Key regions: United Kingdom, Netherlands, Germany, Australia, Japan
Amidst the rapidly growing economy of Thailand, the Construction and Design Software market has been constantly evolving.
Customer preferences: The construction and design software market in Thailand is witnessing a shift in customer preferences towards cloud-based solutions. This is because cloud-based solutions are cost-effective, flexible, and offer easy accessibility. Customers prefer these solutions as they can be accessed from anywhere at any time, which is especially important in the current remote working environment. Additionally, customers also prefer software that provides 3D modelling, building information modelling (BIM), and virtual reality (VR) features to enhance the design process.
Trends in the market: The construction and design software market in Thailand is expected to experience a significant growth rate in the coming years. The rise in urbanization and the demand for sustainable infrastructure are the primary drivers of this growth. The Thai government has also introduced several initiatives to promote the use of BIM in construction projects. This has led to an increase in demand for BIM software in the country. Furthermore, the adoption of artificial intelligence (AI) and machine learning (ML) technologies in construction and design software is also expected to drive the market growth. These technologies can help optimize the construction process, reduce costs, and improve efficiency.
Local special circumstances: Thailand is known for its unique architecture and design, which is a blend of traditional and modern styles. This has led to a demand for software that can cater to these specific design needs. Additionally, the construction industry in Thailand faces several challenges such as a shortage of skilled labor and a lack of standardization in the construction process. This has led to an increased demand for software that can help overcome these challenges and improve the efficiency of the construction process.
Underlying macroeconomic factors: Thailand's economy has been growing rapidly, with a GDP growth rate of 2.4% in 2020. The construction industry has been a major contributor to this growth, with several infrastructure projects underway. The government's investment in infrastructure development has also led to an increase in demand for construction and design software. Additionally, the rise in foreign direct investment (FDI) in the country has also contributed to the growth of the construction industry and the demand for software solutions.
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.
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