Project management is the process of planning, executing, controlling, monitoring, and closing different tasks of a team to achieve a specific goal of an organization. In the construction industry, this could span to residential, commercial, agricultural, industrial, institutional, environmental, or any type of construction project.
The global Construction Project Management (CM) software market was worth $1.03 billion in 2018, and is predicted to increase to $1.62 billion by 2024. This figure translates to a compound annual growth rate (CAGR) of 7.9% from the year 2019 to 2024. That number will be impacted by players in the industry like Procore:
The market is truly growing as more and more companies in the construction industry see the need for advanced technology. The following statistics from Wise Guy Reports will further help shape your business strategy.
There are four main applications of construction project management software:
Of these four, the first two applications took 54.95% of the global market share in 2016.
CM can be installed in a PC or mobile, or it can be cloud-based. Most companies use the PC-installed platform, but the cloud-based type is also growing a lot faster as it allows mobile phones and laptops out at a construction site easy access to the software without having to install anything on them.
The top 10 main software suppliers in the global Construction Project Management global market are the following:
These companies (who are also famous in other software industries) have 52% of the global CM market in 2016.
The report further includes market segment analysis of different categories such as:
Other categories which are already mentioned in the previous sections are by type:
The other option is by role application:
Look over this information carefully as you plan your business for the next year and beyond, with project management software as a key part of it.