIM) has become an important driver for construction management software adoption. BIM is a process involving the generation and management of digital representations of physical and functional characteristics of buildings and civil infrastructure projects. It provides owners, builders, and engineers insights to facilitate decision-making regarding resource and cost planning, schedule management, project coordination and building operation. Construction management software helps bridge the gap between design conceptualization using BIM tools and execution on the job site. It provides a centralized platform for integrating design data with scheduling, costing, quality and documentation functions during the construction phase. This allows stakeholders to simulate construction sequencing, prefabrication, constructability reviews and identify issues proactively. Construction management solutions with BIM support allow for more effective collaboration and issue resolution, thus, reducing rework and enabling data-driven decision making throughout the project lifecycle. As BIM becomes mandatory for public projects in many countries and clients demand integrated digital workflows, there will be huge demand for construction management software.

For instance, in June 2023, OpenSpace, a renowned provider of 360-degree reality capture and AI-driven analytics, launched OpenSpace BIM+ after collaborating with Revizto. OpenSpace BIM+ comprises user-friendly 3D tools designed to assist field teams and virtual design and construction (VDC) teams in accelerating their work by enabling BIM coordination on-site.

Infrastructure Modernization

Ageing infrastructure in developed economies and massive investments for transportation, utilities and social infrastructure projects across regions can drive the global construction management software market growth. Both private and public entities are focused on modernizing critical infrastructure to stimulate economic growth and improve standards of living. Megaprojects involving complex construction schedules, large workforces, interface management and regulatory oversight require sophisticated planning and control systems. Construction management solutions provide tools for collaboration, resource optimization, procurement management and compliance that help deliver large infrastructure projects on-time and within budgets. Their use enables real-time monitoring of progress, issues tracking, document control and analytics for data-driven decisions. This results in greater accountability, productivity and overall efficiency. As infrastructure spending ramps up globally, the complexities of modern megaprojects can boost adoption of construction management platforms that facilitate multidisciplinary coordination and project controls. Various governmental initiatives also mandate use of such digital systems for infrastructure transparency, creating further market opportunities.

For instance, in September 2022, CMiC launched CONSTRUCT, the next-generation construction ERP, to meet evolving business needs and future-proof operational processes. This AI-enabled suite allows effective project change control, material supplier and subcontractor task management, improved communication and collaboration, streamlined bidding processes, and enhanced document management.