Construction management software is designed for contractors, builders, engineers, architects, and construction managers to complete their projects. General contractors look for strong features in construction management software that can help track costs, schedule projects, and manage documents, and they invest in the integration of software with accounting and construction management modules. Now, the technology continues to advance in new ways.
The global construction management software market will climb at a compound annual growth rate of 13.7 percent during the next five years.
Construction management software helps construction companies manage the entire project; all the details, including the material takeoff, estimating, job costing, project management, cost control, and assessing the construction risks. The financial visibility feature of the software helps in budgeting and cost control that calculates the cost of the project compared to the estimations.
A big driver in this market is the reduction in the design time that occurs when using the software instead of traditional methods. Cloud-based construction management software is increasing in popularity and this trend will continue throughout the forecast period. One challenge that has been recognized is the lack of availability of open-source construction management software solutions for contractors and architects. As the industry embraces more technology, the market will continue to grow and advance.
