Global Construction Estimation Software Market 2016-2020
About Construction Estimation Software
Construction estimation software is used to calculate the total cost of a construction project. Estimation software automates the designs obtained from manual spreadsheets and calculators. The introduction of tools facilitates and improves the speed and accuracy of the estimation process. Estimating software aids in improving a contractor's ability to compete with other bidders and accurately represent the actual cost of a project to clients, thereby enhancing productivity and bidding process.
Technavio’s analysts forecast the global construction estimation software market to grow at a CAGR of 10.16% during the period 2016-2020.
Covered in this report
The report covers the present scenario and the growth prospects of the global construction estimation software market for 2016-2020. To calculate the market size, the report provides a list of vendors that provide construction estimation software across the globe.The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Construction Estimation Software Market 2016-2020.
Technavio recognizes the following companies as the key players in the global construction estimation software market: Causeway Technologies, Cordell Information, ProEst Estimating Software (ProEst), Sage Software, and Viewpoint.
Other prominent vendors in the market are: Bid4Build, BluBridge, B2W Software, Corecon Technologies, PrioSoft, Textura PlanSwift, Total Project Logistics, 4Clicks Solutions, and Xactware Solutions.
Commenting on the report, an analyst from Technavio’s team said: “One of latest trends in the market is increase in real estate developments. Increasing real estate investments in APAC are expected to boost real estate activities in the region. Real estate investments lead to planned projects that require cost estimation, which in turn, stimulates higher adoption and use of construction estimation software. Real estate investments are expected to grow during the forecast period because of low interest rates and strengthening global economic environment, coupled with direct real estate investments from institutional investors.”
According to the report, one of the primary drivers in the market is increased investments in infrastructure development. The increased investment in infrastructure development across APAC, the Americas, and Europe is likely to affect the growth of the construction tractors market during the forecast period. It is expected that infrastructure spending in APAC will reach $5.36 trillion a year by 2025, representing 60% of the world's total infrastructure. APAC will require $15 trillion-$20 trillion in terms of infrastructure investment by 2030. A number of public private partnership (PPP) projects in APAC are in the pipeline. The major countries for private participation in infrastructure (PPI) projects in APAC in 2014 were China and India.
Further, the report states that one major challenge in the market is interoperability issues. The presence of several construction management software vendors has given rise to compatibility and interoperability issues. Most vendors develop the essential components required to set up construction estimation software. However, when various construction estimation software with different features are purchased from different vendors and installed, there is a high probability of incompatibility among the software. The lack of interoperability makes information sharing difficult and prone to errors. This leads to the low adoption of construction estimation software among the end-users. Hence, interoperability issues are likely to pose a major challenge for the growth of the market during the forecast period.
Causeway Technologies, Cordell Information, ProEst Estimating Software (ProEst), Sage Software, Viewpoint, Bid4Build, BluBridge, B2W Software, Corecon Technologies, PrioSoft, Textura PlanSwift, Total Project Logistics, 4Clicks Solutions, Xactware Solutions.