Technology

Emerging Construction Project Management Software Market

Project management is at the core of every construction project. Construction projects need to be continuously altered, and this is where project management stabilizes the entire process in an efficient manner. Construction project managers are required to have certain skills and competencies to be able to run the project while establishing functionality between teams. The project manager is responsible for planning the course of the project, supervising it from initial stages to the very end. This includes putting together various budget and cost estimates, arranging work timetables, choosing efficient methods and strategies of construction, and cooperating with specialists in building and construction.

Construction & Contracting

What is meant by construction management software?

Construction project management refers to the direction of a project, regulation, as well as supervision of a project from its initial stages to the final stage of completion. Construction project management software aims at the complete satisfaction of the client and encourages team collaboration while keeping the budget in mind.

There are multiple construction project types in the current scenario. This includes commercial, industrial, residential, or heavy civil. Parameters such as the budget and project execution matter a lot in a construction project management framework, and due to this reason, construction project management needs a strong network of communication between stakeholders, community, contractors, and all other agents involved. It facilitates professionals in accessing documents related to projects that they are currently working on, drawings, contracts, and other benefits.

Emerging construction project management software market

Construction project management software provides a wide range of benefits to users from construction industries. They help streamline traditional processes that were done manually. This includes decision-making, communication, and job scheduling, to mention a few. The construction sector has been growing at a rapid pace, and so has the need for adoption of construction management software. In an era where technology is at its peak, automating the process of project management has become a necessity. There is a presence of several market leaders, which accounts for the competitive landscape in the field and the reason why the construction project management software market is fragmented.

According to ReportLinker, the global construction project management software is reportedly at a CAGR of 9 percent during the forecast period. The biggest advantage of construction management software is that it helps teams in increasing collaboration across different platforms such as laptops, desktops, or mobile devices that have an internet connection. It can be installed by firms in a convenient manner, on-premise, or cloud. Emerging economies, unlike developed economies, still have not made a shift from traditional premise-based models to a cloud-based model.

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The necessity for construction project management has grown globally, being infused with investments due to the growth of construction projects. This has a very positive impact on the market growth of construction project management software. However, the high-cost price may become the reason why small construction firms refuse to adopt it.

Market players like Oracle, e-Builder, Procore, GLODON, Sage, Aconex Limited, Jiansoft, Microsoft, Buildertrend and Odoo S.A are trying hard to integrate construction project management software with other accounting and estimation software in order to increase the efficiency in handling construction. They are now taking the help of experts in the field with a motive to escalate profits and productivity of teams and stakeholders. The demand for this software has brought about an increase in costs that may not be entirely possible for small and mid-size firms to invest in.

However, developing countries do have a great number of construction projects going on. This means that the need for construction project management software is expected to grow at a drastic rate on a global scale. The global market is broadly categorized based on product, deployment, end-use, and the region in which it will be used. Further, it is categorized into project management, contract management, accounting integration, incident reporting, estimating, whether residential or commercial and others in the case of the product type category.

Contract management holds the majority share at present. However, the project management segment is expected to grow rapidly in the global construction project management software market in a span of a few years. Based on the deployment type, it can be divided into on-premises and cloud-based. The category of end-users consists of builders, construction managers, contractors, engineers, and architects. Contractors and builders own a majority of this share in the global construction project management.

Overall, a high growth rate is expected globally for construction project management software and does not seem to be coming down soon. For both the developed and developing countries, it is a necessity as technology and automation are the future of construction and project managers need to ensure that team collaboration is working smoothly.

Trends in construction management software

  • Cloud-based

Cloud computing has become the latest trend in construction management software. Project managers cannot risk losing data in the process, and cloud-based software ensures that all data is saved.

  • Mobile-construction software

Smartphones are the most common form of going about day-to-day life. With the presence of web-based software that operates across different devices such as tablets and mobiles, construction field operations can be carried out in an easier manner, ensuring that real-time information can be transferred and offer a collaborative environment.

  • Construction operations and business software merger

Operations and business management are known to work better when integrated. Contractors are now looking at construction software that connects both these elements. These solutions must be centered around a construction project software from the initial stages to the end. It must be able to provide visibility on the project progress in real-time.

  • Document Management

The key to success for construction firms is that their documents flow smoothly. Process-oriented document management is the need of the hour. Construction companies are now looking at software that provides more than just document storage; rather, they must be easier to use and manage version control.

  • Open Passage

When documents do not flow freely, the efficiency of construction management is reduced. It is now a trend that construction project management software must allow open access to all members on a team to be able to share documents and ideas freely.

Key players in construction management software

1. PlanStreet

PlanStreet is great for professional services firms, construction, contracting, architecture, engineering, manufacturing, and other type of project management organization. It is an online project management software offering construction and contracting professionals in the industry with everything that is necessary for them in order to plan and schedule multiple phases of construction. PlanStreet is cloud-based, which means you never have to worry about any of your data being lost in the journey.

PlanStreet is a combination of great features and functionality that enhances team collaboration and efficiency. The noteworthy advantage here is that this software is tailored to suit your needs for project management. It can schedule work in a smooth fashion, track your budgets, and manage your resources effectively. Team members can increase their performance by tracking the projects assigned to them, identifying any issues, managing issues, and developing the documentation of the project.

2. FINALCAD

FINALCAD is best for stakeholders who are deeply involved in the phase of construction. This includes general contractors, sub-contractors, owners, and architects. The software is available on mobile platforms and provides predictive analytics that helps stakeholders identify, anticipate, and solve any issues that are found during the building process. FINALCAD aims at increasing quality at a low cost, thereby making it accessible to all firms regardless of their size. The software is being used in more than 30 countries and has helped more than 8,000 projects in completion. FINALCAD also offers a free trial before purchase.

3. Smartsheet

Smartsheet is broadly used across various organizations. It is intuitive and is an online-based project management app. It facilitates tracking and managing different types of work for small and large teams just the same and from enterprise companies to small and mid-size businesses. Some of the world’s largest construction firms depend on Smartsheet for work execution, staying productive, enhancing communication across different teams, and sharing documents that are necessary along the way of the project being executed.

Smartsheet is known to deliver high project efficiency and maintaining accountability as it streamlines communication in the organization.

Bottom Line

In the current scenario where technology has become part and parcel of our daily lives; the construction industry is no exception. Construction project management software is growing at a very fast pace and provides users with benefits such as visualizing profitability and automation. With the help of this software, the possibility of increasing revenue grows at a rapid rate and reduces the operating time. The market for construction management software will only grow in the future.

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