The global construction estimation software market was valued at around $3 million in 2015 and is expected to surpass $45 million by 2020, says Technavio.
Technavio’s enterprise application portfolio has announced its latest market research report on construction estimation software for the forecast period, 2016-2020. This market analysis discusses the major drivers and key emerging trends that will influence the growth of the global construction estimation software market during the forecast period. Some of the top vendors listed in this industry analysis include Causeway Technologies, Cordell Information, ProEst Estimating Software, Sage Software, and Viewpoint.
In terms of geographical analysis, EMEA will be the largest region in the global market, reaching revenues of almost $2 million by 2020. The UK and Saudi Arabia will emerge as the key revenue-generators.
“Increasing adoption of cloud computing allows the organizations to store and access company’s information hosted on a cloud. The use of cloud-based software helps enterprises to reduce their operational costs, ensure better scalability, and also allows the company to make informed decisions in the development process. The cloud-based construction estimation software offers a localized database that provides estimates based on the current rates,” says Amrita Choudhury, a lead analyst at Technavio for research on an enterprise application.
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The new industry research report from Technavio analyzes some of the key drivers and trends responsible for the growth of this market and its sub-segments.
Increased investments in infrastructure development
Growing investments in infrastructural development projects across the globe will fuel the market demand for construction estimation software during the forecast period. The execution of mega infrastructure projects requires construction estimation software that helps to increase the productivity and provide correct numbers for the bidding process. The growing number of public private partnership (PPP) projects in APAC countries like China and India will drive the market growth during the forecast period.
Growth of global construction market
The growing number of maintenance and restoration operations in developed countries like the UK and US is driving the growth of the construction market. Furthermore, the market is witnessing a shift towards sustainable building development and retrofitting practices, which, in turn, increases opportunities for investments and technological innovation in the market. The rising amount of government spending, population, per capita income, and economic growth across developing countries will attribute to the growth of the market and boost the demand for construction estimation software across the globe.
Emergence of smart cities
The emergence of a smart city is leading to an increase in the development of huge infrastructure projects and growing the requirement for software tools that are used to estimate the project cost, billing, and invoicing. The government of various countries like Saudi Arabia, India, and Qatar is investing in the development of smart cities. These cities ensure superior transportation facilities, smart grids, improved healthcare facilities, advanced technologies, and enhanced traffic management systems.
Other prominent vendors identified in this report are Bid4Build, BluBridge, B2W Software, Corecon Technologies, PrioSoft, Textura PlanSwift, Total Project Logistics, 4Clicks Solutions, and Xactware Solutions.
This research report includes an in-depth analysis, market shares, and sizes of the sub-segments and geography. It provides a comprehensive analysis of the key companies, including their market shares, business overview, and key financials. The market study also offers a detailed analysis of key drivers, challenges, and opportunities influencing this market.
A more detailed analysis is available in the Technavio report titled, ‘Global Construction Estimation Software Market 2016-2020’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Construction Management Software Market 2016-2020
- Global Property Management Software Market 2016-2020
- Global Architectural Rendering Software Market 2016-2020
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