According to the Market Statsville Group (MSG), the global construction punch list software market size is expected to grow from USD 330.06 million in 2022 to USD 860.34 million by 2033, growing at a CAGR of 9.1% from 2023 to 2033. Increased product demand from various end-users, rising disposable incomes of people will enable them to adopt advanced technology for the management of construction operations. Furthermore, innovative products, abundant raw materials, and changing consumer technologies are all propelling the growth of the construction punch list software market over the forecasting period. There are many factors to be kept into account during a merger or an acquisition such as IT asset consolidation, organization structures. This factor may hinder the growth of the market.

Definition of the Global Construction Punch List Software Market

Construction Punch List Software can help building site engineers categories and priorities issues. Using Punch List software, you can quickly record problems and assign solutions to workers and subcontractors working on the project during walkthroughs and inspections. Before the final inspection, the contractor, project owner, or any other essential stakeholders might add to the punch list to specify any outstanding work. Before considering the project complete and ready for final payment, the contractor and client will reach an agreement on any outstanding concerns on the list.

COVID-19 Impact on the Global Construction Punch List Software Market

The global economy took the worst hit during the COVID-19 pandemic. The outbreak had a significant impact on primary industries such as logistics, construction, retail, and others. According to a report from World Health Organization (WHO), the US, Spain, Italy, France, Germany, the UK, Russia, Turkey, Brazil, Iran, and China were among the worst affected countries due to the COVID-19 outbreak. Due to the COVID-19 pandemic, according to World Bank statistics, global GDP had shrunk by about 3.5% in 2020. The crisis adversely affected the industries globally. The sharp decline in the construction industry has directly affected the construction punch list software amid the pandemic.

In the past few years, the construction punch list software market experienced a huge impact under the influence of COVID-19, which is sensitive to economic cycles. The lockdown during COVID has largely affected the construction industry all over the world. The restrictions on international transportation, imports and exports impacted or even stopped the construction work. For instance, the China experienced decline in demand for the raw materials from across the globe, further trade war between US and China, also contributed in the decline in import and export.

Global Construction Punch List Software Market Dynamics

Drivers: Rising investments in the construction sector

Punch list software helps general contractors and owners complete work effectively and ensure proper closeout of the project. It also improves customer satisfaction by catering their needs efficiently. And by digitizing it, more time can be saved. In this way, contractors, architects, engineers, and consultants can effectively coordinate their efforts and projects can be completed timely and also prevent revenue losses. There has also been an increase in investments in the construction sector. With this increase, demand for coordinated and systematic operations via software increases which automatically drives the growth of the construction punch list software market.

A wide range of products is being produced by the construction industry, and the enterprises are equally diverse. There have been technological changes in the industry, notably the increasing use of environment-friendly technologies. Investments in infrastructure play an essential role in addressing live challenges. There have been significant investments in the construction sector all around the world. For instance: according to European Construction Sector Observatory, the Investment and Infrastructure Development has a budget of USD 51.94 billion for the period 2017-2032. There has also been an improvement in sustainable construction and innovation among the companies, with increasing R&D expenditure in some sub-sectors. The country’s main innovative strengths lie in International scientific co-publications, and SMEs innovating in-house.

Restraints: Construction punch list software becomes harder to use during mergers and acquisitions

Construction punch list software was introduced to make construction operations easy and effective. It makes the management of the project flexible and easygoing. The handling of the software becomes a challenge when a merger or an acquisition is being carried out during the period of a project. There are many factors to be kept in account during a merger or an acquisition such as IT asset consolidation, organization structures, data migration possibilities, management execution, and more. The uncertainty in these factors leads to the mismanagement and improper working of the punch list software. This factor may hinder the growth of the market.

The majority of mergers and acquisitions are made at the management or group level, with no involvement from IT software outsourcing businesses in the United States. These actions, however, have a direct influence on the IT environment. It leads to an increase in the complexity of integration, particularly data migration and integration. Software development companies or IT vendors or the construction punch list software with whom the company is in contact faces several issues and challenges in integrating information systems of two different companies owing various reasons.

Opportunities: Rising adoption of construction punch list software among SMEs in emerging countries

Small and medium-sized firms (SMEs) are the engine of growth in most economies owing to their significant contribution in terms of employment and natural development. SMEs' growth within an economy is, therefore, paramount. The main challenges that can be faced by the construction industry include rising material costs and a shortage of skills. However, in the SMEs sector of the construction industry, government policy intervention could do some balancing out. With the rise in the growth of SMEs in the construction industry, demand for punch list software increases and contributes to the growth of the market.

In the past years, as contractors outsource their labour needs, there has been a significant shift towards indirect employment. This has coincided with a large growth in the share of the workforce employed by small and medium-sized businesses.  The world is changing faster than it has ever been. According to World Economic Forum, the population of the world’s urban areas is increasing by 200,000 people per day, which demands the need for affordable housing as well as social, transportation, and utility infrastructure. And for construction these days, SMEs are contributing a large portion that helps them grow. Governments are also contributing to the policies for SMEs. Such factors will create lucrative opportunities for the growth of the market over the forecasting period.

Scope of the Global Construction Punch List Software Market

The study categorizes the construction punch list software market based on type, organizational size, and application area at the regional and global levels.

By Type Outlook (Sales, USD Million, 2019-2033)

• iOS
• Android
• Windows
• Others

By Organizational Size Outlook (Sales, USD Million, 2019-2033)

• Small Business
• Midsize Enterprise
• Large Enterprise
• Other

By Application Outlook (Sales, USD Million, 2019-2033)

• General contractors
• Building owners
• Independent construction managers
• Sub-contractors
• Others

By Region Outlook (Sales, USD Million, 2019-2033)

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • Italy
  • France
  • UK
  • Spain
  • Poland
  • Russia
  • The Netherlands
  • Norway
  • Czech Republic
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Indonesia
  • Malaysia
  • Thailand
  • Singapore
  • Australia & New Zealand
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Colombia
  • Rest of South America
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • South Africa
  • Northern Africa
  • Rest of MEA

Midsize Enterprise segment accounts for the largest market share by organizational size

Based on the organizational size, the market is divided into small business, midsize enterprise, large enterprise and other. The midsize enterprise segment is expected to dominate the market share in 2022 in the global construction punch list software market. The midsize enterprise segment currently dominates the market share in the construction punch list software market. Punch List Software is mostly used to track the progress of a project. It also makes it easier for team members to coordinate their activities and discourages multitasking. Midsize Enterprises also utilize Punch List Software to manage the many tasks that must be completed across several departments and workgroups. It also aids in the creation of a list of all outstanding jobs that must be performed within a specific time frame.

North America is expected to witness the largest market share by Region

Based on the regions, the global construction punch list software market has been segmented across Europe, North America, the Middle East & Africa, Asia-Pacific, and South America. North America is projected to account for the highest market share of 37.4% in 2022. This region's growing building has enhanced market growth during the projected period. Canada has one of the world's largest economies and is one of the world's wealthiest countries. Construction is the backbone of its economy, responsible for the construction and maintenance of cities, towns, and communities' developed infrastructure. Infrastructure and construction have witnessed extraordinary expansion in the recent decade, with over 50 skyscrapers erected in major cities such as Toronto, Vancouver, and Calgary. Infrastructure Canada provided funding for 6,500 projects to build and maintain thousands of km of motorways and highways.

Competitive Landscape: Global Construction Punch List Software Market

The construction punch list software market is a significant competitor, and extremely cutthroat in the sector are using strategies including product launches, partnerships, acquisitions, agreements, and growth to enhance their market positions. Most sector businesses focus on increasing their operations worldwide and cultivating long-lasting partnerships.

Major key players in the global construction punch list software market are:

• ArchiSnapper
• Autodesk Inc.
• Buildertrend
• Fieldwire
• FinishLine Punch List Management Software for Construction
• Procore Technologies Inc.
• Fieldlens
• Alpha Software Corporation
• Buildup. A Stanley Black & Decker Company
• IssMan Punch List and Snagging App
• Viewpoint, Inc.
• UDA Technologies
• YSL Solution
• Iflexion
• Bridgit

Recent Development

• In February 2022, Autodesk Acquired Prodsmart to transform manufacturing across Europe. The acquisition was expected to allow Autodesk to offer a more comprehensive automation solution to its customers. More specifically, it will bring digitization and connectivity to the factory floor — with data at the center — to help manufacturers set up a truly collaborative end-to-end workflow.  
• In March 2022, Procore integrated with SmartCompliance for automated insurance tracking on construction projects. This connection will provide Procore's speciality contractor users the ability to focus on other areas of their projects without having to manually track compliance. SmartCompliance software automates the tracking of Certificate of Insurance and Proof of Insurance Renewals, assuring complete compliance.
• In May 2021, Novade announced the launch of Novade Connect, a set of software integrations enabling customers to tap into the growing digital ecosystem of construction software and hardware providers. Novade Connect provides plug-and-play connectors with some of the world's most trusted names in the industry.
• In March 2021, Citrix Systems purchased Wrike. Citrix expects to create the industry's most complete cloud-based work platform with the purchase, enabling all individuals and teams to securely access, collaborate, and execute all work types in the most efficient and effective manner possible - across any working channel, device, or location.
• In February 2021, Buildertrend acquired CoConstruct to create a market leader in construction management software. This acquisition made Buildertrend the largest construction management software platform dedicated to empowering independent and custom homebuilders, contractors, and remodelers with the tools to better coordinate projects, control finances, and communicate with clients and crews.

Key Issues Addressed

• What is the market size by various segmentation of the construction punch list software by region and its respective countries?
• What are the customer buying behavior, key takeaways, and Porter's 5 forces of the construction punch list software market?
• What are the key opportunities and trends for manufacturers involved in the construction punch list software supply chain?
• What are the fundamental dynamics (drivers, restraints, opportunities, and challenges) of the market?
• What and how regulations, schemes, patents, and policies are impacting the growth of the market?
• What are the upcoming technological solutions influencing market trends? How will existing companies adapt to the new change in technology?
• The market player positioning, top winning strategies by years, company product developments, and launches will be?
• How has COVID-19 impacted the demand and sales of construction punch list software in the global market? Also, the expected BPS drop or rise count of the market and market predicted recovery period.
• Detailed analysis of the competitors and their latest launch, and what are the prominent startups introduced in the target market? Also, detailed company profiling of 25+ leading and prominent companies in the market.