In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Ans: Growing urbanization worldwide and increasing implementation of digital technology in construction sector are the key factors driving market growth.
Ans: The market is anticipated to attain a ~13% CAGR over the forecast period, i.e., 2022-2030.
Ans: High investment in the market is estimated to hamper market growth.
Ans: The market in Asia Pacific region will provide ample growth opportunities owing to the growing urbanization of tier 1 and 2 cities in countries, such as, India and China.
Ans: The major players dominating the market are The ASITE Services, Trimble Inc., Bentley Systems, Incorporated, Beck Technology, Ltd., Pinnacle Infotech, Pentagon Solutions Ltd, Dassault Systemes S.E. (3DS), NEMETSCHEK Group and others.
Ans: The company profiles are selected on the basis of revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by building type, project phase, application, end-user, and region.
Ans: The construction designing segment is expected to grow at the highest CAGR during the forecast period owing to the growing need for accurate and fast designs and eliminating human errors in the process.