Construction Project Management Software Market To Mark USD 1.65 Billion By 2022

The global construction project management software market is anticipated to bypass USD 1.65 billion and register a CAGR of 9.93% by 2022. Digital logistics are gaining a huge momentum as ICT network and systems are taking over construction domain. The rising importance of digital logistics for construction is also evident through extensive use of automated software and processes. Budgeting and estimation are the core areas in construction with a huge significance on completion of project. Hence, construction project management software acts as a liaison between stakeholders, consumers and contractors.

There are several startups that have come up with unique and novel approach to tackle construction problems in Europe. Europe is the fast-paced market attributing to the presence of IT startups and support. High adoption of Big Data technologies, business intelligence, collaboration platforms, and digital twins in order to enable a reliable and efficient construction infrastructure. For instance, habx is the Paris-based start-up company which is known for offering excellent customer service and collaboration. It offers personalized services to customers such as helping them create a house of their own preference and characteristics.  

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Qualis Flow is a cloud-based software that inspects and gives a predictive analysis for environmental risk. It also helps contractors to keep a track and monitor environmental risks within their projects that helps in minimizing the carbon footprint. Moreover, the software features in automated reporting, optimisation in decision making and resolving compliance related issues. In another instance, Oslo-based startup, Spacemarker’s technology offers construction players to leverage their potential by enabling them with a plethora of site proposals and pursue the best ones. It has a robust search algorithm with machine learning capabilities that provides users with quality site proposals.

Much recently, in November 2019, Boston Dynamics and Holobuilder began a partnership for development of onsite products. For instance, Spotwalk (from holobuilder) and Spot robot (from Boston Dynamics) were commercially integrated as the new partnership results in real-time progress through video analytics, and addressing productivity issues. For instance, Spot robot is powered to capture 360o images that display the real-time progress of construction projects and also leads in quality and accuracy control thereby giving a live demo of ongoing projects. Therefore, this integration is poised to address ongoing project developments and boost productivity. Additionally, Spot robot uses SiteAI, a machine learning engine that analyses images captured by Spot walk and results into major insights to the jobsite and the project site data combines with quantifiable data analysis that allows project owners to keep a track/record of real-time events and progress.

On the other hand, in August 2019, San Francisco based OpenSpace raised USD 14 million  for AI platform that keeps a visual track of construction projects and with an objective of boosting efficiency in the construction sector. The company raised a millions of dollars led by Lux Capital and other notable players. It is anticipated that the company will use the funding to scale its operations and advance in computer powered tools. As an instance to boost efficiency, the company plans to use AI to enhance workers capabilities and ensure a fast documentation for users.

Some of the key players in the construction project management software market are Aconex Ltd, Oracle, Procore, Odoo S.A., CMiC, Sage, Viewpoint Inc., Jiansoft, Yonyou, Jinshisoft, MyCollab, Microsoft, Fieldwire, Co-Construct, RedTeam, eSUB and GLODON. Major players are adopting strategic collaborations and alliances to support business expansion and market position.