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Construction and Design Software - South Korea

South Korea

South Korea is expected to see a significant growth in revenue within the Construction and Design Software market.
By 2024, the projected revenue is estimated to reach US$155.90m.
This growth is expected to continue with an annual growth rate (CAGR 2024-2029) of 0.26%, resulting in a market volume of US$157.90m by 2029.
In comparison to other countries, United States is projected to generate the highest revenue within the global Construction and Design Software market, with an estimated revenue of US$5,420.00m in 2024.
in South Korea, although not leading in terms of revenue, is set to experience positive growth and contribute to the overall market expansion.
South Korea's construction and design software market is experiencing rapid growth, driven by the country's booming construction industry and emphasis on technological innovation.

Key regions: United Kingdom, Netherlands, Germany, Australia, Japan

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Analyst Opinion

South Korea, a country known for its technological advancements and innovation, has seen a significant growth in the Construction and Design Software market in recent years.

Customer preferences: South Korean customers in the Construction and Design Software market have shown a strong preference for software that is user-friendly, efficient and cost-effective. They also prefer software that can be customized to meet their specific needs and requirements.

Trends in the market: One of the major trends in the Construction and Design Software market in South Korea is the increasing adoption of Building Information Modeling (BIM) software. BIM software allows architects, engineers, and construction professionals to collaborate and share information throughout the entire building process. Another trend is the growing demand for cloud-based software solutions, which offer greater flexibility and accessibility.

Local special circumstances: South Korea has a highly competitive construction industry, with a large number of small and medium-sized enterprises (SMEs) competing for projects. This has led to a strong demand for software that can help these companies streamline their operations and improve efficiency. Additionally, the South Korean government has been actively promoting the use of BIM software in public construction projects, which has further fueled the growth of the market.

Underlying macroeconomic factors: The South Korean economy has been growing steadily in recent years, with a focus on innovation and technology. This has created a favorable environment for the growth of the Construction and Design Software market. Additionally, the government has been investing heavily in infrastructure projects, which has boosted demand for software solutions in the construction industry. Finally, the increasing focus on sustainable building practices has led to a growing demand for software that can help architects and engineers design more energy-efficient buildings.

Methodology

Data coverage:

The data encompasses B2B, B2G, and B2C enterprises. Figures are based on the allocation to the country where the money was spent at manufacturer price level (excluding VAT).

Modeling approach / Market size:

The segment size is determined through a top-down approach. We use financial statements such as annual reports, quarterly earnings, and expert opinions to analyze the markets. To estimate the segment size for each country individually, we use relevant key market indicators and data from country-specific industry associations such as GDP, level of digitization, GDP sector composition, and observed level of software piracy.

Forecasts:

We use a variety of forecasting techniques, for instance, advanced statistical methods, depending on the behavior of the relevant segment. The main drivers are the GDP and the level of digitization.

Additional notes:

The data is modeled using current exchange rates. The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.